In this book, renowned development economist Deepak Lal draws on 50 years of experience around the globe to describe the developing-country realities and rectify misguided notions about economic progress. Part One of the book assesses realities by tracking growth through globalization, the rapid rate of change in standard-of-living indicators over the last half century, and how political economy affects economic growth rates in developing countries. In Part Two, Lal examines the myths and confusion about these countries, including World Bank calculations that exaggerate the extent of poverty; overstated claims made on behalf of microfinance; the resurrection of discredited theories, such as vicious circles of poverty; and the need for massive foreign aid to save Africa.    The book directly confronts intellectual fads of the West and dismantles a wide range of myths, numbers games, and faulty ideas that have obscured an astounding achievement: the unprecedented spread of economic progress around the world that is eliminating the scourge of mass poverty.   Deepak Lal is the James S. Coleman Professor Emeritus of International Development Studies at the University of California at Los Angeles, professor emeritus of political economy at University College London, a senior fellow at the Cato Institute, and Distinguished Fellow at the Bharti Institute of Public Policy, Indian School of Business.