ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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On the Frontiers of Public Finance

The Theory of Taxation for Developing Countries edited by David Newbery and Nicholas Stern; Oxford University Press, 1987; pp 694, $ 29.95 THE book under review is the first major collection of essays on the topic of taxation in LDCs since the often cited volume edited by Bird and Oldman (1964). To any person familiar with the older volume, the growth of this area during these intervening years would appear to be nothing short of phenomenal. It is a measure of this growth of the theory of public finance during this period that the volume under review seeks to answer some of the well known and traditional questions of taxation in LDCs with absolutely fresh insights and with state of the art theoretical rigour. Some of the questions raised in the new volume, which is a research publication of the World Bank, are themselves quite novel, and the analyses provided by different authors, authorities all, provide much intellectual material to mull over. Yet, as we shall point out later, some of the conclusions arrived at in these studies would direct us to re-examine the very basis of this new research.

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