Book Description
Policy makers in the developing world are grappling with new dilemmas created by openness to trade and capital flows. What role, if any, remains for the state in promoting industrialization? Does openness worsen inequality, and if so, what can be done about it? What is the best way to handle turbulence from the world economy, especially the fickleness of international capital flows?
In The New Global Economy and Developing Countries Dani Rodrik argues that successful integration into the world economy requires a complementary set of policies and institutions at home. Policy makers must reinforce their external strategy of liberalization with an internal strategy that gives the state substantial responsibility in building physical and human capital and mediating social conflicts.
Customer Reviews:
Lessons for Policy Makers.......2000-05-04
In this book, Danny Rodrik offers some valuable guidance for policy-makers. They should focus on the fundamentals of economic growth - investment, macro-economic stability, human resources and good governance - and not let international economic integration dominate their thinking. The potential benefits of openness will only be realised when "complementary policies and institutions are in place domestically".
An important result from his analysis is that a strong, participatory, democracy is good for growth. This is very much in line with Barro's "Determinants of Economic Growth" (1998).The resoning is that a country with a strong democracy will be better at resolving the social conflicts emerging from external economic shocks, and therefore benefit from greater macroeconomic stability. In order to increase the effectiveness of dealing with shocks, the channels to which non-elites can make themselves heard, and participate, in policy making needs to be improved. Otherwise dissatisfaction will lead to social unrest.To play the role of honest broker, the state needs to perceived as competent and free of corruption.
Two policy areas are identified as being central to achieving long-term growth and making openness work: A domestic investment strategy; the strengthening of domestic institutions of conflict management.
Many of his findings offer support for much of current policy thinking on development. The importance of political freedom, security of person, and the need for a reasonable degree of macroeconomic stability is widely recognised. Good governance has moved firmly up the list of priorities. Also, attempts are being made to try and increase the widespread "ownership" of reforms through e.g. the Comprehensive Development Framework of the World Bank.
However, there are several important areas where Rodrik's analysis requires further consideration:
· Developing countries, in devising a domestic investment strategy, are better advised to look at ways of reducing risk and improving their credibility in the eyes of domestic and foreign investors, rather than following Rodrik's suggestion to improve investment returns through e.g. investment subsidies. (see Moran (1998) "Foreign Direct Investment and Development").
· The strong link between good governance and openness is very important and needs greater attention. Red tape and corruption are strongly correlated. Trade restrictions nearly always introduce distortions, caused by "rent seeking" activities, and create vested interest groups.
· As he suggests, all countries are able to improve their "fundamentals". But it is also true that different regions are likely to benefit from integration - in terms of both growth and poverty reduction - to very different extents.
· Rodrik suggests that Africa is not "different". He is right in so far as domestic factors - stability and security - are central to its success. But sub Saharan Africa is different . It faces great difficulties in building institutions of conflict management and has a legacy of being the most trade and capital hostile region.
· As is always the case in the "never ending question" of empirical tests of the links between trade and growth, the interpretation of the results of his work is very much open to question. He is far from decisively refuting this link.
Taking some of these factors into account suggests that Rodrik's somewhat sanguine attitude to inward-looking developm t is ill advised. Also, the potential role for international governance in helping to overcome several of and the problems facing poorer countries - low credib ity, limited regulatory resources, small markets -becomes more important. But these rules will help in so far as they encourage certainty, transparency and non-discrimination, rather than in offering flexibility. However, as Rodrik states, " these rules of the internation economy must be flexible in order to allow developing countries to develop their own "styles of capitalism"".
Insights into making 'globalization'work for poor countries.......1999-02-20
Like clothes, economic development policies are subject to the trends of fashion. This book examines the current development fad, "openness," and critiques it as a flawed economic model when applied simplistically to developing countries. The author, Dani Rodrik, professor of international political economy at Harvard, is no enemy of an open world economy, but he argues that its boosters greatly oversell its virtues and neglect its vices. He contends that too many governments and their policy advisors are fixated on openness --the unrestricted flow of goods, services, and capital across borders--as an end in itself. The dangers to this approach, he warns, are that: 1) openness alone is an unreliable mechanism to generate and sustain economic growth; 2) it tends to widen income and wealth inequalities within both developed and developing countries; and 3) it exposes countries to external shocks that can trigger domestic conflicts and political upheavals.
