The resistible rise of market fundamentalism : rethinking development policy in an unbalanced world / Richard Kozul-Wright and Paul Rayment.

Format:

Book

Author/Creator:

Kozul-Wright, Richard, 1959-

Contributor:

Rayment, P. B. W. (Paul Bernard Walter)

Language:

English

Subjects (All):

Economic history--1990-.

Economic history.

Economic development.

Economic policy.

Physical Description:

xiv, 374 pages : illustrations ; 23 cm

Place of Publication:

Penang, Malaysia : Third World Network ; London ; New York : Zed ; New York : Distributed exclusively in the USA by Palgrave Macmillan, [2007]

Summary:

"Stabilise, liberalise and privatise" has, since the debt crisis of the early 1980s, been the mantra chanted at developing countries with quasi-religious conviction by international financial institutions, donor countries and newspaper columnists. Policy debate has increasingly polarised into the rhetoric of extremes: trade liberalisers versus protectionists, cosmopolitan versus nationalist, the right-thinking versus the wrong-headed, and so on. In The Resistible Rise of Market Fundamentalism Richard Kozul-Wright and Paul Rayment expose the mix of selective evidence, mythical economic history, simplistic assumptions and opportunistic bias which comprise this prescription for economic development.

They argue that attempts to apply a universal model of development have not only met with little or no success but are also dangerously at odds with democratic principles. Insisting on a ready-made, "one size fits all" model increases the risk of policy reactions that are likely to undermine the peace, prosperity and global integration that the big economic powers and the international organisations are seeking to promote and in which the developing countries seek to share. Instead, developing countries must be given the freedom to experiment, to develop their own policies and discover what works in their own national circumstances. On this basis, Kozul-Wright and Rayment set out a pragmatic, constructive and more hopeful approach to development than the simplicities of market fundamentalists.

Contents:

Chapter 1 The rise of market fundamentalism 1

A Globalisation: What's in a name? 1

B The neo-liberal revival 8

C From neo-liberalism to market fundamentalism 13

D The greatly exaggerated death of the nation state 22

E Entry points 28

Chapter 2 Back to the future? Globalisation in historical perspective 33

B Through the looking glass: Economic integration before World War I 34

C Global divergence 56

Chapter 3 Engines of growth? Trade and financial flows in an open world 61

B Trade liberalisation takes charge 66

C The exaggerations and limits of "win-win" arguments 78

D Trade liberalisation, adjustment costs and the myth of convergence 100

E The liberalisation of international finance 104

F The siren call of quick fixes: Shocks, cycles and crises in unregulated financial markets 113

Chapter 4 Transnational corporations, foreign direct investment and the uneven geography of international production 125

B The spread of international production 128

C Escaping the simplicities of conventional thinking 142

D Lessons from success stories 150

E Some warning signals 154

Chapter 5 Globalisation revisited 165

B Catching up, falling behind and growing apart 167

C Change in the policy climate: Investment trends since the debt crisis 188

D Deindustrialisation and enclave development 196

Chapter 6 Towards an alternative framework for development strategies 209

B Myths, biases and simple assumptions 212

C Cumulative and interdependent factors of development 235

D Developmental states 243

E Democracy and economic development 252

Chapter 7 Resisting market fundamentalism 267

B Democratic gradualism and policy space 270

C Regaining policy space: Lessons from the Marshall Plan 283

D Strengthening the profit-investment-export nexus 294

E Reforming the global architecture 312

Chapter 8 The conditions for a sustainable global order 325.

Notes:

Includes bibliographical references (pages [339]-374).

ISBN:

1842776363

9781842776360

1842776371

9781842776377

9832729076

9789832729075

OCLC:

77258341