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One Economics, Many Recipes: Globalization, Institutions, and Economic Growth Paperback

ISBN-13: 978-0691141176 ISBN-10: 0691141177

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Product Details

  • Paperback: 280 pages
  • Publisher: Princeton University Press (January 18, 2009)
  • Language: English
  • ISBN-10: 0691141177
  • ISBN-13: 978-0691141176
  • Product Dimensions: 2.4 x 3.6 x 0.3 inches
  • Shipping Weight: 14.4 ounces (View shipping rates and policies)
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (9 customer reviews)
  • Amazon Best Sellers Rank: #155,567 in Books (See Top 100 in Books)

Editorial Reviews

Review

"Rodrik packs a great deal into his 260 lucid, cogent pages. Orthodoxies always need serious criticism. Rodrik has supplied it. He has no simple, single recipe for remedying deficient growth--just the eminently sensible advice that there is none--there are many."--Peter Sinclair, Times Higher Education



"Dani Rodrik, a Harvard academic usually associated with the active-government side, has written an intriguing book, One Economics, Many Recipes. He argues that economists who agree who agree in general about where countries should be going can conduct open and honest--and technical rather than ideological--debates about how to get there."--Alan Beattie, Financial Times



"This book is certainly among the best of the many works on development economics recently published. . . . One Economics, Many Recipes is also a model of how applied economics should be done."--John Kay, Prospect



"The Harvard development economist Rodrik here collects a several of his recent papers into a coherent book. . . . In short, [One Economics, Many Recipes] is a critical response to the international 'consensus' approach to economic policymaking, with its implicit assumption that one set of policies is suitable in all, or at least in most, countries. Rodrik has become known for emphasizing the importance of institutions, but he here makes clear that appropriate policies are also important and that effective institutions can take many forms."--Richard Cooper, Foreign Affairs



"Rodrik's book hits many of the right buttons. He has put together a collection of essays of sufficient breadth to engage both the technical observer and the casual reader. His treatment of the subject will come as a bitter pill to both the anti-globalisation movement and the developmentariat, that international coterie of practitioners and commentators working on development issues."--Mario Pisani, New Statesman



"Rodrik is known for rigorous analysis that challenges the conventional wisdom, and this book does not disappoint. Economic growth is a very important goal, Rodrik argues, but the evidence indicates that there is no single recipe for growth."--M. Veseth, Choice



"Rodrik serves as an important, moderating voice in the globalization debate and this book proves no exception."--Sarah Cleeland Knight, Democracy and Society



"In his recent book, One Economics, Many Recipes, Harvard professor of international political economy Dani Rodrik wisely reminds us that there exists no general theory of growth, though he offers pragmatic suggestions in individual cases."--Carl J. Schramm, Claremont Review of Books



"[T]he thoughtful and scholarly elaboration of his pro-industrial policy views in this book should be essential reading for all interested in stimulating growth in these countries."--Robert E. Baldwin, World Trade Review



"Rodrik wins all hearts and minds by a careful consideration of the facts and sheer breadth of coverage. . . . Thus, market mavens, policy pros, global gurus and institutional irredentists can all savor what he says!"--Alice Amsden, EH.net



"Rodrik lays out a broad critique of prevailing approaches to development policy, offers fresh ideas for countries seeking to improve their economic performance, and argues for important reforms in the World Trade Organization (WTO) to make room for those ideas. The book is actually a collection of Rodrik's recent papers on growth, institutions, and globalization, but they constitute a remarkably coherent view of the development problem. . . . The book should have a deep and lasting effect on the way we think about economic development."--Andrs Rodríguez-Clare, Journal of International Economics



"I would highly recommend One Economics, Many Recipes to anyone interested in understanding how economics can help to improve the lives of the poor. Rodrick is innovative, challenging and extremely bright; and he has thought long and hard about this question. In addition to providing a good introduction to his own ideas, Rodrick has filtered, digested and provided his expert summary of the enormous literature on Globalization, Institutions and Economics Growth."--Emma Aisbett, Economic Record

From the Inside Flap

"Dani Rodrik is a leader in applying rigorous economic analysis and informed common sense to the challenges of economic development. His knowledge, his sense of what we do and do not know, his important pointers to humility, pragmatism, and attention to context--all of these qualities permeate these excellent chapters. A book for academics and practitioners alike."--A. Michael Spence, Nobel Laureate in Economics, Stanford University

"Maybe Tolstoy was right about happy and unhappy families, but the same rule of thumb does not apply to developing economies. The success stories are not all alike. There is no practical, universal formula for rapid economic growth. That is Dani Rodrik's central argument, and he develops it forcefully and convincingly with many examples. Best of all, he insists that the need for policies tailored to local circumstances is exactly what basic economic theory suggests. He may not be right about every single thing, but I think he is right about that."--Robert M. Solow, Nobel Laureate in Economics, Massachusetts Institute of Technology

"One Economics, Many Recipes does for economic development what Julia Child did for French cooking. Child taught would-be cooks how to be excellent chefs. Dani Rodrik teaches economists and policy planners how to construct successful, sustainable development programs. He teaches and preaches the subtle correct practice of development economics."--George Akerlof, Nobel Laureate in Economics and Koshland Professor of Economics, University of California, Berkeley

"Dani Rodrik is that rare beast, both fox and hedgehog: a first-rate economist who steeps himself in politics, technology, and history to come up with striking insights and overarching principles for generating economic growth. Scholars and general readers alike will be swept along by the current of Rodrik's good-natured erudition--even those who do not share his faith in neoclassical economics. One Economics, Many Recipes is a landmark in post-Washington Consensus thinking."--Robert H. Wade, London School of Economics and Political Science, author of Governing the Market

