Centrally planned and administered economy and steep ascent strategy a complete failure -- Development economics-based strategy in less developed countries an incomplete failure -- A shift toward better understood (and appreciated) classical economic prescriptions an incomplete success -- Industrialization : the first major phase of structural transformation -- The shift to human capital-intensive market services : the second major phase of structural transformation -- Russia and China : some historical as well as performance similarities (up to a point) -- India and Brazil : two great potentials postscript : on choosing inefficient institutions