Economic Development, 12th edition


By: Michael P. Todaro & Stephen C. Smith
February 2015
Pearson Education
Distributed by Trans-Atlantic Publications Inc.
ISBN: 9781292002972
860 Pages
$132.50 Paper original


Economic Development, - the leading textbook in this field - provides students with a complete and balanced introduction to the requisite theory, driving policy issues, and latest research. Todaro and Smith take a policy-oriented approach, presenting economic theory in the context of critical policy debates and country-specific case studies, to see how theory relates to the problems and prospects of developing countries.

New to this edition

· Findings Boxes – new intuitive introductions to important recent research

· Global Crisis – up-to-date challenges and opportunities for developing countries

· Policy Analysis and case studies – review great progress in many developing countries, plus big challenges such as violent conflict and climate change; insights from comparative case studies such as Costa Rica, Guatemala and Honduras.


Part One Principles and Concepts 1

1 Introducing Economic Development; A Global Perspective

2 Comparative Economic Development

3 Classic Theories of Economic Growth and Development

4 Contemporary Models of Development and Underdevelopment

Part Two Problems and Policies: Domestic

5 Poverty, Inequality, and Development

6 Population Growth and Economic Development: Causes, Consequences, and Controversies

7 Urbanisation and Rural-Urban Migration: Theory and Policy

8 Human Capital: education and Health in Economic Development

9 Agricultural Transformation and Rural Development

10 The Environment and Development

11 Development Policymaking and the Roles of Market, State, and Civil Society

Part Three

12 International Trade Theory and Development Strategy

13 Balance of Payments, Debt, Financial Crises, and Stabilization Policies

14 Foreign Finance, Investment, Aid and Conflict: Controversies and Opportunities

15 Finance and Fiscal Policy for Development