Foreword by Robert H. Wade Preface to the critique influence change edition Introduction: Reclaiming Development Part I: Myths and Realities about Development 1. Myth 1 'Today's wealthy countries achieved success through a steadfast commitment to the free market' 2. Myth 2 'Neoliberalism works' 3. Myth 3 'Neoliberal globalization cannot and should not be stopped' 4. Myth 4 'The neoliberal American model of capitalism represents the ideal that all developing countries should seek to replicate' 5. Myth 5 'The East Asian model is idiosyncratic; the Anglo-American model is universal' 6. Myth 6 'Developing countries need the discipline provided by international institutions and by politically independent domestic policymaking institutions' Part II: Economic Policy Alternatives 7. Policy Alternatives 1 Trade and Industry 8. Policy Alternatives 2 Privatization and Intellectual Property Rights 9. Policy Alternatives 3 International Private Capital Flows 10. Policy Alternatives 4 Domestic Financial Regulation 11. Policy Alternatives 5 Macroeconomic Policies and Institutions Conclusion Obstacles and Opportunities for Reclaiming Development
A groundbreaking book by leading authors that fundamentally challenges the central tenets of development discourse - as relevant today as when it was originally published in 2004.
Ha-Joon Chang teaches economics at Cambridge University. He is the author of 23 Things They Don't Tell You about Capitalism. Ilene Grabel is an economist and professor at the Josef Korbel School of International Studies at the University of Denver.
Chang and Grabel demolish the myths (or fabrications) underlying
neo-liberal views about economic development and provide succinct,
constructive suggestions for policies regarding trade and industry,
privatization and intellectual property rights, private capital
movements, financial regulation, and macroeconomics. Reclaiming
Development is a manifesto that should be on the shelves of
policy-makers, academics, and students worldwide.
*Lance Taylor, New School University, author of Reconstructing
Macroeconomics*
The dominant neo-liberal economic doctrine asserts that there is no
alternative to its policy prescriptions which provide the
foundations for success in an age of globalization. This book
questions and refutes the belief system implicit in the assertion.
It does so in a manner that is highly iconoclastic. Yet, it is
solidly grounded in economic theory and empirical evidence, both
historical and contemporary.
*Deepak Nayyar, Jawaharlal Nehru University*
In a world wracked by crises, compromised institutions, and
bourgeoning inequalities, Chang and Grabel provide a real, workable
roadmap to a post-neoliberal future. Look no further - there are
alternatives - and Reclaiming Development points the
way.
*James Heintz, University of Massachusetts Amherst*
This unusually well-written, direct and succinct book describes
neo-liberal positions fairly; offers theoretically rigorous and
empirically accurate critiques; and describes feasible, practical
alternative policies that take realistic account of political,
economic and financial constraints. Discussion of financial,
monetary, fiscal, trade and industry policy and intellectual
property rights is especially strong and constructive and makes
important innovative contributions. It is a fine, carefully
analytical achievement which would contribute to hastening both
efficient and socially just development wherever the insights are
appropriately used.
*John Langmore, University of Melbourne*
Chang and Grabel's book takes on even more salience as the world
moves from the global financial crisis. The crisis has created new
political economies whereby nations and citizens are attempting to
"reclaim" their economies for financial stability, inclusive
growth, and environmental sustainability. Reclaiming Development
remains a key manual for those looking for a more balanced future.
It also serves as an important source for arguments that can debunk
reactionary efforts to use the crisis as a means to push an agenda
of deregulation. Essential reading for policy-makers, students and
those in academia.
*Kevin Gallagher, co-director, Global Economic Governance
Initiative, Boston University*
A growing number of developing countries are taking back control
over economic policy from the IMF and the World Bank. The wide
range of policy suggestions contained in this book provides a rich
mine of concrete and practicable alternatives from which to choose
in taking advantage of whatever room globalization still allows
developing countries and reshaping economic policy in their own
interests.
*Martin Khor, executive director, The South Centre*
This book is not only a superb antidote to the numbing myths of
neoliberalism but also a cogent and stimulating presentation of the
many possibilities for alternatives to neo-liberal economic policy
that both theory and history provide policy-makers and students of
development.
*Thandika Mkandawire, Professor of African Development, LSE*
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