[영문]This article looks at the available data on economic growth and various social indicators--including health outcomes and education--and compares the past 25 years (1980-2005 or latest available year) with the prior two decades (1960-1980). The past 25 years have seen a sharp slowdown in the rate of economic growth for the vast majority of low- and middle-income countries. For the health indicators, there is a marked decrease in progress for life expectancy and for infant, child, and adult mortalities. For education, there is a reduction in progress in secondary school enrollment and in public spending on education, and reduced progress in primary school enrollment for the bottom two quintiles of countries. The results are discussed in the context of a number of economic reforms implemented over the past 25 years, with the intention of promoting growth and development. The authors conclude that economists and policymakers should devote more effort to determining the causes of the economic and development failure of the last quarter-century.