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This book provides a comprehensive, coherent, and optimistic overview on development economics, with an emphasis on East Asia. It is a fully revised and updated third edition, building on the strengths of the previous editions and providing up to date analyses of several recent changes and newly emerged problems relevant to the global economy. These include coverage of crises in Latin America; the recovery of East Asia from the 1997-98 financial crisis; the development of the 'Post-Washington Consensus' and the Millennium Development Goals; and the stalemate around the Kyoto Protocol.

The disequilibrium of world agriculture has been worsening as manifested by increasing food deficit in developing economies in contrast with increasing surplus in developed economies. Underlying this disequilibrium are policies determined by the three different agricultural problems confronted by countries depending on their different development stages. "Agricultural problem" is defined here as the problem of an overriding concern to policymakers with respect to designing and implementing policies for agriculture as part of policies to promote national economies in their own countries. As such, it may well be called the "basic problem in determining agricultural policies".

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