A developing country can gain much from openness to trade and investment, he agrees, but it must also do much in actively "making openness work"--the theme of the book. The minuses of openness may outweigh the pluses if a country fails to develop its own internal "complementary policies and institutions." What kind of policies and institutions? He cites these as among the most important: "participatory institutions, civil and political liberties, free labor unions, non-corrupt bureaucracies, high-quality independent judiciaries, and mechanisms of social insurance such as social safety nets." He offers specific evidence on how such institutions are valuable to developing countries for coping with turbulence in the world economy and for countering the widening of inequality that openness often brings. For most economists Rodrik is heretical because he debunks the "free market religion" and derides "knee-jerk globalizers," though only in passing. This is far from a diatribe against globalization. Instead, the book presents a detailed factual case for openness as "part of a development strategy," rather than a substitute for one. His forceful advice to governments and policy advisers: "Stop thinking of international economic integration as an end itself. Developing nations have to engage the world economy on their own terms, not on terms set by global markets or multilateral institutions." A valuable chapter of the book is one titled "Is Africa Is Different?" Rodrik answers No; openness can work its wonders there but (as anywhere) definitely not if applied simplistically.
Rodrik slips into jargon from time to time, but you can still benefit from reading his book even if you don't have a degree in economics.
--Robert A. Senser, editor of the Website Human Rights for Workers
Book Description
Roughly once a year, the managing director of the International Monetary Fund, the U.S. treasury secretary and in some cases the finance ministers of other G-7 countries will get a call from the finance minister of a large emerging market economy. The emerging market finance minister will indicate that the country is rapidly running out of foreign reserves, that it has lost access to international capital markets and, perhaps, that is has lost the confidence of its own citizens. Without a rescue loan, it will be forced to devalue its currency and default either on its government debt or on loans to the country's banks that the government has guaranteed. This book looks at these situations and the options available to alleviate the problem. It argues for a policy that recognizes that every crisis is different and that different cases need to be handled within a framework that provides consistency and predictability to borrowing countries as well as those who invest in their debt.
Customer Reviews:
One of the best...........2007-02-24
I don't know where to begin with this review, but I just wanted to say this is one of the best books on the subject and anyone interested in global economics and markets should read this book.
Book Description
The rapidly developing new economies in China, India, Hungary, Vietnam, Costa Rica, Mexico, Brazil, etc., are at the crossroads of almost all major supply chains. In fact, these emerging economies are in fact growing faster than the established industrial economies of the world. However, given the physical, social and cultural characteristics of the emerging economies, managing supply chains there could be even more challenging than in developed economies. How can we manage supply chains well in emerging economies, coordinate information flows with multiple partners, tackle challenges such as unexpected disruptions, diversify the risks and increase flexibilities, be efficient but at the same time contribute to the social and environmental developments of these economies, and use supply chain concepts and practices to improve the economic welfare of these countries, such as basic infrastructure developments and disaster relief, are the topics and issues of the book.
Building Supply-Chain Excellence in Emerging Economies provides some insights on the answers to the above questions and will enable practitioners to gain insights on the developments, challenges and opportunities when operating supply chains in emerging economies. Innovative approaches are outlined and illustrated with examples of real-world experiences by progressive companies and thought leaders. We also hope that this collection will stimulate researchers to gain deeper understanding and develop methods in operating supply chains in emerging economies.
We have organized the book in three key sections. Global Supply Chain: General Strategies and Framework develops the overall framework in managing global supply chains and developing strategies. Supply Chain Management in Emerging Economies: Challenges and Opportunities describes the challenges and opportunities in supply chain management of emerging economies – the infrastructure constraints, the logistics inefficiencies, and limitations in service operations; and discusses how to create opportunities in such adverse conditions. Building Supply Chain Excellence: Innovations and Success Cases is devoted to a number of industrial cases that showcase innovative approaches to gain excellence, and share insights and lessons from such experiences.
Book Description
Like the Greeks who sailed with Jason in search of the Golden Fleece, the new Argonauts--foreign-born, technically skilled entrepreneurs who travel back and forth between Silicon Valley and their home countries--seek their fortune in distant lands by launching companies far from established centers of skill and technology. Their story illuminates profound transformations in the global economy.
Economic geographer AnnaLee Saxenian has followed this transformation, exploring one of its great paradoxes: how the "brain drain" has become "brain circulation," a powerful economic force for development of formerly peripheral regions. The new Argonauts--armed with Silicon Valley experience and relationships and the ability to operate in two countries simultaneously--quickly identify market opportunities, locate foreign partners, and manage cross-border business operations.
