What's the secret sauce that lets some poor countries prosper?
In his new book, Gambling on Development, economist Stefan Dercon argues that the key to a low-resource country's success is not what you might think.
Why is it that some countries, like China for instance, have been able to grow both its economy and middle class, while many others have not?
Some development experts say the secret sauce lies in a strong central government that invests in social services like education and health. Others blame corrupt governments and even aid organizations and institutions like the World Bank for propping up corrupt governments and making countries dependent on aid. Still others say the answer is more aid.
But in a new book, called Gambling on Development: Why Some, Belgian-British economist Stefan Dercon argues that far from following a single recipe for success, every country that has experienced success has gambled on it.
