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.
Westerners seem united in the belief that China has emerged as a major economic power and that this success will most likely continue indefinitely. But they are less certain about the future of China's political system. China's steps toward free market capitalism have led many outsiders to expect increased democratization and a more Western political system. The Chinese, however, have developed their own version of capitalism. Westerners view Chinese politics through the lens of their own ideologies, preventing them from understanding Chinese goals and policies. In Contemporary Chinese Political Thought: Debates and Perspectives, Fred Dallmayr and Zhao Tingyang bring together leading Chinese intellectuals to debate the main political ideas shaping the rapidly changing nation. Investigating such topics as the popular "China Model", the resurgence of Chinese Confucianism and its applications to the modern world, and liberal socialism, the contributors move beyond usual analytical frameworks toward what Dallmayr and Zhao call "a dismantling of ideological straitjackets." Comprising a broad range of opinions and perspectives, Contemporary Chinese Political Thought is the most up-to-date examination in English of modern Chinese political attitudes and discourse. Features contributions from Ji Wenshun, Zhou Lian, Zhao Tingyang, Zhang Feng, Liu Shuxian, Chen Ming, He Baogang, Ni Peimin, Ci Jiwei, Cui Zhiyuan, Frank Fang, Wang Shaoguang, and Cheng Guangyun.
Policy Implications for Citizens Worldwide in the 21st Century
Author: Franklin Allen
Publisher: OUP Oxford
Category: Business & Economics
Substantial progress in the fight against extreme poverty was made in the last two decades. But the slowdown in global economic growth and significant increases in income inequality in many developed and developing countries raise serious concerns about the continuation of this trend into the 21st century. The time has come to seriously think about how improvements in official global governance, coupled with and reinforced by rising activism of 'global citizens' can lead to welfare-enhancing and more equitable results for global citizens through better national and international policies. This book examines the factors that are most likely to facilitate the process of beneficial economic growth in low-, middle-, and high-income countries. It examines past, present, and future economic growth; demographic changes; the hyperglobalization of trade; the effect of finance on growth; climate change and resource depletion; and the sense of global citizenship and the need for global governance in order to draw longer-term implications, identify policy options for improving the lives of average citizens around the world, and make the case for the need to confront new challenges with truly global policy responses. The book documents how demographic changes, convergence, and competition are likely to bring about massive shifts in the sectoral and geographical composition of global output and employment, as the center of gravity of the global economy moves toward Asia and emerging economies elsewhere. It shows that the legacies of the 2008-09 crisis-high unemployment levels, massive excess capacities, and high debt levels-are likely to reduce the standard of living of millions of people in many countries over a long period of adjustment and that fluctuations in international trade, financial markets, and commodity prices, as well as the tendency of institutions at both the national and international level to favor the interests of the better-off and more powerful pose substantial risks for citizens of all countries. The chapters and their policy implications are intended to stimulate public interest and facilitate the exchange of ideas and policy dialogue.
This is the most in-depth study of the economic partnership between the European Union and the CARIFORUM countries, a group of fifteen small developing economies in the Caribbean. The CARIFORUM-EU Economic Partnership Agreement (EPA) is the first trade agreement of its kind, as it is a new type of WTO-compatible trade agreement between a group of developed countries and a group of developing countries. As a principal negotiator for CARIFORUM, Bernal's qualifications allow him to provide a unique perspective on the increasingly important topic of trade and economic development in the midst of globalization. Globalization, Trade, and Economic Development comprehensively explores the components of the EPA from all angles, explains how the agreement provides opportunities to strengthen and accelerate economic development, and outlines the policies which can allow the CARIFORUM countries to seize these opportunities. Bernal's explanation of the institutional arrangements for the conduct of the negotiations by CARIFORUM is invaluable to governments and regional organizations in developing countries for coordinating groups to advance common and joint positions in international negotiations.
Based on a timely reassessment of the classic arguments of Weber, Schumpeter, Hayek, Popper, and Parsons, this book reconceptualizes actually-existing capitalism. It proposes capitalism as an impersonal procedural solution to the problems of spontaneously coordinating public institutions that enable durable market-based wealth generation and social order. Few countries have achieved this. A novel contribution of the book is that it identifies a practical sequence of economic and institutional shortcuts to real capitalism. The book challenges current orthodoxies about varieties of capitalism and relativist recipes for economic growth, and it criticizes culturalist and incrementalist viewpoints in institutional economics. It calls on the social sciences to help in constructing dynamic and prosperous open societies of the twenty-first century by reclaiming older ideas of ‘social economics’. Better and faster solutions will emphasize crisis-induced change, rational leadership, ideological persuasion, institutional engineering, rules-based market freedom, and the universalistic formal-procedural impersonality of optimal regulatory systems.
