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Globalization, Economic Development and Inequality
An Alternative Perspective. New Horizons in Institutional and Evolutionary Economics Series
Evolutionary economics gained acceptance for the study of industrialized countries during the 1990s but has, as yet, contributed little to the study of world income inequality. The expert contributors gathered here approach underdevelopment and inequality from different evolutionary perspectives. It is argued that the Schumpeterian processes of 'creative destruction' may take the form of wealth creation in one part of the globe and wealth destruction in another. Case studies explore and analyse the successful 19th century policies that allowed Germany and the United States to catch up with the UK and these are contrasted with two other case studies exploring the deindustrialization and falling real wages in Peru and Mongolia during the 1990s. The case studies and thematic papers together explore, identify and explain the mechanisms which cause economic inequality. Some papers point to why the present form of globalization increases poverty in many Third World nations. Members of the anti-globalization movement will find the explanations given in this book insightful, as will employees of international organizations due to the important policy messages.
The theoretical interest within the book will appeal to development economists and evolutionary economists, and policymakers and politicians will find the explanations of the present failure of many small nations in the periphery invaluable.
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What Reviewers Are Saying
'This book offers a very interesting alternative approach to studying the impacts of globalization and would be a useful resource for researchers as well as postgraduate students (and perhaps advanced undergraduate students) of evolutionary economics, eco- nomic geography and international trade . It will also be of interest to policy-makers and members of international organizations (including the so-called Washington Institutions!).' -- Dimitris Ballas, Economic Issues