Dual economy
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A dual economy is the existence of two separate economic sectors within one country, divided by different levels of development, technology, and different patterns of demand. The concept was originally created by Julius Herman Boeke to describe the coexistence of modern and traditional economic sectors in a colonial economy.[1]
Dual economies are common in
A World Bank comparison of sectoral growth in Côte d'Ivoire, Ghana and Zimbabwe since 1965 provided evidence against a basic dual economy model. The research implied that a positive link existed between growth in industry and growth in agriculture. The authors argued that for maximum economic growth, policymakers should have focused on agriculture and services as well as industrial development.[2]
See also
- Subsistence agriculture
- Labor market segmentation
References
- ^ ISBN 0-415-20794-0.
- ^ Blunch, Niels-Hugo; Verner, Dorte. "Sector growth and the dual economy model - evidence from Cote d'Ivoire, Ghana, and Zimbabwe, Volume 1". The World Bank. Archived from the original on 2012-02-24. Retrieved 2010-07-01.
Further reading
- J.H. Boeke (1953) Economics and Economic Policy of Dual Societies, New York: Institute of Pacific Relations.
- Lewis, W.A. (1954) 'Economic development with unlimited supplies of labour', The Manchester School.