ENGLISH

Globalization and Competition: Why Some Emergent Countries Succeed while Others Fall Behind

By Luiz Carlos Bresser Pereira

Book information

Publisher
Cambridge University Press
Year
2009
ISBN
0521144531, 9780521144537
LCC
HC59.7 .P447 2010
Open Library ID
OL23575918M
Language
english
Format
PDF
Filesize
967 kB (989816 bytes)
Edition
1
Pages
264\264
Time added
2011-06-04 13:46:07

Description

Globalization and Competition explains why some middle-income countries, principally those in Asia, grow fast while others are not successful. The author criticizes both old-style developmentalism and the economics of the Washington Consensus. He argues instead for a "new developmentalism" or third approach that builds on a national development strategy. This approach differs from the neoliberal strategy that rich nations propose to emerging economies principally on macroeconomic grounds. Developing countries face a key obstacle to growth, namely, the tendency to overvaluate foreign exchange. Instead of neutralizing it, the policy that rich countries promote mistakenly seeks growth through foreign savings, which causes additional appreciation of the national currency and often results in financial crises rather than genuine investment.

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