In this third part of the series on economic growth, I discuss the process of structural change as economies progress from underdeveloped to developed, beginning with an overview and historical analysis of Rostow's Stages of Growth model. I then discuss the structures of agricultural production around the world, focusing on barriers to adoption of more modern agricultural techniques and proposed reforms, such as adoption of cash crops, land reform, and improving the security of land tenure. I conclude with an analysis of the benefits and problems associated with urbanisation, incorporating a discussion of agglomeration economies, spillover effects, urban gigantism, and the informal urban sector. Recommended pre-listening is Episode 104: Economic Growth and Development Part II.

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