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Globalisation and Economic Development

Essays in Honour of J.George Waardenburg

Format: Hardback
Publisher: Edward Elgar Publishing Ltd, Cheltenham, United Kingdom
Published: 26th Sep 2001
Dimensions: w 156mm h 234mm d 20mm
Weight: 779g
ISBN-10: 1840646934
ISBN-13: 9781840646931
Barcode No: 9781840646931
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 globalization 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 by achieved by deviating from, rather than adhering to, the "Washington consensus"' (fiscal and other) policy norms. The contributors have produced a provocative book which is a substantial contribution to the debate on globalization. It should appeal to development economists in particular, and economists in general who like to question contemporary economic reasoning.

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