One Economics, Many Recipes

Globalization, Institutions, and Economic Growth

Author: Dani Rodrik

Publisher: Princeton University Press

ISBN: 9781400829354

Category: Business & Economics

Page: 280

View: 1750

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.

Straight Talk on Trade

Ideas for a Sane World Economy

Author: Dani Rodrik

Publisher: Princeton University Press

ISBN: 1400888905

Category: Business & Economics

Page: 336

View: 8696

An honest discussion of free trade and how nations can sensibly chart a path forward in today’s global economy Not so long ago the nation-state seemed to be on its deathbed, condemned to irrelevance by the forces of globalization and technology. Now it is back with a vengeance, propelled by a groundswell of populists around the world. In Straight Talk on Trade, Dani Rodrik, an early and outspoken critic of economic globalization taken too far, goes beyond the populist backlash and offers a more reasoned explanation for why our elites’ and technocrats’ obsession with hyper-globalization made it more difficult for nations to achieve legitimate economic and social objectives at home: economic prosperity, financial stability, and equity. Rodrik takes globalization’s cheerleaders to task, not for emphasizing economics over other values, but for practicing bad economics and ignoring the discipline’s own nuances that should have called for caution. He makes a case for a pluralist world economy where nation-states retain sufficient autonomy to fashion their own social contracts and develop economic strategies tailored to their needs. Rather than calling for closed borders or defending protectionists, Rodrik shows how we can restore a sensible balance between national and global governance. Ranging over the recent experiences of advanced countries, the eurozone, and developing nations, Rodrik charts a way forward with new ideas about how to reconcile today’s inequitable economic and technological trends with liberal democracy and social inclusion. Deftly navigating the tensions among globalization, national sovereignty, and democracy, Straight Talk on Trade presents an indispensable commentary on today’s world economy and its dilemmas, and offers a visionary framework at a critical time when we need it most.

Economics Rules

Why Economics Works, When It Fails, and How to Tell the Difference

Author: Dani Rodrik

Publisher: Oxford University Press, USA

ISBN: 0198736894

Category: Economic policy

Page: 176

View: 5957

The economics profession has become a favourite punching bag in the aftermath of the global financial crisis. Economists are widely reviled and their influence derided by the general public. Yet their services have never been in greater demand. To unravel the paradox, we need to understand both the strengths and weaknesses of economics. This book offers both a defence and critique of economics. Economists' way of thinking about social phenomena has greatadvantages. But the flexible, contextual nature of economics is also its Achilles' heel in the hands of clumsy practitioners.

Japan Remodeled

How Government and Industry are Reforming Japanese Capitalism

Author: Steven Kent Vogel

Publisher: Cornell University Press

ISBN: 9780801473715

Category: Business & Economics

Page: 250

View: 9886

As the Japanese economy languished in the 1990s Japanese government officials, business executives, and opinion leaders concluded that their economic model had gone terribly wrong. They questioned the very institutions that had been credited with Japan's past success: a powerful bureaucracy guiding the economy, close government-industry ties, "lifetime" employment, the main bank system, and dense interfirm networks. Many of these leaders turned to the U.S. model for lessons, urging the government to liberate the economy and companies to sever long-term ties with workers, banks, suppliers, and other firms.Despite popular perceptions to the contrary, Japanese government and industry have in fact enacted substantial reforms. Yet Japan never emulated the American model. As government officials and industry leaders scrutinized their options, they selected reforms to modify or reinforce preexisting institutions rather than to abandon them. In Japan Remodeled, Steven Vogel explains the nature and extent of these reforms and why they were enacted.Vogel demonstrates how government and industry have devised innovative solutions. The cumulative result of many small adjustments is, he argues, an emerging Japan that has a substantially redesigned economic model characterized by more selectivity in business partnerships, more differentiation across sectors and companies, and more openness to foreign players.

The Quality of Government

Corruption, Social Trust, and Inequality in International Perspective

Author: Bo Rothstein

Publisher: University of Chicago Press

ISBN: 0226729575

Category: Business & Economics

Page: 285

View: 2934

The relationship between government, virtue, and wealth has held a special fascination since Aristotle, and the importance of each frames policy debates today in both developed and developing countries. While it’s clear that low-quality government institutions have tremendous negative effects on the health and wealth of societies, the criteria for good governance remain far from clear. In this pathbreaking book, leading political scientist Bo Rothstein provides a theoretical foundation for empirical analysis on the connection between the quality of government and important economic, political, and social outcomes. Focusing on the effects of government policies, he argues that unpredictable actions constitute a severe impediment to economic growth and development—and that a basic characteristic of quality government is impartiality in the exercise of power. This is borne out by cross-sectional analyses, experimental studies, and in-depth historical investigations. Timely and topical, The Quality of Government tackles such issues as political legitimacy, social capital, and corruption.

