The Poverty of 'development Economics'

Overview

In this book Deepak Lal outlines and assesses the validity of a set of beliefs about third world economic development that underlies the thinking of many politicians, bureaucrats, journalists, and academics in both developing and developed countries. He describes the various elements of this "Dirigiste Dogma" and shows how it inevitably breeds corruption. According to Lal, only a market-based liberal economic order can solve the age-old problem of structural mass poverty. Its significant institutional bases ...

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Overview

In this book Deepak Lal outlines and assesses the validity of a set of beliefs about third world economic development that underlies the thinking of many politicians, bureaucrats, journalists, and academics in both developing and developed countries. He describes the various elements of this "Dirigiste Dogma" and shows how it inevitably breeds corruption. According to Lal, only a market-based liberal economic order can solve the age-old problem of structural mass poverty. Its significant institutional bases include transparent financial systems and sufficiently deep financial markets to allow the hedging of foreign currency risk, and either a floating or rigidly fixed exchange rate.

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Product Details

  • ISBN-13: 9780255365192
  • Publisher: Institute of Economic Affairs
  • Publication date: 9/1/2002
  • Series: Hobart Papers , #144
  • Edition number: 3
  • Pages: 272
  • Product dimensions: 5.10 (w) x 7.70 (h) x 0.80 (d)

Meet the Author

Deepak Lal is the James S. Coleman Professor of International Development Studies at the University of California, Los Angeles.

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Table of Contents

Preface 2000
Preface 1997
Preface 1985: US Edition
The Author
Acknowledgements
Introduction 1
1 The Dirigiste Dogma 5
1 The Alleged Irrelevance of Orthodox Economics 6
2 The Keynesian Heritage 7
3 The Neglect of Welfare Economics 10
4 The Theoretical Attack on Laissez-Faire 11
5 The Limits of Rational Dirigisme 14
2 The External Environment 1: Trade 17
1 The First Protectionist Wave 18
2 The Orthodox Counter-Attack 26
3 The New Wave of Protectionism 33
4 The Terms of Trade 39
5 Dependency Theories 43
6 Free Trade and Laissez-Faire 45
3 The External Environment II: Commodities and Foreign Capital 49
1 International Commodity Agreements 49
2 International Capital Flows 52
4 Industrialisation and Planning 70
1 The Promotion of Industry 71
2 On Planning 72
3 Foretelling the Future 74
4 Picking Industrial 'Winners' 75
5 Social Cost-Benefit Analysis 77
6 Some Industrial Strategies 79
7 Indian Industrialisation in Historical Perspective 82
5 Poverty, Inequality and Employment 88
1 Ethics 88
2 Surplus Labour, Growth and Labour Incomes 89
3 'Unemployment' and Poverty 91
4 Rural Development 94
5 Land Reform 96
6 Appropriate Goods and Technologies 99
7 'Basic Needs' 100
6 Some General Conclusions 103
Imperfect Markets Superior to Imperfect Planning 106
Unlamented Demise of 'Development Economics' 108
App A Guide to 'Second-Best' Welfare Theory 111
References 113
7 Postscript 1997 129
1 The Overall Trends 130
2 Events and Ideas 140
3 The Mutations of Dirigiste Dogma 150
4 New Horizons 159
References for 1997 Postscript 168
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