BRICS or Bust? : Escaping the Middle-Income Trap / Hartmut Elsenhans, Salvatore Babones.

Format:

Book

Author/Creator:

Elsenhans, Hartmut, Author.

Babones, Salvatore, Author.

Language:

English

Subjects (All):

BRICS.

Brazil.

China.

India.

Russia.

South Africa.

exchange rates.

full employment.

mass incomes.

middle-income trap.

BRIC countries--Economic conditions.

BRIC countries.

BRIC countries--Economic policy.

Local Subjects:

BRICS.

Brazil.

China.

India.

Russia.

South Africa.

exchange rates.

full employment.

mass incomes.

middle-income trap.

Physical Description:

1 online resource (128 p.)

Place of Publication:

Stanford, CA : Stanford University Press, [2020]

Language Note:

In English.

System Details:

Mode of access: World Wide Web.

Summary:

Once among the fastest developing economies, growth has slowed or stalled in Brazil, Russia, India, China, and South Africa. What policies can governments enact to jump-start the rise of these middle-income countries? Hartmut Elsenhans and Salvatore Babones argue that economic catch-up requires investment in the productivity of ordinary citizens. Diverging from the popular narrative of increased liberalization, this book argues specifically for direct government investment in human infrastructure; policies that increase wages and the bargaining power of labor; and the strategic use of exchange rates to encourage export-led growth. These measures raise up the majority and finance future productivity by driving broader consumption and fostering investment within national borders. Though strategies like full employment, mass education, and progressive taxation are not especially controversial, none of the BRICS have truly embraced them. Examining barriers to implementation, Elsenhans and Babones find that the main obstacle to such reforms is an absence of political will, stemming from closely guarded elite privilege under the current laws. BRICS or Bust? is a short, incisive read that underscores the need for demand-driven growth and why it has yet to be achieved.

Contents:

Frontmatter

CONTENTS

Preface and Acknowledgments

Introduction

1. The BRICS Trajectories: Economic, Political, and Social

2. The Role of the State in Economic Development

3. Mass Demand as the Basis of Growth

4. Selective Links to the World Market

Conclusion

Suggested Readings

Notes:

Includes bibliographical references and index.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 23. Jul 2020)

ISBN:

9781503604919

1503604918

OCLC:

1178769834