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| The
Emerging Left in the Emerging World |
| Jayati
Ghosh |
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| In
this article, the author reviews several
features of emerging left movements in Latin
America, Africa and developing Asia that
suggest a move away from some traditional
ideas associated with socialist theory and
practice even as there are two important
areas of continuity with the leftist thinking
of the past. |
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Human
Security and the Next Generation
of Comprehensive Human Development Goals |
| Gabriele
Koehler, Des Gasper, Richard Jolly, Mara
Simane |
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| 2015
marks the target year of the Millennium
Development Goals (MDGs) adopted by the
UN in 2000. The goals have not yet been
fully achieved due to various reasons, and
the unfulfilled agendas need immediate attention.
This paper makes a case for extending the
MDGs beyond 2015 but significantly reshaping
them: to make progress towards goals more
explicitly rights-based and participatory,
to prioritise economic and social equity
and environmental sustainability, to insist
on the centrality of employment and decent
work, and to move away from the outdated
and oversimplified North-South dichotomy. |
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| Beyond
GDP: Measuring our progress |
| Charles
Seaford, Sorcha Mahoney, Mathis Wackernagel,
Joy Larson, Réne Ramírez Gallegos |
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| It
is now widely accepted that one must move
beyond viewing GDP as the critical measure
of a nation's progress and recognise it
for what it is - a measure of economic exchange,
which is itself a means to an end; the 'end'
being the achievement of 'sustainable well-being'.
In this paper, the authors focus on ways
of measuring environmental sustainability
and well-being, as well as offering a view
from the global South which entails measures
of both of these. |
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| Monetary
Union Stability: The need for a government
banker and the case for a European public
finance authority |
| Thomas
I. Palley |
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| There
is accumulating evidence that the euro's
current architecture is unstable. The source
of instability is high interest rates on
highly indebted countries which creates
unsustainable debt burdens. Remedying this
problem requires a central bank that acts
as government banker and pushes down government
bond interest rates to sustainable levels.
That can be accomplished by the creation
of a European Public Finance Authority (EPFA)
that issues public debt which the European
Central Bank (ECB) is allowed to trade.
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| Modernizing
Russia: Round III. Russia and the Other
BRIC Countries: Forging ahead, catching
up or falling behind? |
| Erik
S. Reinert and Rainer Kattel |
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| Looking
at Russian economic dynamics through evolutionary
and Schumpeterian Other Canon lenses, the
authors provide alternative explanation
as to why Russia is still lagging behind
other BRIC and leading catching-up economies.
In this context they argue that learning
from successful cases of managing industrial
policy under the WTO – what the rest of
the BRIC economies have long been doing
– is perhaps the main issue for Russia's
economic policy-making in the near future. |
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| Rethinking
Investment Provisions in Free Trade Agreements |
| Smitha
Francis |
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| Developing
country governments are increasingly resorting
to comprehensive trade agreements involving
profound commitments in public policy, which
have wide-ranging adverse consequences on
food security, industrial development, financial
stability, etc. This paper analyses investment
disciplines in FTAs in order to come to
an understanding of their overall impact
on a developing country FTA partner's policy
space, and therefore, on its development
prospects. It is argued that given the links
between trade and investment commitments
within and across different FTAs, South-South
FTAs have become as problematic as North-South
FTAs. |
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| Development
Banks: Their role and importance for development |
| C.P.
Chandrasekhar |
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| The
role of development banks in the development
trajectories of late industrialising, developing
countries cannot be overemphasised. However,
with financial liberalisation of the neoliberal
variety transforming financial structures,
some countries are doing away with specialised
development banking institutions on the
grounds that equity and bond markets would
do the job. This is bound to lead to a shortfall
in finance for long-term investments, especially
for medium and small enterprises. |
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| Evolution
Versus Equilibrium |
| Jan
Kregel |
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| Post
Keynesian economists have followed Joan
Robinson's criticism of general equilibrium
theory as abolishing history by allowing
all contracts to be executed today for all
future contingencies. This was the justification
for the support of financial innovation
to provide for the completeness of futures
markets. The recent crisis has shown that
force of history. Instead, many evolutionary
and Keynesian economists have suggested
the approach of cumulative causation as
an approach that includes history and eschews
equilibrium. This approach may provide a
way to take history seriously in economic
analysis. |
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| Coordination
of Innovation Policies in the Catching-up
Context: A historical perspective on Estonia
and Brazil |
| Erkki
Karo and Rainer Kattel |
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This
paper highlights some of the crucial weaknesses
of innovation policy-research that limit
the relevance of this research for policy-making
practices in catching-up countries. The
authors propose a framework that takes
a multi-level and dynamic approach towards
studying innovation-policy-making processes.
Applying this framework, the authors examine
the evolution of innovation policy and
governance trajectories of Estonia and
Brazil and how this has affected the capacities
for technological accumulation and development. |
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Measuring
the Progress of Societies:
A Mexican perspective |
| