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In One Economics, Many Recipes, leading economist Dani Rodrik argues that neither globalizers nor antiglobalizers have got it right. While economic globalization can be a boon for countries that are trying to dig out of poverty, success usually requires following policies that are tailored to local economic and political realities rather than obeying the dictates of the international globalization establishment. A definitive statement of Rodrik's original and influential perspective on economic growth and globalization, One Economics, Many Recipes shows how successful countries craft their own unique strategies--and what other countries can learn from them.
To most proglobalizers, globalization is a source of economic salvation for developing nations, and to fully benefit from it nations must follow a universal set of rules designed by organizations such as the World Bank, the International Monetary Fund, and the World Trade Organization and enforced by international investors and capital markets. But to most antiglobalizers, such global rules spell nothing but trouble, and the more poor nations shield themselves from them, the better off they are. Rodrik rejects the simplifications of both sides, showing that poor countries get rich not by copying what Washington technocrats preach or what others have done, but by overcoming their own highly specific constraints. And, far from conflicting with economic science, this is exactly what good economics teaches.
|Publisher:||Princeton University Press|
|Sold by:||Barnes & Noble|
|File size:||5 MB|
About the Author
Table of ContentsAcknowledgments ix
PART A: ECONOMIC GROWTH
Chapter 1. Fifty Years of Growth (and Lack Thereof): An Interpretation 13
Chapter 2. Growth Diagnostics 56
Chapter 3. Synthesis: A Practical Approach to Growth Strategies 85
PART B: INSTITUTIONS
Chapter 4. Industrial Policy for the Twenty-first Century 99
Chapter 5. Institutions for High-Quality Growth 153
Chapter 6. Getting Institutions Right 184
PART C: GLOBALIZATION
Chapter 7. Governance of Economic Globalization 195
Chapter 8. The Global Governance of Trade As If Development Really Mattered 213
Chapter 9. Globalization for Whom? 237
References 243 Index 257
What People are Saying About This
Dani Rodrik is that rare beast, both fox and hedgehog: a first-rate economist who steeps himself in politics, technology, and history to come up with striking insights and overarching principles for generating economic growth. Scholars and general readers alike will be swept along by the current of Rodrik's good-natured eruditioneven those who do not share his faith in neoclassical economics. One Economics, Many Recipes is a landmark in post-Washington Consensus thinking.
Robert H. Wade, London School of Economics and Political Science, author of "Governing the Market"
One Economics, Many Recipes does for economic development what Julia Child did for French cooking. Child taught would-be cooks how to be excellent chefs. Dani Rodrik teaches economists and policy planners how to construct successful, sustainable development programs. He teaches and preaches the subtle correct practice of development economics.
George Akerlof, Nobel Laureate in Economics and Koshland Professor of Economics, University of California, Berkeley
Dani Rodrik is a leader in applying rigorous economic analysis and informed common sense to the challenges of economic development. His knowledge, his sense of what we do and do not know, his important pointers to humility, pragmatism, and attention to contextall of these qualities permeate these excellent chapters. A book for academics and practitioners alike.
A. Michael Spence, Nobel Laureate in Economics, Stanford University
Although there are many articles and books on economic growth, this book is different because it proposes a new perspective that is likely to have a significant influence on academic economists as well as policymakers around the world. Dani Rodrik's new approach respects the fundamental economic principle of the market, but it also allows individual countries to formulate their own growth strategies based on their own local conditions.
Yingyi Qian, University of California, Berkeley
Dani Rodrik's One Economics, Many Recipes is a deep and important book about the relative success of nations. It considers the substance of economic policies over their superficial form. Highly successful countries have leaders who respect economic principles but keenly observe how their country differs from others and are flexible and creative in applying these principles to their own circumstances.
Robert J. Shiller, Yale University, author of "Irrational Exuberance and The New Financial Order"
Maybe Tolstoy was right about happy and unhappy families, but the same rule of thumb does not apply to developing economies. The success stories are not all alike. There is no practical, universal formula for rapid economic growth. That is Dani Rodrik's central argument, and he develops it forcefully and convincingly with many examples. Best of all, he insists that the need for policies tailored to local circumstances is exactly what basic economic theory suggests. He may not be right about every single thing, but I think he is right about that.
Robert M. Solow, Nobel Laureate in Economics, Massachusetts Institute of Technology
In this important book, we have an author (Dani Rodrik) whose views are eminently worth hearing and a subject (globalization) in constant need of hearing them. Rodrik has long been a passionate but nuanced thinker on the role of 'economic fundamentals' in shaping growth. He resolutely uses the tools and methods of economics even as he arrives at conclusions that often do not square with what orthodox economics might prescribe or want to hear.
Michael Woolcock, the World Bank