The New Argonauts extends Saxenian's pioneering research into the dynamics of competition in Silicon Valley. The book brings a fresh perspective to the way that technology entrepreneurs build regional advantage in order to compete in global markets. Scholars, policymakers, and business leaders will benefit from Saxenian's firsthand research into the investors and entrepreneurs who return home to start new companies while remaining tied to powerful economic and professional communities in the United States.
For Americans accustomed to unchallenged economic domination, the fast-growing capabilities of China and India may seem threatening. But as Saxenian convincingly displays in this pathbreaking book, the Argonauts have made America richer, not poorer.
Customer Reviews:
The power of networks within and between hi-tech regions.......2007-01-26
AnnaLee Saxenian has long been a follower of localized firm and professional networks in the hi-tech industry, highlighting their superiority over corporate hierarchies in her book "Regional Advantage." More recently, in "The New Argonauts," she has turned to ethnic professional networks in Silicon Valley, especially in the Indian, Chinese and Israeli communities. These networks, originally founded for social purposes, evolved to become professional networks for advice, capital and know-how for immigrant entrepreneurs. As immigrant entrepreneurs in Silicon Valley identified business opportunities in their home countries, the networks extended to support these new ventures. They also tied into their home-countries' networks through alumni associations and family ties.
Thus, organizations that were once highly localized began to reach across continents - and their benefits with them. Access to tacit knowledge (technical and managerial), a common understanding of entrepreneurship, shared language and culture have all been considered factors that are bound by geography and contribute to the success of regional economies. Now, they are transcending vast distances thanks to the kinds of networks described by Saxenian. New "Argonauts" (people who work in two or more regions, shuttling back and forth several times per month) literally carry market and technological knowledge, contacts, business models and capital around the world.
As a result, "Silicon Valley, once the uncontested technology leader, is now integrated into a dynamic network of specialized and complementary regional economies. These new technology regions are not replicas of Silicon Valley, nor are they becoming new Silicon Valleys [...] Even as the returnees seek to use their experience in Silicon Valley to reshape these institutions, distinctive regional and national histories ensure that the identities and technology trajectories of these regions are unlikely to converge."
Saxenian emphasizes the role of entrepreneurial networks over multinational enterprises. Multinationals have traditionally been seen as the prime diffusers of new technologies to "following" economies. In Saxenian's view, they will be supplanted here, as they were in the U.S. hi-tech industry.
Excellent view of Silicon Valley's now and future in the Flat world!.......2006-08-25
Excellent view of Silicon Valley's now and future in the Flat world! This author is excel in comparing Silicon Valley with new 'Want be Silicon Valley' regions. Especially her comments on the differentiators that are based on lot of interviews are extremely valuable for these challengers. In summery, openness, strong wishes to keep in the leading edge that the author viewed as Silicon Valley excel are the true differentiators of the region from many others.
Book Description
This is a short and trenchant history of the organizations--the World Bank, IMF, WTO, and Group of Seven--that have promoted economic globalization and which are now trying to manage the unmanageable. Walden Bello points to their manifest failings, seen in recurrent financial crises, the ever widening gulf between developing and industrialized countries, the persistence of gross inequalities, and mass poverty. He examines new ideas for reforming world economic management, and argues that a much more fundamental and radical shift of direction is required.
Customer Reviews:
Trade über alles.......2006-09-20
For Walden Bello, globalization is the accelerated world integration of capital, production and markets, driven by the logic of corporate profitability. It is a synonym for `trade über alles' or trade above equity, justice, environment, solidarity and community.
The main headways for this globalization are the IMF, the World Bank and the WTO, who are dominated by the USA and the West and its inherent private interests, and whose policies exacerbate economic stagnation, widen inequalities and deepen poverty around the globe.
For the author, genuine solidarity forces have to step in rapidly, for the alternative is a world of terrorists, demagogues of the religious and secular right and purveyors of irrationality and nihilism.
His proposed remedies are drastic, revolutionary and for me at least partly utopian. They will be extremely difficult to implement: turning the IMF into a research agency with no policy powers; disempowering the World Bank by boycotting (!) its bonds; halting the WTO or reversing its mandate for liberalization of trade.
On the positive side, Walden Bello wants to see a reorientation of national economies from production for export to production for the local markets, a redistribution of income and land, a global economy functioning not on market mechanisms but on democratic choice and a complete abolition of transnational corporations.
