While there is no universally accepted definition of a “developing country” it is acknowledged that almost two-thirds of the countries in the world are significantly challenged in their ability to provide a basic standard of living for their citizens and participate competitively in the...

For decades the consensus among Western policymakers involved with international economic development was that real progress was dependent on making sure that poorer countries implemented and followed “appropriate” fiscal, monetary, trade and legal practices. While there is little dispute...