An Analysis of Colombia’s Export Competitiveness in the European Union’s Market
Author: Juan Felipe Mejía
Publisher: Springer Science & Business Media
Category: Business & Economics
The main research problem addressed in the book is the one regarding the role that export diversification could play for enhancing economic growth in Colombia, both in terms of new products and new geographic markets. The underlying motivation for centering the analysis on the European Union’s market are manifold, reaching from the evident concentration of exports – both in terms of composition and markets- that Colombia still shows, to the small amount of empirical studies analyzing the current status and potentialities of the commercial relations between Colombia and the European Union.
This revised and updated second edition of The Globalizationand Development Reader builds on the considerable success of afirst edition that has been used around the world. It combinesselected readings and editorial material to provide a coherent textwith global coverage, reflecting new theoretical and empiricaldevelopments. Main text and core reference for students and professionalsstudying the processes of social change and development in“third world” countries. Carefully excerpted materialsfacilitate the understanding of classic and contemporarywritings Second edition includes 33 essential readings, including 21 newselections New pieces cover the impact of the recession in the globalNorth, global inequality and uneven development, gender,international migration, the role of cities, agriculture and on thegovernance of pharmaceuticals and climate change politics Increased coverage of China and India help to provide genuinelyglobal coverage, and for a student readership the materials havebeen subject to a higher degree of editing in the new edition Includes a general introduction to the field, and short,insightful section introductions to each reading New readings include selections by Alexander Gershenkron, AliceAmsden, Amartya Sen, Anne-Marie Slaughter, Cecile Jackson, DaniRodrik, David Harvey, Greta Krippner, Kathryn Sikkink, LeslieSklair, Margaret E. Keck, Michael Burawoy, Nitsan Chorev, OscarLewis, Patrick Bond, Peter Evans, Philip McMichael, Pranab Bardhan,Ruth Pearson, Sarah Babb, Saskia Sassen, and Steve Radelet
This book explores the foundations of the current economic crisis. Offering a heterodox approach to interpretation it examines the policies implemented before and during the crisis, and the main institutions that shaped the model of advanced economies, particularly in the last two decades. The first part of the book provides a theoretical analysis of the crisis. The roots of the ‘great recession’ are divided into fundamentals with origins in financial liberalisation, financial innovation and income distribution, and complementary or contributory factors such as the international imbalances, the monetary policy,and the role of credit rating agencies. Part II suggests various paths to recovery while emphasising that it will be necessary to develop alternative strategies for sustainable economic recovery and growth. These strategies will require genuine political support and a new 'great European vision' to address major issues concerning the EU such as unemployment, structural regional differences and federalism. Drawing on various schools of thought, this book explains the complexities of the crisis through a wider evolutionary-institutional and heterodox framework.
Two Greek economic analysts explain the Greek financial crisis—from beginning to end. The first section of Greece: From Exit to Recovery? explores the lead up to to Greece's adoption of the euro. Authors Theodore Pelagidis and Michael Mitsopoulos believe that the ensuing challenges were foreseeable. In fact, the authors posit that it was Greece's difficultly in dealing with those challenges that sparked the euro crisis. Section II analyzes discrete sectors of the economy, paying special attention to labor and finance—and the mistakes creditors made in focusing on reducing Greek incomes—rather than increasing competitiveness on non-labor costs. Section III investigates why Greek companies spend relatively little on research and development.? The authors' analysis indicates that policy decisions largely determine R&D performance in the private sector, and they advance a number of specific policy proposals to improve the situation.
Of the 54African states, only South Africa is categorised by the United Nations Industrial Development Organization (UNIDO) amongst industrialised countries. The economic activities in Africa are still dominated by the production and trade of agricultural and mineral commodities. This situation is in spite of the longstanding Africa--European Union (EU) co-operation, which intends, among other things, to support Africa’s industrialisation endeavours. Imperatively, a long road to substantive levels of industrialisation still lies ahead of most African countries. This raises the question as to what role the international community could and should play in the twenty-first century to provide the support needed to expedite Africa’s industrial transformation. This book argues that to supplement the initiatives of each African country, international partnerships, of both a ‘North–South’ and ‘South–South’ nature, will serve better purposes if they are leveraged to develop productive capacities in African economies. In order to enable the African countries to leverage their traditional partnership with the EU for industrialisation, a paradigm shift is obligatory. A feasible model should emulate the Japanese-led ‘flying geese’ model and the Chinese-led ‘bamboo capitalism’ model.