Abstract
Erik Reinert explains the wealth and poverty of nations as an outcome of their economic activities. He contends that successful economic development requires specialisation in economic activities with swift technological change, economies of scale, and synergies with other economic activities, and that these activities need to be nurtured and protected by government policies. The review highlights Reinert's theoretical discussions, which are rooted in a body of heterodox economics which he calls ‘the Other Canon’. It presents his analysis of current development problems, especially his discussion of the policies of washington institutions and of the impact of processes of technological change in the world economy. It is suggested that the latter discussion should be developed further to include financial capital accumulation.
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