Analyzes the dynamic interrelations between economic, cultural, and historical determinants of economic life in low-income countries. Discusses poverty; transaction costs; private governance; informal economic activity; the first generation of development economists; the second generation-return to the mainstream; the third generation-institutional turn and the "new development economics"; conclusions from the past and the agenda for a new generation of development economics; emerging new directions in development economics; German historical economics as development economics; the move from stage theories to the concept of economic styles; and the relevance of the Historical School for the study of low-income countries. Bibliography; name and subject indexes.
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