The Economics of the World Trading System

Author: Kyle Bagwell,Robert W. Staiger

Publisher: MIT Press

ISBN: 9780262524346

Category: Business & Economics

Page: 224

View: 4466

An economic analysis of the General Agreement on Tariffs and Trade and the World Trade Organization.

Has Globalization Gone Too Far?

Author: Dani Rodrik

Publisher: Columbia University Press

ISBN: 0881323160

Category: Political Science

Page: 128

View: 7901

Globalization is exposing social fissures between those with the education, skills, and mobility to flourish in an unfettered world market—the apparent "winners"—and those without. These apparent "losers" are increasingly anxious about their standards of living and their precarious place in an integrated world economy. The result is severe tension between the market and broad sectors of society, with governments caught in the middle. Compounding the very real problems that need to be addressed by all involved, the knee-jerk rhetoric of both sides threatens to crowd out rational debate. From the United States to Europe to Asia, positions are hardening. Dani Rodrik brings a clear and reasoned voice to these questions. Has Globalization Gone Too Far? takes an unblinking and objective look at the benefits—and risks—of international economic integration, and criticizes mainstream economists for downplaying its dangers. It also makes a unique and persuasive case that the "winners" have as much at stake from the possible consequences of social instability as the "losers." As Rodrik points out, ". . . social disintegration is not a spectator sport—those on the sidelines also get splashed with mud from the field. Ultimately, the deepening of social fissures can harm all." President Clinton read the book and it provided the conceptual basis for the trade/IMF portions of his State of the Union message in January 1998.

Vulnerable People, Vulnerable States

Redefining the Development Challenge

Author: Daniel Bromley,Glen Anderson

Publisher: Routledge

ISBN: 1136286276

Category: Business & Economics

Page: 160

View: 3286

Over 5 decades of economic and technical assistance to the countries of Africa and the Middle East have failed to improve the life prospects for over 1.4 billion people who remain vulnerable. Billions of dollars have been spent on such assistance and yet little progress has been made. Persistent hunger and hopelessness threaten more than individuals and families. These conditions foster political alienation that can easily metastasize into hostility and aggression. Recent uprisings in the Middle East are emblematic of this problem. Vulnerable people give rise to vulnerable states. This book challenges the dominant catechism of development assistance by arguing that the focus on economic growth (and fighting poverty) has failed to bring about the promised "convergence." Poor people and poor countries have clearly not closed the gap on the rich industrialized world. Pursuing convergence has been a failure. Here we argue that development assistance must be reconstituted to focus on creating economic coherence. People are vulnerable because the economies in which they are embedded do not cohere. The absence of economic coherence means that economic processes do not work as they must if individual initiative is to result in improved livelihoods. Weak and vulnerable states must be strengthened so that they can become partners in the process of creating economic coherence. When economies do not cohere, countries become breeding grounds for localized civil conflicts that often spill across national borders.

The New Global Economy and Developing Countries

Making Openness Work

Author: Dani Rodrik

Publisher: Overseas Development Council

ISBN: 9781565170278

Category: Business & Economics

Page: 180

View: 6354

Policy makers must reinforce their external strategy of liberalization with an internal strategy that gives the state substantial responsibility in building physical and human capital and mediating social conflicts.

Putting Development First

The Importance of Policy Space in the WTO and IFIs

Author: Kevin Gallagher

Publisher: Zed Books

ISBN: 9781842776353

Category: Political Science

Page: 312

View: 9382

This book examines how far the economic forces and rules that govern the global economy are shrinking the "policy space" available to developing countries in constructing policies to raise living standards. The contributors analyze what room for movement developing countries still have, despite global macro-economic realities, IMF/World Bank policies, and the trade rules regime of the World Trade Organization. They suggest the policies that could be put in place to strengthen developing countries.

