RAPID DEVELOPMENT IN SMALL ECONOMIES: THE EXAMPLE OF EL SALVADOR.

By David R. Raynolds '49.New York: Frederick A. Praeger, 1967.124 pp. $12.50

Maintaining an entrepreneurial spirit and a high growth rate is quite a task for a less developed country these days, for political tensions, lacks in education, shortages of capital and other development bugaboos intrude all too often. El Salvador has had its share of these problems, yet has recently sustained a remarkably high growth. And its entrepreneurs are renowned throughout Latin America for their energy and business acumen.

This book is, first, a comprehensive survey of this small republic's economic structure, and includes projections for the country over the next two decades. At a deeper analytical level, the study also speaks to the economic development theory underlying what the author calls protean economics the term he uses to describe the half hundred countries with populations of between 1 and 6 million people. Many of these countries are developing rapidly and in the process changing their shapes in relatively unpredictable ways (hence his analogy to the mythical god-like man Proteus).

Mr. Raynolds offers some perceptive comments, and even some cautious optimism, about the special development needs of these smaller states, and their singular abilities to effect change. He concludes, "Because the individual can be comparatively more important. . . the possibilities for innovation and surprise may also be greater."

Professor of Business Administration atTuck, Mr. Broehl has just completed a bookon the International Basic Economy Corporation, founded by Nelson A. Rockefeller'30 to upgrade the economies of under-developed countries.