Is there a difference between economic growth and development, where development can refer to not only economic outcomes, but broader qualities of a country.
- 14 Sep 2016 Hobsbawm on relative decline and social disruption
- 11 Apr 2015 Do You Have to Choose Growth or Development? Part Deux
- 07 Apr 2015 Do You Have to Choose Growth or Development?
- 22 Jan 2015 Market Failures in Developing Countries
- 09 Nov 2014 What He Said...
- 06 Nov 2014 Focused or Broad-based Growth?
- 09 Sep 2014 Is Progress Bad?
- 17 Jul 2014 Cochrane on Growth and Macro
- 15 Jul 2014 Why Don't Growth Economists Study Growth Anymore?
- 26 Jun 2014 Should Developing Countries Try to Create a Business Elite?
- 18 Apr 2014 Defining Development Economics
- 01 Apr 2014 Markets and Industrialization
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- Krugman, P. (no date) “The Rise and Fall of Development Economics.” Available at: Link.
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- Rodrik, D. (2012) The Globalization Paradox: Why Global Markets, States, and Democracy Can’t Coexist. Oxford University Press (OUP Catalogue). Available at: Link.
For a century, economists have driven forward the cause of globalization in financial institutions, labour markets, and trade. Yet there have been consistent warning signs that a global economy and free trade might not always be advantageous. Where are the pressure points? What could be done about them? Dani Rodrik examines the back-story from its seventeenth-century origins through the milestones of the gold standard, the Bretton Woods Agreement, and the Washington Consensus, to the present day. Although economic globalization has enabled unprecedented levels of prosperity in advanced countries and has been a boon to hundreds of millions of poor workers in China and elsewhere in Asia, it is a concept that rests on shaky pillars, he contends. Its long-term sustainability is not a given. The heart of Rodrik’s argument is a fundamental ’trilemma’: that we cannot simultaneously pursue democracy, national self-determination, and economic globalization. Give too much power to governments, and you have protectionism. Give markets too much freedom, and you have an unstable world economy with little social and political support from those it is supposed to help. Rodrik argues for smart globalization, not maximum globalization.