Working with the Grain

Integrating Governance and Growth in Development Strategies

Author: Brian Levy

Publisher: Oxford University Press

ISBN: 0199363803

Category: Business & Economics

Page: 266

View: 3370

This book builds on cutting-edge scholarship and the author's quarter century of hands-on experience at the World Bank to lay out an innovative with-the-grain approach to integrating governance and growth - as a constructive, hopeful way of engaging the challenging governance ambiguities of our early 21st century world. A with the grain" perspective directs attention away from a "good governance" pre-occupation with off-the-shelf blueprints and optimal policies, and towards the challenges of initiating and sustaining forward development momentum. This altered angle of vision has powerful implications for how we understand and address the challenges of governance reform and development policymaking - both across countries and over time. The book distinguishes among four broad groups of countries - according to whether their policies are dominant or competitive, and whether their institutions are personalized or impersonal. It also distinguishes among alternative options for governance reform - "top down" options which aim to strengthen formal institutions, and options which aim to support the emergence of "islands of effectiveness". And it explores the "goodness of fit" between alternative reform options and divergent country contexts - including how narrowly-focused initiatives can achieve results even in a broader sea of institutional dysfunction. The book examines how, over time, virtuous circles can link inclusive growth, positive expectations and ongoing institutional improvement. Taking the decade-or-so time horizon of practitioners, the aim is to nudge things along -seeking gains that initially may seem quite modest but can, sometimes, give rise to a cascading sequence of change for the better. Sometimes the binding constraint to forward movement can be institutional, making governance reform the priority; at other times, the priority can better be on inclusive growth. Over the longer-run, stability depends also on a broad-based commitment among citizens to the institutional order, as one which offers the hope of a better life for all."

Pathways to Freedom

Political and Economic Lessons from Democratic Transitions

Author: Isobel Coleman,Terra Lawson-Remer

Publisher: Council on Foreign Relations Press

ISBN: 9780876095669

Category: Business & Economics

Page: 266

View: 1556

"Many developing countries have launched transitions from authoritarianism to democracy over the past twenty-five years. While some have succeeded in building relatively strong democracies with shared prosperity, others have stumbled. As a wave of change continues to unfold across the Middle East, Africa, and Asia, the policy-relevant insights that can be gleaned from recent transitions are more salient than ever. Through case studies on Brazil, Indonesia, Mexico, Nigeria, Poland, South Africa, Thailand, and Ukraine, Pathways to freedom explores the structural factors and policy choices that shaped eight important transitions--some successful, others less so. The case studies focus on six themes: socioeconomic inclusion and exclusion, economic structure and policies, civil society and media, legal system and rule of law, government structure, and education and demography. Additional chapters examine these themes in light of the quantitative evidence on democratization and highlight concrete policy recommendations from across the case studies. With concise historical analysis and forward-looking prescriptions, Pathways to freedom offers an authoritative and accessible look at what countries must do to build durable and prosperous democracies--and what the United States and others can do to help"--Back cover.

State-Directed Development

Political Power and Industrialization in the Global Periphery

Author: Atul Kohli

Publisher: Cambridge University Press

ISBN: 1139456113

Category: Political Science

Page: N.A

View: 5972

Why have some developing country states been more successful at facilitating industrialization than others? An answer to this question is developed by focusing both on patterns of state construction and intervention aimed at promoting industrialization. Four countries are analyzed in detail - South Korea, Brazil, India, and Nigeria - over the twentieth century. The states in these countries varied from cohesive-capitalist (mainly in Korea), through fragmented-multiclass (mainly in India), to neo-patrimonial (mainly in Nigeria). It is argued that cohesive-capitalist states have been most effective at promoting industrialization and neo-patrimonial states the least. The performance of fragmented-multiclass states falls somewhere in the middle. After explaining in detail as to why this should be so, the study traces the origins of these different state types historically, emphasizing the role of different types of colonialisms in the process of state construction in the developing world.

Globalization and Progressive Economic Policy

Author: Dean Baker,Gerald Epstein,Robert Pollin

Publisher: Cambridge University Press

ISBN: 9780521643764

Category: Business & Economics

Page: 514

View: 6779

The authors of this book challenge mainstream thinking about the nature of globalization. While not hostile to markets per se, they believe that capitalist market processes, left to operate freely, tend to generate injustice, insecurity, instability, and inefficiency. Taking account of the new realities of globalization, this volume explores an unusually wide range of subjects, including trade integration, multinational corporations, labor markets and migration, international capital flows, macroeconomic and environmental policy, and the central roles of the IMF and World Bank. It proposes alternatives to neo-liberal orthodoxy, developing policy measures that counter the destructive features of markets and promote equality as well as efficiency. The approach in this volume is particularly illuminating for understanding the Asian financial collapse of 1997–98 and similar recent crises. The volume also includes comments on each chapter by a wide range of distinguished economists, producing a lively and often controversial set of interchanges.

