ABSTRACT
The implications for Western policymakers and economic advisors are enormous. The field of economic development and reform is immensely more complicated and idiosyncratic than conventional wisdom would have people believe. The developed world must help create a hospitable environment for developing economies. The implications of the debate over political versus economic development are not always obvious for those conducting business abroad. The risks range from opportunities lost to inaction, to massive losses arising from the wrong decision. The stakes are at least as high for government policymakers. The United States has traditionally devoted itself to spreading the word of democracy and capitalism around the world. The implications of the development debate, therefore, raise the tough decision about what type of world order people wish to foster. Portfolio investment is hardly the only opportunity for private sector companies anxious to get in on the birth pangs of an emerging tiger.
