The book is the first of a series of studies on Exchange
Control, Liberalization and Economic Development sponsored by the
National Bureau of Economic Research, New York. The ten-country study,
of which the book under review is a part, provides an in-depth analysis
of three major areas : The anatomy of exchange control along with its
implications, the episode of the liberalization of the payments regime,
and the relationship of growth with the exchange control regime. The
findings of the individual country-studies have been consolidated in an
overall synthesis. However, each study is complete in itself in
accordance with the needs of scholars having an interest in only some of
the studies. The book under review seeks to analyse Turkey's trade and
payments regime and the effect that the latter has had on the country's
economic growth. Whereas quite a few other factors are instrumental in
development (e.g. agricultural productivity, levels of education,
political and social stability, etc.), the focus on foreign trade alone
is justified by the author on the grounds of the tremendous amount of
government influence in foreign trade. Moreover, the author believes
that an intensive study of the trade-growth relationship is more
rewarding than: a general survey of all factors related to economic
growth.
CLOUGH, Shepard B., The Rise and Fall of Civilization: An Inquiry into the Relationship between Economic Development and Civilization. New York: McGraw-Hill Book Company, 1951. 291 p.