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Globalization and Economic Development
Essays in Honour of J. George Waardenburg
Globalization is widely regarded as a means not only of ensuring efficiency and growth, but also of achieving equity and development for those countries operating in the global economy. The book argues that this perception of globalization as the road to development has lost its lustre. The experience of the 1990s belied expectation of the gains, such as faster growth and reduced poverty, which could be achieved through closer integration in the world economy.
The authors demonstrate that the downside of globalization for developing countries has proved to be far greater than is generally accepted. Based on empirical facts and sound economic reasoning, they arrive at a non-conventional interpretation of the impact of globalisation on the development process of poor countries and propose policy alternatives to the standard `Washington consensus'. On the external front, they find that developing countries need to actively manage their integration into the global economy if they are to overcome the imbalances and instabilities associated with international flows of goods and capital and be capable of pursuing broad based and equitable economic development. Domestically, they show that such development can often be achieved by deviating from, rather than adhering to, the `Washington consensus' (fiscal and other) policy norms.
The distinguished group of contributors have produced a provocative book which is a substantial contribution to the debate on globalization. It will appeal to development economists in particular, and economists in general who like to question contemporary economic reasoning.
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What Reviewers Are Saying
`The book analyses the dynamism of global capitalism, its instability and the implications of these for development. The result is some highly insightful and original contributions. The brilliant paper by the late Sukhamoy Chakravarty on the methodology of economic dynamics and the equally brilliant contribution by Lalita Chakravarty on the relationship between biological stress and poverty in the current phase of India's development are reasons enough to buy this book. Students as well as professional economists will learn a great deal from this rich collection of papers.' -- Ajit Singh, University of Cambridge, UK