Doing Development in West Africa

A Reader by and for Undergraduates

Author: Charles Piot

Publisher: Duke University Press

ISBN: 082237403X

Category: Education

Page: 232

View: 2716

In recent years the popularity of service learning and study abroad programs that bring students to the global South has soared, thanks to this generation of college students' desire to make a positive difference in the world. This collection contains essays by undergraduates who recount their experiences in Togo working on projects that established health insurance at a local clinic, built a cyber café, created a microlending program for teens, and started a local writers' group. The essays show students putting their optimism to work while learning that paying attention to local knowledge can make all the difference in a project's success. Students also conducted research on global health topics by examining the complex relationships between traditional healing practices and biomedicine. Charles Piot's introduction contextualizes student-initiated development within the history of development work in West Africa since 1960, while his epilogue provides an update on the projects, compiles an inventory of best practices, and describes the type of projects that are likely to succeed. Doing Development in West Africa provides a relatable and intimate look into the range of challenges, successes, and failures that come with studying abroad in the global South. Contributors. Cheyenne Allenby, Kelly Andrejko, Connor Cotton, Allie Middleton, Caitlin Moyles, Charles Piot, Benjamin Ramsey, Maria Cecilia Romano, Stephanie Rotolo, Emma Smith, Sarah Zimmerman

Does Foreign Aid Really Work?

Author: Roger C. Riddell

Publisher: Oxford University Press

ISBN: 0199544468

Category: Business & Economics

Page: 507

View: 474

Provided for over 60 years, and expanding more rapidly today than it has for a generation, foreign aid is now a $100bn business. But does it work? Indeed, is it needed at all? In this first-ever, overall assessment of aid, Roger Riddell provides a rigorous but highly readable account of aid, warts and all.

Economics Rules

Why Economics Works, When It Fails, and How to Tell the Difference

Author: Dani Rodrik

Publisher: N.A

ISBN: 9780198736905


Page: 272

View: 6713

The economics profession has become a favourite punching bag in the aftermath of the global financial crisis. Economists are widely reviled and their influence derided by the general public. Yet their services have never been in greater demand. To unravel the paradox, we need to understand both the strengths and weaknesses of economics. This book offers both a defence and critique of economics. Economists' way of thinking about social phenomena has greatadvantages. But the flexible, contextual nature of economics is also its Achilles' heel in the hands of clumsy practitioners.

Institutional Bypasses

A Strategy to Promote Reforms for Development

Author: Mariana Mota Prado,Michael J. Trebilcock

Publisher: Cambridge University Press

ISBN: 9781108462587

Category: Law

Page: 220

View: 7284

Institutional bypass is a reform strategy that creates alternative institutional regimes to give citizens a choice of service provider and create a form of competition between the dominant institution and the institutional bypass. While novel in the academic literature, the concept captures practices already being used in developing countries. In this illuminating book, Mariana Mota Prado and Michael J. Trebilcock explore the strengths and limits of this strategy with detailed case studies, showing how citizen preferences provide a benchmark against which future reform initiatives can be evaluated, and in this way change the dynamics of the reform process. While not a 'silver bullet' to the challenge of institutional reform, institutional bypasses add to the portfolio of strategies to promote development. This work should be read by development researchers, scholars, policymakers, and anyone else seeking options on how to promote change and implement reforms in developing countries around the world.

The Globalization Paradox

Why Global Markets, States, and Democracy Can't Coexist

Author: Dani Rodrik

Publisher: OUP Oxford

ISBN: 0191634255

Category: Political Science

Page: 368

View: 5510

For a century, economists have driven forward the cause of globalization in financial institutions, labour markets, and trade. Yet there have been consistent warning signs that a global economy and free trade might not always be advantageous. Where are the pressure points? What could be done about them? Dani Rodrik examines the back-story from its seventeenth-century origins through the milestones of the gold standard, the Bretton Woods Agreement, and the Washington Consensus, to the present day. Although economic globalization has enabled unprecedented levels of prosperity in advanced countries and has been a boon to hundreds of millions of poor workers in China and elsewhere in Asia, it is a concept that rests on shaky pillars, he contends. Its long-term sustainability is not a given. The heart of Rodrik’s argument is a fundamental 'trilemma': that we cannot simultaneously pursue democracy, national self-determination, and economic globalization. Give too much power to governments, and you have protectionism. Give markets too much freedom, and you have an unstable world economy with little social and political support from those it is supposed to help. Rodrik argues for smart globalization, not maximum globalization.