An important contribution to the increasingly topical debate over which development strategies work best for newly industrializing countries. This new edition of a highly successful book, not previously available in paperback, offers a thorough and up-to-date assessment of development theories leading to clear policy prescriptions. There are two completely new chapters on the current debate on the East Asian Model and the different development path taken in Latin America, and on the New Comparative Political Economy. Alschuler demonstrates that a new conceptual framework, incorporating features of dependency theory and world system analysis, is needed in order to capture the complex interaction between multinationals, development strategies and class alliances and their impact on development.