Stability with Growth
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Product Description
There is growing dissatisfaction with the economic policies advocated by the IMF and other international financial institutions - policies that have often resulted in stagnating growth, crises, and recessions for client countries. This book presents an alternative to "Washington Consensus" neo-liberal economic policies by showing that both macro-economic and liberalization policy must be sensitive to the particular circumstances of developing countries. One-size-fits-all policy prescriptions are likely to fail given the vast differences between countries. This book discusses how alternative approaches to economic policy can better serve developing countries both in ordinary times and in times of crisis.
About the Author
Joseph E. Stiglitz was awarded the Nobel Prize in economics in 2001 and is University Professor at Columbia University where he founded the Initiative for Policy Dialogue in 2000. He was Chair of President Bill Clinton's Council of Economic Advisors from 1995-97 and Chief Economist and Senior Vice-President of the World Bank from 1997-2000. His best known recent publications include 'Globalization and its Discontents' (2002) and 'The Roaring Nineties' (2003) Jose Antonio Ocampo holds a BA degree from the University of Notre Dame, and a Ph.D. in Economics and Sociology from Yale University. He is the United Nations Under-Secretary-General for Economic and Social Affairs. As such, he heads the UN Department of Economic and Social Affairs (DESA) and chairs the UN Executive Committee on Economic and Social Affairs. Prior to assuming his present position in the United Nations, he held a number of posts in the Government of Colombia, including those of Minister of Finance and Public Credit, Director of the National Planning Department and Minister of Agriculture and was former Executive Secretary of the UN Economic Commission for Latin America and the Caribbean (ECLAC) His academic pursuits have included service as Director of the Foundation for Higher Education and Development, Professor of Economics at the Universidad de los Andes and the Universidad Nacional de Colombia, and Visiting Professor at Cambridge, Yale and Oxford Universities. Shari Spiegel joined IPD from Lazard Asset Management where she was a Director of Lazard LLC. Prior to joining Lazard, Ms. Spiegel spent several years working in Hungary. She was one of the founders of Budapest Investment Management Company, a subsidiary of Budapest Bank, which launched the first domestic investment funds in Hungary. Previous to her work in Hungary, Ms. Spiegel worked at Citibank and Drexel Burnham Lambert and has an MA in economics from Princeton University and a
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Most Helpful Customer Reviews
1 of 1 people found the following review helpful:
5.0 out of 5 stars
All economic policies have trade-offs to be decided within a political process,
By
This review is from: Stability with Growth: Macroeconomics, Liberalization and Development (Initiative for Policy Dialogue Series) (Paperback)
The authors defend a heterodox approach to the choices available in economic policies. Like the Keynesians, they see an important role for government in economic matters.
Their economic goal is real stability and long-term sustainable and equitable growth of well-being. They also make the crucial distinction between developed and developing countries. For the latter, economic volatility is much higher, economies are smaller and less diversified, capital and insurance markets are less developed, social safety nets are often non-existent, and their ability of absorbing trade and capital account shocks is limited. Stiglitz et al. base their prescribed policies on `real' macroeconomics and `real' variables. Their fundamental aim is to attain the highest potential level of the employment of capital and labor. The real variables are growth, stability of real output, unemployment, poverty and inequality. Auxiliary variables, like inflation, are only important for their impact on the real ones: `A government that fails to provide employment for essentially everyone who is willing to work has failed in one of its primary obligations.' Stiglitz et al. base their policies on `real' microeconomics: supply of cash and credit by banks and governments (social security), wage and price rigidities, market imperfections (bad investments) and balance sheet effects (on banks and businesses). They argue that central banks should target competitive exchange rates and low interest rates and prescribe increased government expansion policies if necessary. Specific heterodox issues are an efficient national accounting framework, the reduction of risk (insurance) and the impact of international institutions (IMF) on domestic economies. In the last part of the book, the authors torpedo the infamous IMF policy of capital market liberalization (CML). CML has pernicious effects on economic stability, reducing profits and investment (incentives). It has vicious distributional consequences for the poor (unemployment) and small businesses (bankruptcies). Most importantly, CML affects the autonomy of the democratic process and true national sovereignty. The authors prescribe CMI (Intervention) with tariffs, quotas or indirect measures like banking regulations, or CMR (Restrictions) to fight corruption. This superb economy handbook, with an excellent bibliography, is a must read for all students, scholars, professionals and laymen.
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Most Helpful Customer Reviews on Amazon.com (beta) Amazon.com:
5.0 out of 5 stars (2 customer reviews) 4 of 4 people found the following review helpful:
5.0 out of 5 stars
Truly informative,
By Tricktoria - Published on Amazon.com
This review is from: Stability with Growth: Macroeconomics, Liberalization and Development (Initiative for Policy Dialogue Series) (Paperback)
A must read! This book is an excellent primer for any person with a genuine interest in the current debate on how developing countries can achieve stable and pro-poor growth. The arguments, while technical, are well laid out--the book takes on complex issues and presents them through clear examples of developing country successes.
Most of us recognize that the conservative policies of the IMF didn't work, but have not found a clear voice to supplement the multitude of critiques with real solutions. This book truly fills that gap-- one can find a comprehensive and clear framework for the alternatives to neo-liberal economic policies. Stability with Growth focuses on the central fiscal and economic issues facing the governments of developing countries today, such as open economies and capital account liberalization, with a focus on just what the title implies: how can a country grow without inviting crisis? The ideas are cutting edge and bring the reader into the next generation of where economic policy reform is (or should be!) heading. Highly recommended. 3 of 3 people found the following review helpful:
5.0 out of 5 stars
All economic policies have trade-offs to be decided within a political process,
By Luc REYNAERT - Published on Amazon.com
This review is from: Stability with Growth: Macroeconomics, Liberalization and Development (Initiative for Policy Dialogue Series) (Paperback)
The authors defend a heterodox approach to the choices available in economic policies. Like the Keynesians, they see an important role for government in economic matters.
Their economic goal is real stability and long-term sustainable and equitable growth of well-being. They also make the crucial distinction between developed and developing countries. For the latter, economic volatility is much higher, economies are smaller and less diversified, capital and insurance markets are less developed, social safety nets are often non-existent, and their ability of absorbing trade and capital account shocks is limited. Stiglitz et al. base their prescribed policies on `real' macroeconomics and `real' variables. Their fundamental aim is to attain the highest potential level of the employment of capital and labor. The real variables are growth, stability of real output, unemployment, poverty and inequality. Auxiliary variables, like inflation, are only important for their impact on the real ones: `A government that fails to provide employment for essentially everyone who is willing to work has failed in one of its primary obligations.' Stiglitz et al. base their policies on `real' microeconomics: supply of cash and credit by banks and governments (social security), wage and price rigidities, market imperfections (bad investments) and balance sheet effects (on banks and businesses). They argue that central banks should target competitive exchange rates and low interest rates and prescribe increased government expansion policies if necessary. Specific heterodox issues are an efficient national accounting framework, the reduction of risk (insurance) and the impact of international institutions (IMF) on domestic economies. In the last part of the book, the authors torpedo the infamous IMF policy of capital market liberalization (CML). CML has pernicious effects on economic stability, reducing profits and investment (incentives). It has vicious distributional consequences for the poor (unemployment) and small businesses (bankruptcies). Most importantly, CML affects the autonomy of the democratic process and true national sovereignty. The authors prescribe CMI (Intervention) with tariffs, quotas or indirect measures like banking regulations, or CMR (Restrictions) to fight corruption. This superb economy handbook, with an excellent bibliography, is a must read for all students, scholars, professionals and laymen. |
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