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Vladimir Popov

Many agree that the crucial factor of economic growth is institutions in the long term, but there is less agreement on what determines institutional strength. The chapter uses objective measures of the institutional capacity (shadow economy and murder rate) to trace the trajectories of institutional developments in the Global South and discusses hypotheses to explain these trajectories.

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Luiz Carlos Bresser-Pereira

The ‘Rest’ will only be able to catch up and grow more than the West if it goes against a ‘received truth’: capital-rich countries should transfer their capitals to capital-poor countries. This is intuitively the truth, and the mantra that the West uses to occupy the markets of developing countries with their finance and their multinationals. Yet, new developmentalism tells us that developing countries will invest (and save) more if their current account is balanced, if not showing a surplus.  Starting from a balanced current account, the decision to incur in deficits or grow cum ‘foreign savings’ – actually, foreign finance – will appreciate the exchange rate in the long term and discourage investment. In consequence, we will have a high rate of substitution of foreign for domestic savings, and foreign finance will finance consumption, not investment. Yet, developing countries have difficulty realizing this, first, because the West and their economists are adamant in recommending current account deficits; second, because such policies are consistent with a high preference for immediate consumption; and third, because economists in developing countries are unable to criticize the ‘growth cum foreign savings policy’.

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Sahan Savas Karatasli, Sefika Kumral, Daniel Pasciuti and Beverly J. Silver

The chapter seeks to understand the significance of contemporary radical changes in world income distribution (most notably the recent rapid rise of China, India and a handful of other peripheral countries) by comparing the present with other periods of world-hegemonic transition. The empirical core of the chapter examines the interrelationship between the rise and decline of world hegemonies and changes in the global stratification of wealth (between-country inequality) from the sixteenth century to the present. The authors find that (like the contemporary period) past periods of world-hegemonic crisis and transition have been characterized by radical transformations in the global hierarchy of wealth, although there are fundamental differences in the nature/direction of change in each transition. Drawing on world-systems theories of global inequality and hegemonic cycles, the authors conduct a comparative-historical analysis of the dynamics underlying the long-term empirical patterning in the global distribution of wealth and power. They analyse the implications of their findings for the ongoing debate about whether we are in the midst of an impending ‘great convergence’ or on the verge of a major reversal of fortunes favoring the global North/West.

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Edited by Kenneth A. Reinert

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Devesh Roy

Globalisation has transformed agriculture trade in fundamental ways. There is a rising share of high-value and processed food products and falling importance of bulky low-value items. At the same time, marketing channels have changed structurally, with larger and more concentrated sellers of final products and inputs involving multinational enterprises. With the growth in demand for processed products, globalisation has also resulted in a concentration in processing. Further, food services sectors and intellectual property issues have become important in agricultural trade. As these changes occur, developing countries have been beset with continuous fragmentation of land holdings, pitching smaller farmers against oligopsonistic buyer and oligopolistic sellers. However, because of changing demand for types of product and product attributes, as well as greater value addition, poor countries and smaller farmers have significant opportunities from globalisation. Exploiting these opportunities requires innovations that incorporate the comparative advantage of smaller countries and farmers and coordination to improve bargaining power.

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Sasidaran Gopalan

Since the early 1990s, several emerging market and developing economies (EMDEs) have opened up their markets for domestic as well as international financial liberalisation. While we can observe considerable variations in the details of the policies adopted by individual countries, the common denominator across such policy initiatives remains a consistent attempt to invite cross-border flows of private capital into their financial systems involving both domestic and foreign players. With the wave of banking globalisation paving the way to increased foreign bank penetration in emerging and developing economies, this chapter surveys the implications of foreign bank entry in emerging market and developing economies on economic development.

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Lena Rethel and Iain Hardie

Bond finance plays an increasingly important role in debates about financial development, if not economic development more broadly. In this chapter, we first situate bond finance vis-à-vis other financing techniques. We will then provide a brief overview of the historical evolution of bond finance and how this has in turn informed the research field. In the section thereafter, we discuss challenges with measuring bond market development. The final section looks at two new and emerging areas of bond finance research of particular importance to low- and middle-income countries, namely, attempts to develop a regional bond market in Asia and the emergence of sukuk, bond-like financial instruments that seek to comply with Islamic principles.

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Zovanga L. Kone and Çağlar Özden

While total global migration has been relatively stable as a share of world population, we are witnessing a rapid increase in the number of high-skilled migrants. After identifying interesting patterns revealed by the existing data, the chapter focuses on the economic impact on the sending, mostly developing, countries. The initial focus of the literature was brain drain and the potential losses of tax revenue and productivity spillovers in origin countries. More recent contributions, however, identified several channels through which high-skilled emigration might bring benefits. Among these are the brain gain (endogenous increase in human capital investment) and brain circulation and network effects (knowledge diffusion and global economic integration).

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Gerald Epstein

‘Capital controls’ are regulations implemented by governments in order to manage international financial transactions. Recently these have been referred to as ‘capital flow management’ techniques (CFMs) or capital account regulations (CARs). There has been a sea change in recent years in the ‘official’ perception by economists and policy makers with respect to the desirability and viability of capital controls (CARs, CFMs). Whereas previously, capital controls were seen as a costly and inefficient intrusion into the free market allocation of global finance, now, capital flows are perceived to be highly variable – even ‘fickle’ – and capital account regulations are seen as a potentially useful tool to manage these flows. Empirical evidence on the efficacy, benefits and costs of capital account regulations is growing.

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Paul James

Culture is a complex concept that needs to be defined in itself, even as we take into account its dominant uses that tend to do otherwise. Setting out a workable definition requires an understanding of the process of culture while relating the concept to its conceptual framing. In the context of globalisation and development this becomes difficult because culture tends to be treated as secondary. Rather than discussed directly as part of a triangle of processes and outcomes – culture, globalisation and development – culture tends to be treated, first, as an add-on to other primary processes, such as economic development or modernisation, secondly, as the outcome of those processes with the emphasis on content, and/or thirdly, as a relatively unchanging background feature. This chapter brings culture ‘back in’ as critical to debates about globalisation and development, defining it as a social domain that emphasises the practices, discourses, and material expressions, which, over time, express the continuities and discontinuities of social meaning of a life held in common.