Distribution and Development or New Financial Capitalists

Distribution and Development: A New Look at the Developing World

Author: Gary S Fields

Most of the world's people live in "developing" economies, as do most of the world's poor. The predominant means of economic development is economic growth. In this book Gary Fields asks to what extent and in what circumstances economic growth improves the material standard of living of a country's people. Most development economists agree that economic growth raises the incomes of people in all parts of the income distribution and lowers the poverty rate. At the same time, some groups lose out because of changes accompanying economic growth. Fields examines these beliefs, asking what variables should be measured to determine whether progress is being made and what policies and circumstances cause some countries to do better than others. He also shows how the same data can be interpreted to reach different, even conflicting, conclusions. Using both theoretical and empirical approaches, Fields defines and examines inequality, poverty, income mobility, and economic well-being. Finally, he considers various policies for broad-based growth.

Copublished with the Russell Sage Foundation.

Table of Contents:

	Preface
1	The Distributional Effects of Economic Growth	1
2	The Meaning and Measurement of Income Inequality	13
3	Economic Growth and Inequality: A Review of the Empirical Evidence	35
4	The Measurement of Poverty	73
5	Does Economic Growth Reduce Absolute Poverty? A Review of the Empirical Evidence	95
6	The Meaning and Measurement of Income Mobility	105
7	Growth and Income Mobility: Some Initial Evidence for the Developing World	139
8	The Meaning and Measurement of Economic Well-Being	159
9	Empirical Comparisons of Economic Well-Being	173
10	Distribution and Development: Policies for Broad-Based Growth	191
	References	225
	Index	253

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New Financial Capitalists: Kohlberg Kravis Roberts and the Creation of Corporate Value

Author: George P Baker

No one would contest the profound impact of Kohlberg Kravis Roberts and the leveraged buyout on business. But what, precisely, has that impact been? Baker and Smith demonstrate how KKR fundamentally altered the prevailing perception of the role of debt in the modern corporation. This unique book offers a close insider look at the phenomenon of the leveraged buyout, those who perfected it, and what it has meant for business.

Table of Contents:

Introduction;

1. Context and overview;
2. Recasting the role of debt: creative leverage and buyout financing;
3. LBO governance and value creation;
4. When risk becomes real: managing buyouts in distress;
5. KKR as an institutional form: structure, function and character; Conclusion.