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About this book
About this book
The authors combine data, a devastating economic logic, and an analysis of the historical experiences of leading Western and East Asian economies, to question the validity of the neo-liberal development model. They then set out practical alternatives in the key areas: trade and industrial policy; privatisation; intellectual property rights; external borrowing; investment; financial regulation; exchange rates, monetary policy, government revenue and expenditure. The most useful proposals that have emerged around the world are combined with some innovative measures of their own, in an empowering and accessible book.
PART I. INTRODUCTION 1. Introduction PART II. MYTHS AND REALITIES ABOUT DEVELOPMENT 2. Myth I: History shows that free markets are best. 3. Myth II: Neo-liberalism works. 4. Myth III: Globalisation cannot and should not be stopped. 5. Myth IV: The (neo-liberal) American model of capitalism represents the ideal that all developing countries should seek to replicate. 6. Myth V: The East Asian model is idiosyncratic; the Anglo-American model is universal. 7. Myth VI: Developing countries need discipline. Discipline is provided by international institutions like the IMF and the WTO, and by independent domestic institutions, such as currency boards. PART III. POLICY ALTERNATIVES 8. Policy alternatives I: Trade and industry 9. Policy alternatives II: Privatisation and Property Rights 10. Policy alternatives III: International private capital flows 11. Policy alternatives IV: Domestic financial regulation 12. Policy alternatives V: Macroeconomic policies and institutions PART IV. CONCLUSION 13. Conclusion Endnotes References Suggestions for further reading
Dr Ha-Joon Chang is assistant director of development studies at the University of Cambridge. Born in the Republic of Korea, his publications include The Political Economy of Industrial Policy (Macmillan, 1994) and Globalization, Economic Development and the Role of the State (Zed 2003). Ilene Grable is associate professor at Denver University's Graduate School of International Studies.
240 pages, no illustrations
'This unusually well-written, direct and succinct book describes neo-liberal positions fairly; offers theoretically rigorous and empirically accurate critiques; and describes feasible, practical alternative policies that take realistic account of political, economic and financial constraints. Discussion of financial, monetary, fiscal, trade and industry policy and intellectual property rights is especially strong and constructive and makes important innovative contributions. It is a fine, carefully analytical achievement which would contribute to hastening both efficient and socially just development wherever the insights are appropriately used.' - John Langmore, Representative of the ILO to the UN 'Chang and Grabel demolish the "myths" (or fabrications) underlying neo-liberal views about economic development and provide succinct, constructive suggestions for policies regarding trade and industry, privatization and intellectual property rights, private capital movements, financial regulation, and macroeconomics. Reclaiming Development is a manifesto that should be on the shelves of policy-makers, academics, and students worldwide.' - Lance Taylor, Arnhold Professor, New School University, and author of Reconstructing Macroeconomics 'A growing number of developing countries are taking back control over economic policy from the IMF and the World Bank. The wide range of policy suggestions contained in this book provides a rich mine of concrete and practicable alternatives from which to choose in taking advantage of whatever room globalization still allows developing countries and reshaping economic policy in their own interests.' - Martin Khor, Director, Third World Network 'This book is not only a superb antidote to the numbing myths of neoliberalism but also a cogent and stimulating presentation of the many possibilities for alternatives to neo-liberal economic policy that both theory and history provide policy-makers and students of development.' - Thandika Mkandawire, Director, United Nations Research Institute for Social Development (UNRISD) 'The dominant neo-liberal economic doctrine asserts that there is no alternative to its policy prescriptions which provide the foundations for success in an age of globalization. This book questions and refutes the belief system implicit in the assertion. It does so in a manner that is highly iconoclastic. Yet, it is solidly grounded in economic theory and empirical evidence, both historical and contemporary' - Deepak Nayyar, Vice Chancellor, University of Delhi