Elimination of market mechanisms, a return to national autarkies, and democratic choice (permanent?, a planned economy?, giving the political and economic power in one hand?) are not very subtle solutions seeing the historical results of these policies.
Drastic policy and power control changes, not reorientations, of international institutions and redistribution of wealth are more obvious choices.
In this short but thought provoking book, where emotions are sometimes running very high, Walden Bello defends tooth and nail the poor and the needy against the mighty few.
I also highly recommend the author's `Dilemmas of Domination'.
Book Description
How can we help poor people earn more from their knowledge--rather than from their sweat and muscle alone? This book is about increasing the earnings of poor people in poor countries from their innovation, knowledge, and creative skills. Case studies look at the African music industry;
traditional crafts and ways to prevent counterfeit crafts designs; the activities of fair trade organizations; biopiracy and the commercialization of ethnobotanical knowledge; the use of intellectual property laws and other tools to protect traditional knowledge. The contributors motivation is
sometimes to maintain the art and culture of poor people, but they recognize that except in a museum setting, no traditional skill can live on unless it has a viable market. Culture and commerce more often complement than conflict in the cases reviewed here. The book calls attention to the unwritten
half of the World Trade Organizations Agreement on the Trade Related Aspects of Intellectual Property (TRIPS). TRIPS is about knowledge that industrial countries own, and which poor people buy. This book is about knowledge that poor people in poor countries generate and have to sell. It will be of
interest to students and scholars of international trade and law, and to anyone with an interest in ways developing countries can find markets for cultural, intellectual, and traditional knowledge.
Average customer rating:
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Digital Bridges: Developing Countries in the Knowledge Economy
John Senyo C. Afele
Manufacturer: IGI Global
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ASIN: 1591400392 |
Book Description
Globalization and global equity are built on the premise of peace. The causes of many divisions and tensions in human communities lie in the imagined or real gain of financial or material assets of some elements of the community to be at the expense of others. The global community however lacks clear definitions and methods of stability, whether political, economic, or social. Digital Bridges: Developing Countries in the Knowledge Economy provides insight into the methods and theories behind the globalization of information technologies.
Download Description
Globalization and global equity are built on the premise of peace. The causes of many divisions and tensions in human communities lie in the imagined or real gain of financial or material assets of some elements of the community to be at the expense of others. The global community however lacks clear definitions and methods of stability, whether political, economic, or social. Digital Bridges: Developing Countries in the Knowledge Economy provides insight into the methods and theories behind the globalization of information technologies.
Customer Reviews:
Well worth the read!.......2003-10-08
The book is worth the effort to acquire and read, as it gives a deep insight into the intersection between positive globalization and indigenous knowledge.
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Accounting and Accountability in Transition Economies, Volume 6: Supplement 2 (Research in Accounting in Emerging Economies)
Manufacturer: JAI Press
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ASIN: 0762310766 |
Book Description
After World War II a select number of countries outside Japan and the West--those that Alice Amsden calls "the rest"--gained market share in modern industries and altered global competition. By 2000, a great divide had developed within "the rest", the lines drawn according to prewar manufacturing experience and equality in income distribution. China, India, Korea and Taiwan had built their own national manufacturing enterprises that were investing heavily in RandD. Their developmental states had transformed themselves into champions of science and technology. By contrast, Argentina, Brazil and Mexico had experienced a wave of acquisitions and mergers that left even more of their leading enterprises controlled by multinational firms. The developmental states of Mexico and Turkey had become hand-tied by membership in NAFTA and the European Union. Which model of late industrialization will prevail, the "independent" or the "integrationist," is a question that challenges the twenty-first century.
Books:
- The New Global Economy and Developing Countries: Making Openness Work (Overseas Development Council)
- The Next Great Globalization: How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich
- The Parallax View (Short Circuits)
- The Prize: The Epic Quest for Oil, Money and Power
- The Timber-Frame Home: Design Construction Finishing
- Tools and Tactics for the Master DayTrader: Battle-Tested Techniques for Day, Swing, and Position Traders
- Trading Chaos: Maximize Profits with Proven Technical Techniques (A Marketplace Book)
- Unconventional Success: A Fundamental Approach to Personal Investment
- Wiley CPA Exam Review 2007 Regulation (Wiley Cpa Examination Review Regulation)
- 50 Favorite Rooms By Frank Lloyd Wright
Books Index
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