The Flexible Economy: Causes and Consequences of the Adaptability of National Economies

Overview

The growing pace of change and turbulence in the world economy requires individual national economies to be adaptable. For example, inflexibility led to economic crisis in Eastern Europe and in Africa, while adaptability characterized the "economic miracle" of East Asia. The structural adjustment programs adopted in many developing countries reflect the extent to which the importance of these issues is now being recognized.

The Flexible Economy is the first volume to explicitly ...

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Overview

The growing pace of change and turbulence in the world economy requires individual national economies to be adaptable. For example, inflexibility led to economic crisis in Eastern Europe and in Africa, while adaptability characterized the "economic miracle" of East Asia. The structural adjustment programs adopted in many developing countries reflect the extent to which the importance of these issues is now being recognized.

The Flexible Economy is the first volume to explicitly address the nature and determinants of economic adaptability. This multidisciplinary collection of specially commissioned papers explores the subject from a wide variety of perspectives. Conceptual papers discuss treatment of the topic in economic theory and in the literature on economic development. There are case studies of Africa, East Asia, and Eastern Europe and a comparative study of responses to oil shocks. Separate chapters examine the topic as it relates to the industrial and financial sectors and the political determinants of economic flexibility. The final chapter draws general conclusions.

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Product Details

  • ISBN-13: 9780415117760
  • Publisher: Taylor & Francis
  • Publication date: 12/19/1994
  • Pages: 424
  • Product dimensions: 6.14 (w) x 9.21 (h) x 0.86 (d)

Table of Contents

List of illustrations
Notes on contributors
Foreword
Preface
1 Relevance, Meaning and Determinants of Flexibility 1
2 Flexibility and Long-Term Economic Development 34
3 Flexibility in Economic Theory 64
4 Economic Adaptability in the Long Term 79
5 Adapting the Economies of Eastern Europe: Behavioural and Institutional Aspects of Flexibility 111
6 Economic Inflexibility in Africa: Evidence and Causes 154
7 Explaining 'Flexible Rigidities' in East Asia 197
8 A Comparative Study of Flexibility in the Response of National Economies to the Oil-Price Shocks 222
9 Industrial Adaptation and Technological Capabilities in Developing Countries 257
10 Flexibility in Finance 297
11 The Political Determinants of Economic Flexibility, with Special Reference to the East Asian NICS 325
12 Conclusions: Economic Flexibility, Progress and Policies 365
Name index 395
Subject index 401
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