A model of the economic effects of civil war and the post-war period is developed. A key feature is the adjustment of the capital stock through capital flight. Post-war this flight can either be reversed or continue, depending partly upon how far the capital stock has adjusted to the war. The model is tested on data for all civil wars since 1960. After long civil wars the economy recovers rapid...

This paper argues that there is a substantial body of economic advice, roughly summarized in the “Washington consensus,” that deserves to be endorsed across the political spectrum. Such endorsement would still leave a series of major economic issues, most notably the tradeoff between efficiency and equity, to be determined by the outcome of the political process. It is argued that the “left,” i...

In the postwar years, most Third World countries turned inward partly in response to what they thought were the disastrous consequences of their 19th century integration into the world economy as the global economy collapsed in the Great Depression. The seeming success of Soviet central planning under Stalin also persuaded the leaders of these newly independent countries to substitute the plan ...