Reclaiming Development: An Alternative Economic Policy Manual

Description

There is no alternative to neoliberal economics – or so it appeared when Ha-Joon Chang and Ilene Grabel’s path-breaking Reclaiming Development was published in 2004. Many of the same driving assumptions – monetarism and globalization – remain within the international development policy establishment. Chang and Grabel confront this neoliberal development model head-on by combining devastating economic critique with an in-depth analysis of the historical experiences of leading Western and East Asian economies. Still, much has changed since 2004 – the relative success of some developing countries in weathering the global financial crisis has exposed the latent contradictions of the neoliberal model. The resulting situation of increasingly open policy innovation in the global South means that Reclaiming Development is even more relevant today than when it was first published. History is being made. Tags: Specific Topics, Political Economy, Biography & History, Business & Money, Politics & Social Sciences, Globalization, Economic Conditions, Sociology, Economic History, Economic Policy & Development, Social Sciences, Economics, Development & Growth, Politics & Government Front cover critique influence change About the authors Title Copyright Contents Acknowledgements List of Abbreviations Foreword by Robert H. Wade The neoclassical paradigm The occlusion of power and class Finance as ‘oil in the engine’ The maxi-max basis of neoclassical policy prescription The art of paradigm maintenance Reclaiming development Notes Preface to the critique influence change edition Notes Introduction: Reclaiming Development Note Part I Myths and Realities about Development 1 Myth 1 ‘Today’s wealthy countries achieved success through a steadfast commitment to the free market’ 1.1 The Myth 1.2 The Myth Explored 1.3 The Myth Rejected Notes 2 Myth 2 ‘Neoliberalism works’ 2.1 The Myth 2.2 The Myth Explored 2.3 The Myth Rejected Notes 3 Myth 3 ‘Neoliberal globalization cannot and should not be stopped’ 3.1 The Myth 3.2 The Myth Explored 3.3 The Myth Rejected Notes 4 Myth 4 ‘The neoliberal American model of capitalism represents the ideal that all developing countries should seek to replicate’ 4.1 The Myth 4.2 The Myth Explored 4.3 The Myth Rejected Notes 5 Myth 5 ‘The East Asian model is idiosyncratic; the Anglo-American model is universal’ 5.1 The Myth 5.2 The Myth Explored 5.3 The Myth Rejected Notes 6 Myth 6 ‘Developing countries need the discipline provided by international institutions and by politically independent domestic policymaking institutions’ 6.1 The Myth 6.2 The Myth Explored 6.3 The Myth Rejected Part II Economic Policy Alternatives 7 Policy Alternatives 1 Trade and Industry 7.1 Trade Policy 7.2 Industrial Policy Notes 8 Policy Alternatives 2 Privatization and Intellectual Property Rights 8.1 Privatization 8.2 Intellectual Property Rights Notes 9 Policy Alternatives 3 International Private Capital Flows 9.1 General Analysis 9.2 Foreign Bank Borrowing 9.3 Portfolio Investment 9.4 Foreign Direct Investment Notes 10 Policy Alternatives 4 Domestic Financial Regulation 11 Policy Alternatives 5 Macroeconomic Policies and Institutions 11.1 Exchange Rate and Currency Policies 11.2 Central Banking and Monetary Policy 11.3 Fiscal Policy Notes Conclusion: Obstacles and Opportunities for Reclaiming Development References Recommended Further Reading Index Back cover