Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua created the Central American Common Market in 1960. For about two decades the participants performed successfully in terms of standard macroeconomic indicators. Starting in the late sixties, however, the common market gradually began to...

Singapore is one of the few indisputable success stories of post-war economic development. The country therefore is something of a role model for less developed countries as to what has to be done in order to promote development, in spite of the fact that many characteristics of Singapore (e.g.,...