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Jayati Ghosh

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Jayati Ghosh

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Jayati Ghosh

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Jayati Ghosh

The chapter considers the following questions: Is global economic stability necessary for countries wishing to industrialize and complete their development project? Or does some degree of instability actually benefit economies wishing to change their relative position in the international division of labour? If so, what kinds of stability/instability matter? What insights does recent history provide for assessing current possibilities in this regard?

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Jayati Ghosh

For more than half a century, particularly over the period from the second half of the 20th century onwards, financial systems in Asia were known for their diversity that reflected particular national economic trajectories, as well as a significant degree of state control and direction of finance. The history of post-World War II development in the Asian region suggests that these diverse financial structures served these countries well, to the point that such diversity and public control has been seen as central to the realisation of developmental successes in countries such as Japan, South Korea and Taiwan. Despite this, there is also much evidence that monetary, fiscal and financial policies and the associated macroeconomic scenarios have been converging across Asian countries since the onset of financial liberalisation in the early 1990s, and even more so since the Southeast Asian financial crisis of 1997. Thus, a recent feature of financial systems in Asia is a strong trend towards convergence of what were very different, and are still dissimilar, financial structures. The process of liberalisation is establishing in the region financial structures resembling those prevailing in the Anglo-Saxon world, with similar markets, institutions, instruments and regulatory frameworks. This is ironic and somewhat surprising, because as early as the 1990s, the Savings and Loans crisis in the United States had revealed that deregulated financial systems, besides being unsuited to financing long-term productive investments, are prone to institutional failure and even systemic collapse. Thereafter, the Global Financial Crisis of 2008–09, with its origins in the US sub-prime housing debacle, provided even more evidence of the dangers of deregulated finance – dangers that are likely to be much greater in countries where the development project is still incomplete.

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Jayati Ghosh

Despite a few pockets of relatively fast expansion, overall deficiency of demand characterises the world economy. The external stimulus provided by the US is declining; Europe's net impact is negative because of the emphasis on generating current-account surpluses. While China is already a significant global economic player, it cannot adequately counter the effect of this reduced impetus from the major developed countries. Much of the developing world is relying on unsustainable debt-driven bubbles in the financially liberalised environment to generate economic recovery. Sustaining the development project will require countries to shift from export-oriented growth to more reliance on domestic demand through wage and employment increases.

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Prabhat Patnaik and Jayati Ghosh

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Jayati Ghosh, Ezekiel Kalipeni and Maureen Chirwa

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Erik S. Reinert, Jayati Ghosh and Rainer Kattel

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Edited by Erik S. Reinert, Jayati Ghosh and Rainer Kattel

The Handbook of Alternative Theories of Economic Development explores the theories and approaches which, over a prolonged period of time, have existed as viable alternatives to today’s mainstream and neo-classical tenets. With a total of more than 40 specially commissioned chapters, written by the foremost authorities in their respective fields, this volume represents a landmark in the field of economic development. It elucidates the richness of the alternative and sometimes misunderstood ideas which, in different historical contexts, have proved to be vital to the improvement of the human condition.