Table of Contents

Globalization and Economic Development

Globalization and Economic Development

Essays in Honour of J. George Waardenburg

Edited by Servaas Storm and C. W.M. Naastepad

Globalization is widely regarded as a means not only of ensuring efficiency and growth, but also of achieving equity and development for those countries operating in the global economy. The book argues that this perception of globalization as the road to development has lost its lustre. The experience of the 1990s belied expectation of the gains, such as faster growth and reduced poverty, which could be achieved through closer integration in the world economy.

Chapter 16: The state of development and the environment: Challenges for the new century

Gopal K. Kadekodi

Subjects: development studies, development economics, economics and finance, development economics, post-keynesian economics


Gopal K. Kadekodi 1. INTRODUCTION In a comprehensive survey of the state of development economics during the past 50 years, Jean Waelbroeck (1998) draws the following important starter for this chapter: Development economics has made remarkable progress in the past 50 years. There is greater dominance than formerly by one school of thought, but the range of that school’s research has become much broader. … Gone is the idea that development means industrialization and that the main policy problem is to manage the interface between country and city (spatial duality?). Today development is viewed as an integrated transformation, of which urbanization and industrialization are but two components. … blind imitation of northern institutions may be counterproductive. … Gone are the days when policy advice was directed primarily at planners. Policy makers are utility maximizers, too; … The new thinking is sometimes challenged by criticisms that highlight the somewhat vague concept of governance, according to which the task of economists is to help design a system of interacting state and private institutions that, led by the state, cooperate in achieving social goals. Whether solid theory will come out of this line of thinking remains to be seen. (Waelbroeck (1998), pp. 347–8. Expressions in italics have been added by the author.) Just as much as Waelbroeck has voiced his concern about the state of development economics, a large number of social and natural scientists have looked at the past and reflected upon it (Drèze and Sen, 1995; Nabli and Nugent, 1989; Daly and...

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