Rethinking Development Economics / Edition 1

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This important collection tackles the failure of neoliberal reform to generate long-term growth and reduce poverty in many developing and transition economies. As dramatically demonstrated in the collapse of the WTO's Seattle talks, there is increasing dissatisfaction, in both developing and developed countries, with the emerging neoliberal global economic order. The resignations of Joseph Stiglitz and Ravi Kanbur from the World Bank emphasize that this disillusionment with the orthodoxy now exists at the very heart of the establishment. Yet the increasing demand for an alternative to this orthodoxy is not being met. Over the last few decades, the older generation of development economists have been edged out of most major universities, particularly in the USA. The situation in most developing countries is even worse: although there is more demand for alternatives to orthodox development economics, these countries have even less capability to generate such alternatives. 'Rethinking Development Economics' is intended to fill this gap, addressing key issues in development economics, ranging from macroeconomics, finance and governance to trade, industry, agriculture and poverty. Bringing together some of the foremost names in the field, this comprehensive and timely collection constitutes a critical staging post in the future of development economics.

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Editorial Reviews

From the Publisher

'Impressive...provides a very good compendium of what are usually classified as "heterodox" development excellent volume.' —'Journal of International Development'

'Tackling the alleged failure of neo-liberal reform to generate long-term growth and reduce poverty in many developing and transition economies, this collection offers alternatives to the present orthodoxy advocated by the World Bank and the IMF.' —'Business Horizons'

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Product Details

Meet the Author

Ha-Joon Chang has taught at the Faculty of Economics and Politics, University of Cambridge, since 1990.

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Table of Contents

Contributors in this Volume; Introduction; PART I. Overviews: 1. Changing Perspectives in Development Economics; 2. The Market, the State and Institutions in Economic Development; Globalization and Development; 4. Development and the Global Order; PART II. Development Experiences: 5. The East Asian Development Experience; 6. The Latin American Economies During the Second Half of the Twentieth Century - from the Age og 'ISI' to the Age of 'The End of History'; 7. Rethinking African Development; 8. Transition Economies; PART III. Structural and Sectoral Issues: 9. New Growth Theory; 10. Structural Change and Development: The Relative Roles of Effective Demand and the Price Mechanism in a 'Dual' Economy; 11. Agriculture and Development: The Dominant Orthodoxy; PART IV. Trade, Industry and Technology: 12. Trade and Industrial Policy Issues; 13. Technology and Industrial Development in an Era of Globalization; 14. Industrial Policy in the Early 21st Century: The Challenge of the Global Business Revolution; PART V. Financial Markets and Corporate Governance: 15. International Private Capital FLows and Developing Countries; 16. The 'Three Routes' to Financial Crisis: Chile, Mexico and Argentina [1]; Brazil  [2]; and Korea, Malaysia and Thailand [3]; 17. The New International Financial Architecture, Corporate Governance and Competition in Emerging Markets: Empirical Anomalies and Policy Issues; PART VI. Poverty and Inequality: 18. Rural Poverty and Gender: Analytical Frameworks and Policy Proposals; 19. Globalization and the Distribution of Income between and within Countries; 20. Increasing Poverty in a Globalized World: Marshall Plans and Morgenthau Plans as Mechanisms of Polarization of World Incomes; PART VII. Institutions and Governance: 21. On Understanding Markets as Social and Political institutions in Developing Economies; 22. Institutions and Economic Development in Historical Perspective; 23. Globalization, Global Governance and the Dilemmas of Development

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  • Posted January 20, 2009

    more from this reviewer

    Fine collection of studies on development economics

    This is a most important book. Ha-Joon Chang, Assistant Director of Development Studies at Cambridge University, has edited this collection of 23 essays exploring development strategies. There are 19 contributors, mostly from Britain, but also from the USA, Norway, India, Holland and Italy.<BR/><BR/>Part 1 presents overviews of economic development; Part 2 looks at different development experiences in Asia, Latin America, Africa and the former socialist countries. Part 3 studies structural and sectoral issues, Part 4 trade, industry and technology, Part 5 financial markets and corporate governance, Part 6 poverty and inequality and Part 7 institutions and governance.<BR/><BR/>In the `golden age¿ of 1950-73, the world economy grew by 3% a year. By contrast, it did worse in the periods when neoliberalism held sway: between 1870 and 1914 it grew by 1-1.5%, and since 1980 it has grown by 1.5%. Neoliberalism has not brought the promised economic growth, but it has brought vast wealth for the few and falling living standards for the majority ¿ arguably, what it was designed to do.<BR/><BR/>Following liberalisation of finance and trade, capital inflows surge, there is massive speculation, a credit boom, asset bubbles and current account deficits, resulting in financial crises. 89 countries were worse off in 1996 than in 1986 (UN figure). Russia, for instance, suffered falling living standards, fewer jobs, more inequality, corruption and crime, capital flight and state collapse. The number of poor people rose from 2.2 million in 1988 to 57.8 million in 1995. By 2000, the economy was worse-equipped than at the end of the Soviet period. As Erik Reinert sums up, ¿Where industry is closed down, poverty enters.¿<BR/><BR/>The problem is not `government failure¿ or `failed states¿ but a failed system. The capitalist model ¿ Thatcherism ¿ is now shattered.<BR/><BR/>In a brilliant essay, Ilene Grabel, Associate Professor of International Finance at the University of Denver, advocates well-designed controls over international private capital flows [IPCFs], ¿Numerous recent cross-country and historical studies demonstrate conclusively that there is no reliable empirical relationship between the liberalisation of IPCFs in developing countries and performance in regards to inflation, economic growth or investment. More damaging to the neo-classical case is the fact that there is now a large body of unambiguous empirical evidence which shows that the liberalisation of IPCFs introduces and/or aggravates important problems in developing countries. For example, numerous studies find that liberalisation is strongly associated with banking, currency and generalised financial crisis. Other studies show that liberalisation is associated with an increase in poverty and inequality.¿

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