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Democracy & SocietyRodrik serves as an important, moderating voice in the globalization debate and this book proves no exception.
— Sarah Cleeland Knight
"Dani Rodrik, a Harvard academic usually associated with the active-government side, has written an intriguing book, One Economics, Many Recipes. He argues that economists who agree who agree in general about where countries should be going can conduct open and honest—and technical rather than ideological—debates about how to get there."—Alan Beattie, Financial Times
"This book is certainly among the best of the many works on development economics recently published. . . . One Economics, Many Recipes is also a model of how applied economics should be done."—John Kay, Prospect
"The Harvard development economist Rodrik here collects a several of his recent papers into a coherent book. . . . In short, [One Economics, Many Recipes] is a critical response to the international 'consensus' approach to economic policymaking, with its implicit assumption that one set of policies is suitable in all, or at least in most, countries. Rodrik has become known for emphasizing the importance of institutions, but he here makes clear that appropriate policies are also important and that effective institutions can take many forms."—Richard Cooper, Foreign Affairs
"Rodrik's book hits many of the right buttons. He has put together a collection of essays of sufficient breadth to engage both the technical observer and the casual reader. His treatment of the subject will come as a bitter pill to both the anti-globalisation movement and the developmentariat, that international coterie of practitioners and commentators working on development issues."—Mario Pisani, New Statesman
"Rodrik is known for rigorous analysis that challenges the conventional wisdom, and this book does not disappoint. Economic growth is a very important goal, Rodrik argues, but the evidence indicates that there is no single recipe for growth."—M. Veseth, Choice
"Rodrik serves as an important, moderating voice in the globalization debate and this book proves no exception."—Sarah Cleeland Knight, Democracy and Society
"In his recent book, One Economics, Many Recipes, Harvard professor of international political economy Dani Rodrik wisely reminds us that there exists no general theory of growth, though he offers pragmatic suggestions in individual cases."—Carl J. Schramm, Claremont Review of Books
"[T]he thoughtful and scholarly elaboration of his pro-industrial policy views in this book should be essential reading for all interested in stimulating growth in these countries."—Robert E. Baldwin, World Trade Review
"Rodrik wins all hearts and minds by a careful consideration of the facts and sheer breadth of coverage. . . . Thus, market mavens, policy pros, global gurus and institutional irredentists can all savor what he says!"—Alice Amsden, EH.net
"Rodrik lays out a broad critique of prevailing approaches to development policy, offers fresh ideas for countries seeking to improve their economic performance, and argues for important reforms in the World Trade Organization (WTO) to make room for those ideas. The book is actually a collection of Rodrik's recent papers on growth, institutions, and globalization, but they constitute a remarkably coherent view of the development problem. . . . The book should have a deep and lasting effect on the way we think about economic development."—Andrés Rodríguez-Clare, Journal of International Economics
"I would highly recommend One Economics, Many Recipes to anyone interested in understanding how economics can help to improve the lives of the poor. Rodrick is innovative, challenging and extremely bright; and he has thought long and hard about this question. In addition to providing a good introduction to his own ideas, Rodrick has filtered, digested and provided his expert summary of the enormous literature on Globalization, Institutions and Economics Growth."—Emma Aisbett, Economic Record
Part A Economic Growth
1 Fifty Years of Growth (and Lack Thereof): An Interpretation 13
2 Growth Diagnostics 56
3 Synthesis: A Practical Approach to Growth Strategies 85
Part B Institutions
4 Industrial Policy for the Twenty-first Century 99
5 Institutions for High-Quality Growth 153
6 Getting Institutions Right 184
Part C Globalization
7 Governance of Economic Globalization 195
8 The Global Governance of Trade As If Development Really Mattered 213
9 Globalization for Whom? 237
Dani Rodrik, Professor of International Political Economy at Harvard University, advises developing countries not to rely on financial markets or the international financial institutions. He argues that the principles of property rights, the rule of law, sound money, and honest public finances need to be put into practice, and the conditions for doing so vary from country to country. There is no single, simple recipe for growth.
He proposes six policies to help implement industrial policy: export subsidies, domestic-content requirements, import-export linkages, import quotas, patent and copyright infringements, and directed credit.
He argues against relying on foreign direct investment, writing, "careful studies have found very little systematic evidence of technological and other externalities from foreign direct investment, some even finding negative spillovers. In these circumstances, subsidizing foreign investors is a silly policy, as it transfers income from poor-country taxpayers to the pockets of shareholders in rich countries, with no compensating benefit."
Rodrik says countries cannot have 'globalisation', nation-states and democracy all at once, only any two of the three. So if we want a nation-state and democracy, we must limit our participation in the global economy.
If trade liberalisation brought wealth, Haiti would be the richest country in the world. As Rodrik observes, "no country has developed simply by opening itself up to foreign trade and investment." And, "there is no convincing evidence that trade liberalisation is predictably associated with subsequent economic growth. . integration with the world economy is an outcome, and not a prerequisite, of a successful growth strategy."
All countries have the right to protect their own institutions and development priorities; none has the right to impose its preferences on others. So Rodrik opposes any country's using the World Bank, the IMF and the WTO to enforce its views. He writes, "Trade rules should seek peaceful coexistence among national practices, not harmonisation."
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