Written by Paul Collier, the book was published in 2007. Collier is an Oxford graduate and worked as the Director of the Center for the Study of African Economies at the same university. He is also the former director of World Bank
The book overlay critical viewpoint about countries that lie at the bottom of the global economic system and put forwards a range of reasons behind their failure to grow. It also suggests in detail on how developed countries can respond to such failures.
Heading towards the 'Black hole', according to the author, are those 980 million people, referred to as 'the bottom billion', who are living in 'trapped countries'. Out of the total, seventy percent lives in Africa making the region more impoverished. The writer argues that these bottom billion, living in 58 different nations, are living in such a trap that is not just pulling themselves but can even bring in serious consequences for the rest of the world. Therefore, the author identifies four traps namely: conflict trap, natural resource trap, landlocked with bad neighbors and bad governance.
Similarly, focus is also made on the issue of globalization showing how the economy of the bottom billion is being affected by the trade, migration and capital. In addition, in the later part of the book, the writer put forwards 'instruments' that can help the bottom billion come out of the vicious. In short, these instruments as referred in the book are aid, military intervention, country laws, charters and trade policy. Having all said, the cream of the book is on the agenda for action towards breaking the growth traps.
Similarly, focus is also made on the issue of globalization showing how the economy of the bottom billion is being affected by the trade, migration and capital. In addition, in the later part of the book, the writer put forwards 'instruments' that can help the bottom billion come out of the vicious. In short, these instruments as referred in the book are aid, military intervention, country laws, charters and trade policy. Having all said, the cream of the book is on the agenda for action towards breaking the growth traps.
