Towards New Developmentalism: Market as Means rather than Master (Routledge Studies in Development Economics)
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The global financial and economic crisis starting in 2007 has provoked the exploration of alternatives to neo-liberalism. Although neo-liberalism has been critiqued from various perspectives, these critiques have not coalesced into a concrete alternative in development economics literature. The main objective of this book is to name and formulate this alternative, identify what is new about this viewpoint, and project it on to the academic landscape.
This book includes contributions from many prominent development economists who are unified by a form of "developmental pragmatism". Their concern is with the problems of development that preoccupied the pioneers of economic development in the mid-twentieth century, known as the developmentalists. Like the developmentalists, the contributors to Towards New Developmentalism are policy-oriented and supportive of institutional development and engagement with economic globalization. This collection has an over-arching concern with promoting social justice, and holds the general view of the market as the means to affecting an alternative program of development rather than as a master whose dictates are to be obeyed without question.
This important collection sets the agenda for new developmentalism, drawing on issues such as industrial policy, technology, competition, growth and poverty. In broad terms, the economic development debate is cast in terms of whether the market is the master, an ideological neo-liberal perspective, or the means to affect change as suggested by the pragmatic perspective that is being termed neo-developmentalism. This book will be valuable reading to postgraduates and researchers specialising in the area of development studies including within economics, international relations, political science and sociology.
of poor countries are not catching up with the rich countries. Indeed, the average income of the large majority of states has been diverging or “falling behind,” not converging or “catching up” with the rich countries. Figure 2.1 shows the average income of several regions relative to that of the North, expressed in PPP dollars, from 1950 to 2001.4 If the big increase in globalization starting in the early 1980s had produced catch-up growth, we should see these ratios rise during the 1980s and
cement the intellectual case for the desirability and, indeed, inevitability of economic reconstruction along neo-liberal lines. The concept of policy credibility is central to the broader task of elevating the market as the principal means of directing economic affairs, and the effort to place severe constraints on state manipulation of economic policy toward what are seen as particularistic aims. In doing so, credibility theory has helped create an intellectual climate wherein (contra the
Harper’s, 285 (September), 37–45. Nageer, F. (n.d.). Fact sheet #4: “What you need to know about trade-finance policy coherence.” Center of Concern/US Gender and Trade Network, Washington, D.C. Organization for Economic Cooperation and Development (OECD). 2003. “Policy coherence: Vital for global development (Policy brief ), Paris. www.oecd.org/publications/ Pol_brief. Polanyi, K. 1967. The Great Transformation. Boston: Beacon Press. Pollin, R. and Zhu, A. 2006. “Inflation and economic growth: A
and transactions, electronic money, intra-company trade, offshore financial centers, derivatives and hedge funds, the inability to tax financial capital, growing foreign activities, and foreign shopping. Besides eroding the tax base, these emerging trends diminish the capacity of the tax authorities to enforce taxes, with potentially significant negative effects on fiscal revenue. 134 L. Abugattas and E. Paus Competition to attract foreign investment IFI conditionality and market constraints
Casualty 2006: para. 77–8 and 86), these limitations have been discarded by the tribunal on the basis that the state’s MFN commitment in a BIT required it to extend more advantageous procedural elements of its consent to arbitration in any other investment treaty to the BIT under which the investor brought a claim. However, other tribunals have adopted a conflicting approach by concluding that an MFN clause does not extend beyond the substantive protections in another treaty unless the MFN clause