Rethinking Development Economics

by Chang, Ha-Joon

• ISBN13: 9781843311102
• ISBN10: 1843311100
• Format: Paperback
• Copyright: 2003-09-01
• Publisher: Anthem Pr

Summary

This important collection tackles the failure of neoliberal reform to generate long-term growth and reduce poverty in many developing and transition economies. As dramatically demonstrated in the collapse of the WTO's Seattle talks, there is increasing dissatisfaction, in both developing and developed countries, with the emerging neoliberal global economic order. The resignations of Joseph Stiglitz and Ravi Kanbur from the World Bank emphasize that this disillusionment with the orthodoxy now exists at the very heart of the establishment. Yet the increasing demand for an alternative to this orthodoxy is not being met. Over the last few decades, the older generation of development economists have been edged out of most major universities, particularly in the USA. The situation in most developing countries is even worse: although there is more demand for alternatives to orthodox development economics, these countries have even less capability to generate such alternatives. Rethinking Development Economics is intended to fill this gap, addressing key issues in development economics, ranging from macroeconomics, finance and governance to trade, industry, agriculture and poverty. Bringing together some of the foremost names in the field, this comprehensive and timely collection constitutes a critical staging post in the future of development economics.

Author Biography

Dr Ha-Joon Chang has taught at the Faculty of Economics and Politics, University of Cambridge, since 1990. His publications include Joseph Stiglitz and the World Bank: the Rebel Within (Anthem Press, 2002) and Kicking Away the Ladder: Development Strategy in Historical Development (Anthem Press, 2003). Together with Richard Nelson of Columbia University, he is the winner of the 2005 Leontief Prize.

Table of Contents

Contributors to this volume	ix
Introduction	1	(18)
HA-JOON CHANG
PART I. Overviews	19	(86)
1. Changing Perspectives in Development Economics	21	(20)
JOHN TOYS
2. The Market, the State and Institutions in Economic Development	41	(20)
HA-JOON CHANG
3. Globalization and Development	61	(22)
DEEPAK NAYYAR
4. Development and the Global Order	83	(22)
JOSE ANTONIO OCAMPO
PART II. Development Experiences	105	(94)
5. The East Asian Development Experience	101	(24)
HA-JOON CHANG
6. The Latin American Economies During the Second Half of the Twentieth Century - from the Age of 'ISI' to the Age of 'The End of History'	125	(28)
GABRIEL PALMA
7. Rethinking African Development	153	(26)
HOWARD STEIN
8. Transition Economies	179	(20)
MICHAEL ELLMAN
PART III. Structural and Sectoral Issues	199	(56)
9. New Growth Theory	201	(18)
BEN FINE
10. Structural Change and Development: The Relative Roles of Effective Demand and the Price Mechanism in a 'Dual' Economy	219	(16)
AMIT BHADURI
11. Agriculture and Development: The Dominant Orthodoxy and an Alternative View	235	(20)
TERRY BYRES
PART IV. Trade, Industry and Technology	255	(68)
12. Trade and Industrial Policy Issues	257	(20)
HA-JOON CHANG
13. Technology and Industrial Development in an Era of Globalization	277	(22)
SANJAYA LALL
14. Industrial Policy in the Early 21st Century: The Challenge of the Global Business Revolution	299	(24)
PETER NOLAN
PART V. Financial Markets and Corporate Governance	323	(80)
15. International Private Capital Flows and Developing Countries	325	(22)
ILENE GRABEL
16. The 'Three Routes' to Financial Crisis: Chile, Mexico and Argentina [1]; Brazil [2]; and Korea, Malaysia and Thailand [3]	347	(30)
GABRIEL PALMA
17. The New International Financial Architecture, Corporate Governance and Competition in Emerging Markets: Empirical Anomalies and Policy Issues	377	(26)
AJIT SINGH
PART VI. Poverty and Inequality	403	(74)
18. Rural Poverty and Gender: Analytical Frameworks and Policy Proposals	405	(18)
JOHN SENDER
19. Globalization and the Distribution of Income between and within Countries	423	(28)
ANDREA CORNIA
20. Increasing Poverty in a Globalized World: Marshall Plans and Morgenthau Plans as Mechanisms of Polarization of World Incomes	451	(26)
ERIK REINERT
PART VII. Institutions and Governance	477
21. On Understanding Markets as Social and Political Institutions in Developing Economies	479	(18)
BARBARA HARRISS-WHITE
22. Institutions and Economic Development in Historical Perspective	497	(24)
HA-JOON CHANG
23. Globalization, Global Governance and the Dilemmas of Development	521
MARTIN KHOR