DOWNLOAD PDF POLITICS, BANKING, AND ECONOMIC DEVELOPMENT : EVIDENCE FROM NEW WORLD ECONOMIES STEPHEN HABER
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1 Chapter 1 : Natural Experiments of History â Jared Diamond, James A. Robinson Harvard University Pr The Politics of Financial Development: Evidence from New World Economies Stephen Haber, Stanford University Abstract: There is a consensus among economists that the development of banking systems. Share via In November, during the World Trade Organisation ministerial conference in Seattle, I watched from my hotel room as thousands demonstrated against the evils of globalisation. Anarchists clad in black marched alongside grandmothers dressed as turtles and steelworkers from Philadelphia. They saw international trade as a threat - to their jobs, the environment or simply as part of a capitalist conspiracy. As leader of the delegation from the United Kingdom, I was convinced that the expansion of world trade had the potential to bring major benefits to developing countries and would be one of the key means by which world poverty would be tackled. In order to achieve this, I believed that developing countries would need to embrace trade liberalisation. This would mean opening up their own domestic markets to international competition. The thinking behind this approach being that the discipline of the market would resolve problems of underperformance, a strong economy would emerge and that, as a result, the poor would benefit. This still remains the position of major international bodies like the IMF and World Bank and is reflected in the system of incentives and penalties which they incorporate in their loan agreements with developing countries. But my mind has changed. I now believe that this approach is wrong and misguided. No longer sitting in the air-conditioned offices of fellow government ministers I have, instead, been meeting farmers and communities at the sharp end. It is this experience that has led me to the conclusion that full trade liberalisation is not the way forward. A different approach is needed: No one should doubt the hugely significant role that international trade could play in tackling poverty. In terms of income, trade has the potential to be far more important than aid or debt relief for developing countries. This has led President Museveni of Uganda to say: But aid and debt relief can only go so far. We are asking for the opportunity to compete, to sell our goods in western markets. In short, we want to trade our way out of poverty. Reform is essential because, to put it bluntly, the rules of international trade are rigged against the poorest countries. Rich nations may be pre pared to open up their own markets, but still keep in place massive subsidies. The quid pro quo for doing this is that developing countries open up their domestic markets. These are then vulnerable to heavily subsidised exports from the developed world. The course of international trade since shows that an unfettered global market can fail the poor and that full trade liberalisation brings huge risks and rarely provides the desired outcome. It is more often the case that developing countries which have successfully expanded their economies are those that have been prepared to put in place measures to protect industries while they gain strength and give communities the time to diversify into new areas. This is not intervention for the sake of it or to prop up failing enterprises, but part of a transitional phase to create strong businesses that can compete on equal terms in the global marketplace without the need for continued protection. Just look at some examples. Taiwan and South Korea are often held out as being good illustrations of the benefits of trade liberalisation. In fact, they built their international trading strength on the foun dations of government subsidies and heavy investment in infrastructure and skills development while being protected from competition by overseas firms. In more recent years, those countries which have been able to reduce levels of poverty by increasing economic growth - like China, Vietnam, India and Mozambique - have all had high levels of intervention as part of an overall policy of strengthening domestic sectors. On the other hand, there are an increasing number of countries in which full-scale trade liberalisation has been applied and then failed to deliver economic growth while allowing domestic markets to be dominated by imports. This often has devastating effects. Zambia and Ghana are both examples of countries in which the opening up of markets has led to sudden falls in rates of growth with sectors being unable to compete with foreign goods. Even in those countries that have experienced overall economic growth as a result of trade liberalisation, poverty has not necessarily been reduced. In Mexico during the first half of the s there was economic growth, yet the number of people living below the Page 1
2 poverty line increased by 14 million in the 10 years from the mids. This was due to the fact that the benefits of a more open market all went to the large commercial operators, with the small concerns being squeezed out. The evidence shows that the benefits that would flow from increased international trade will not materialise if markets are simply left alone. When this happens, liberalisation is used by the rich and powerful international players to make quick gains from short-term investments. The conditions placed on their loans often force countries into rapid liberalisation, with scant regard to the impact on the poor. The way forward is through a regime of managed trade in which markets are slowly opened up and trade policy levers like subsidies and tariffs are used to help achieve development goals. The IMF and World Bank should recognise that questions of trade liberalisation are the responsibility of the WTO where they can be considered in the overall context of achieving poverty reduction and that it is therefore inappropriate to include trade liberalisation as part of a loan agreement. This represents a departure from the current orthodoxy. It will be opposed by multinational companies who see rich and easy pickings in the markets of the developing world. He is a former trade and industry secretary and was a cabinet member from to Page 2