"Dani Rodrik's One Economics, Many Recipes is a deep and important book about the relative success of nations. It considers the substance of economic policies over their superficial form. Highly successful countries have leaders who respect economic principles but keenly observe how their country differs from others and are flexible and creative in applying these principles to their own circumstances."--Robert J. Shiller, Yale University, author of Irrational Exuberance and The New Financial Order

"Although there are many articles and books on economic growth, this book is different because it proposes a new perspective that is likely to have a significant influence on academic economists as well as policymakers around the world. Dani Rodrik's new approach respects the fundamental economic principle of the market, but it also allows individual countries to formulate their own growth strategies based on their own local conditions."--Yingyi Qian, University of California, Berkeley

"In this important book, we have an author (Dani Rodrik) whose views are eminently worth hearing and a subject (globalization) in constant need of hearing them. Rodrik has long been a passionate but nuanced thinker on the role of 'economic fundamentals' in shaping growth. He resolutely uses the tools and methods of economics even as he arrives at conclusions that often do not square with what orthodox economics might prescribe or want to hear."--Michael Woolcock, the World Bank

--This text refers to an out of print or unavailable edition of this title.

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Customer Reviews

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This is a terrific book.
Russell Pittman
So if we want a nation-state and democracy, we must limit our participation in the global economy.
William Podmore
Nonetheless, I enjoyed the read.
Mill Mun Marshall

Most Helpful Customer Reviews

39 of 39 people found the following review helpful By Russell Pittman on August 7, 2008
Format: Hardcover
This is a terrific book. It begins with a good and troubling question: If economists are so smart, why have the most prominent success stories in economic development in recent decades been in countries (China, India, South Korea, Taiwan, Singapore) that ignored our advice? Rodrik's answer is that the advice - mainly Washington Consensus and then its follow-ons - was not so much wrong as a) premature and b) insufficiently flexible. His analysis of recent experience suggests that there are many ways to get growth started in a stagnant economy, and that it takes a very specific, informed, and open-minded local analysis - what he terms "growth diagnostics" - to determine what exactly are the binding constraints in each setting. Furthermore, policies that address those constraints must be politically viable, and that may mean tailoring them so that they create better incentives at the margin without destroying or transferring existing rents.

Once economic growth has started, THEN some of the more standard policy prescriptions, introduced carefully and gradually, may be appropriate and even necessary in order to make growth sustainable. Thus, for example, Rodrik argues that both China and India are moving now in more orthodox policy directions, and appropriately so, but that both relied on quite unorthodox measures to make their initial way out of stagnation.

There are many other issues addressed, including the importance of political arrangements that allow local needs and preferences to be expressed and the case for international trade policies that allow for diversity in national institutional arrangements.
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20 of 20 people found the following review helpful By Declan Trott on March 10, 2009
Format: Hardcover
One Economics, Many Recipes is a collection of nine essays by Dani Rodrik that has something to annoy almost everyone.

The first three essays lay out Rodrik's interpretation of the post-World War 2 growth experience, and the `growth diagnostics' framework that he proposes in response. He argues that development is fundamentally about the introduction of new products and new methods of production. This may fail to happen because the returns to such innovation are too low, or because the cost of finance is too high. Following one path down his decision tree, the returns to innovation may be low because of poor infrastructure, lack of human capital, or unfavourable geography. Or, the returns may be high but not appropriable by the innovator, due to government or market failure. Rodrik argues that each of these potential problems will produce a different set of symptoms if it is really the binding constraint on the economy. A shortage of finance will reveal itself with high interest rates or current account deficits, a shortage of human capital with a high skill premium, and so on.

The rest of the book suggests how reforms might be designed and implemented. Rodrik pays by far the most attention to the `market failure' branch of the tree. His ideal industrial policy is not about `picking winners' or comprehensive planning, but encouraging experiments with new types of economic activity. Many will fail, but even a few successes can amply repay the costs of failure.

This is a self-confessedly modest program.
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12 of 12 people found the following review helpful By William Podmore on September 8, 2009
Format: Paperback
Dani Rodrik, Professor of International Political Economy at Harvard University, advises developing countries not to rely on financial markets or the international financial institutions. He argues that the principles of property rights, the rule of law, sound money, and honest public finances need to be put into practice, and the conditions for doing so vary from country to country. There is no single, simple recipe for growth.

He proposes six policies to help implement industrial policy: export subsidies, domestic-content requirements, import-export linkages, import quotas, patent and copyright infringements, and directed credit.

He argues against relying on foreign direct investment, writing, "careful studies have found very little systematic evidence of technological and other externalities from foreign direct investment, some even finding negative spillovers. In these circumstances, subsidizing foreign investors is a silly policy, as it transfers income from poor-country taxpayers to the pockets of shareholders in rich countries, with no compensating benefit."

Rodrik says countries cannot have `globalisation', nation-states and democracy all at once, only any two of the three. So if we want a nation-state and democracy, we must limit our participation in the global economy.

If trade liberalisation brought wealth, Haiti would be the richest country in the world. As Rodrik observes, "no country has developed simply by opening itself up to foreign trade and investment." And, "there is no convincing evidence that trade liberalisation is predictably associated with subsequent economic growth. ... integration with the world economy is an outcome, and not a prerequisite, of a successful growth strategy.
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