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Rethinking Development Economics (Anthem Frontiers of Global Political Economy) 1st Edition

5.0 out of 5 stars 3 customer reviews
ISBN-13: 000-1843311100
ISBN-10: 1843311100
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Editorial Reviews

Review

'Impressive...provides a very good compendium of what are usually classified as "heterodox" development economics...an excellent volume.' —'Journal of International Development'



'Tackling the alleged failure of neo-liberal reform to generate long-term growth and reduce poverty in many developing and transition economies, this collection offers alternatives to the present orthodoxy advocated by the World Bank and the IMF.' —'Business Horizons'

Book Description

The most comprehensive and forward thinking review of  development economics currently available.

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Product Details

  • Series: Anthem Frontiers of Global Political Economy (Book 1)
  • Paperback: 554 pages
  • Publisher: Anthem Press; 1st edition (June 20, 2003)
  • Language: English
  • ISBN-10: 1843311100
  • ISBN-13: 978-1843311102
  • Product Dimensions: 6.1 x 1 x 9.2 inches
  • Shipping Weight: 2.1 pounds (View shipping rates and policies)
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (3 customer reviews)
  • Amazon Best Sellers Rank: #752,402 in Books (See Top 100 in Books)

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Top Customer Reviews

This is a most important book. Ha-Joon Chang, Assistant Director of Development Studies at Cambridge University, has edited this collection of 23 essays exploring development strategies. There are 19 contributors, mostly from Britain, but also from the USA, Norway, India, Holland and Italy.

Part 1 presents overviews of economic development; Part 2 looks at different development experiences in Asia, Latin America, Africa and the former socialist countries. Part 3 studies structural and sectoral issues, Part 4 trade, industry and technology, Part 5 financial markets and corporate governance, Part 6 poverty and inequality and Part 7 institutions and governance.

In the `golden age' of 1950-73, the world economy grew by 3% a year. By contrast, it did worse in the periods when neoliberalism held sway: between 1870 and 1914 it grew by 1-1.5%, and since 1980 it has grown by 1.5%. Neoliberalism has not brought the promised economic growth, but it has brought vast wealth for the few and falling living standards for the majority - arguably, what it was designed to do.

Following liberalisation of finance and trade, capital inflows surge, there is massive speculation, a credit boom, asset bubbles and current account deficits, resulting in financial crises. 89 countries were worse off in 1996 than in 1986 (UN figure). Russia, for instance, suffered falling living standards, fewer jobs, more inequality, corruption and crime, capital flight and state collapse. The number of poor people rose from 2.2 million in 1988 to 57.8 million in 1995. By 2000, the economy was worse-equipped than at the end of the Soviet period. As Erik Reinert sums up, "Where industry is closed down, poverty enters."

The problem is not `government failure' or `failed states' but a failed system.
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This book has revolutionized my understanding of economics of development in the sense that it provides irrefutable evidence against the neoliberal economics, the dominant economic doctrine of the 90s, and proposes sound alternatives to overcome the current development crises in developing countries. It is a must for anyone interested in development economics who wants to look beyond the orthodox theories and grasps the failure of neoliberal reforms that are sometimes based on faulty economic logic intended to fit populist demands.
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It's always refreshing to look at alternative Economic perspectives; these two books provide more than just that! They question what we systematically take for granted as the way things (should) work.
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