3 Chapter 2 : Making Politics Work for Development: Harnessing Transparency and Citizen Engagement This book consists of eight comparative studies drawn from history, archeology, economics, economic history, geography, and political science. The studies cover a spectrum of approaches; geographically, they include the United States, Mexico, Brazil, western Europe, tropical Africa, India, Siberia, Australia, New Zealand, and other Pacific islands. Guns, Germs and Steel: The Fate of Human Societies. The Lever of Riches. The Case of the Merchant Guild. Neal, Larry, and Stephen Quinn. The World We Have Lost: Edited by Richard Easterlin. University of Chicago Press,, pp. John Wiley,, pp. The Industrial Revolution, Oxford University Press, Eltis, David, and Stanley L. Different Products or Competing Sources? A Comment on Irwin and Temin. Economic Backwardness in Historical Perspective. Civic Traditions in Modern Italy. Princeton University Press,, chapter 5, pp. Essays on the Economic History of Brazil and Mexico, Edited by Stephen Haber. Stanford University Press,, pp. Evidence from the Brazilian Frontier, Paolera, Gerardo della, and Alan M. Straining at the Anchor: University of Chicago Press,, chapter 3, pp. Oxford University Press,, chapter 2, pp. Everyday Things in Premodern Japan. Economic Change in China c. Cambridge University Press,, chapters 2, 4 and 7, pp. Evidence from the Manufacturing Census. Securities Markets and the Banking System, Louis Review 80, no. Without Consent or Contract. Implications for the Growth of the Welfare States. Race and Schooling in the South, Understanding the Gender Gap. Oxford University Press,, chapters 4, 5. Evidence from Union Army Veterans. The Dynamics of Industrial Capitalism. Harvard University Press,, Chapter 2, pp. Granitz, Elizabeth, and Benjamin Klein. The Standard Oil Case. Princeton University Press,, chapter 2, pp. Evidence for the United States and Britain, Cambridge University Press,, pp. Lessons from the Great Depression. Obstfeld, Maurice, and Alan M. Goldin, Claudia, and Lawrence F. From the s to Page 3
4 Chapter 3 : Authoritarian Government - Oxford Handbooks Fragile by Design: The Political Origins of Banking Crises and Scarce Credit (The Princeton Economic History of the Western World) [Charles W. Calomiris, Stephen H. Haber] on theinnatdunvilla.com *FREE* shipping on qualifying offers. Etymology[ edit ] Originally, political economy meant the study of the conditions under which production or consumption within limited parameters was organized in nation-states. In that way, political economy expanded the emphasis of economics, which comes from the Greek oikos meaning "home" and nomos meaning "law" or "order". Political economy was thus meant to express the laws of production of wealth at the state level, just as economics was the ordering of the home. The French physiocrats were the first exponents of political economy, although the intellectual responses of Adam Smith, John Stuart Mill, David Ricardo, Henry George and Karl Marx to the physiocrats generally receives much greater attention. The Neapolitan philosopher Antonio Genovesi was the first tenured professor. In its contemporary meaning, political economy refers to different yet related approaches to studying economic and related behaviours, ranging from the combination of economics with other fields to the use of different, fundamental assumptions that challenge earlier economic assumptions: Robert Keohane, international relations theorist Political economy most commonly refers to interdisciplinary studies drawing upon economics, sociology and political science in explaining how political institutions, the political environment, and the economic system â capitalist, socialist, communist, or mixed â influence each other. Public choice theory is a microfoundations theory that is closely intertwined with political economy. Both approaches model voters, politicians and bureaucrats as behaving in mainly self-interested ways, in contrast to a view, ascribed to earlier mainstream economists, of government officials trying to maximize individual utilities from some kind of social welfare function. New political economy which may treat economic ideologies as the phenomenon to explain, per the traditions of Marxian political economy. Maier suggests that a political economy approach "interrogates economic doctrines to disclose their sociological and political premises It also informs much work published in New Political Economy, an international journal founded by Sheffield University scholars in In the United States, these approaches are associated with the journal International Organization, which in the s became the leading journal of IPE under the editorship of Robert Keohane, Peter J. Katzenstein and Stephen Krasner. Because these regimes influence and are influenced by the organization of both social and economic capital, the analysis of dimensions lacking a standard economic value e. Historians have employed political economy to explore the ways in the past that persons and groups with common economic interests have used politics to effect changes beneficial to their interests. In the s and s, legal realists e. Robert Hale and intellectuals e. John Commons engaged themes related to political economy. In the second half of the 20th century, lawyers associated with the Chicago School incorporated certain intellectual traditions from economics. However, since the crisis in legal scholars especially related to international law, have turned to more explicitly engage with the debates, methodology and various themes within political economy texts. Many sociologists start from a perspective of production-determining relation from Karl Marx. Anthropology studies political economy by investigating regimes of political and economic value that condition tacit aspects of sociocultural practices e. Analyses of structural features of transnational processes focus on the interactions between the world capitalist system and local cultures. Archaeology attempts to reconstruct past political economies by examining the material evidence for administrative strategies to control and mobilize resources. Psychology is the fulcrum on which political economy exerts its force in studying decision making not only in prices, but as the field of study whose assumptions model political economy. The ecological effects of economic activity spur research upon changing market economy incentives. Additionally and more recently, ecological theory has been used to examine economic systems as similar systems of interacting species e. Communications examines the institutional aspects of media and telecommuncation systems. As the area of study focusing on aspects of human communication, it pays particular attention to the relationships between owners, labor, Page 4
5 consumers, advertisers, structures of production and the state and the power relationships embedded in these relationships. Chapter 4 : Stephen Byers: I was wrong. Free market trade policies hurt the poor Politics The Guardian Stephen Haber is the Peter and Helen Bing Senior Fellow at the Hoover Institution and the A.A. and Jeanne Welch Milligan Professor in the School of Humanities and Sciences at Stanford University. In addition, he is a professor of political science, professor of history, and professor of economics (by courtesy), as well as a senior fellow of. Chapter 5 : Political economy - Wikipedia The natural abundance once thought to be a blessing was unconditionally, and then later only conditionally, a curse for political and economic development. We re-examine the relationship between oil wealth and political regimes, challenging the conventional wisdom that such natural resource rents lead to authoritarian outcomes. Page 5
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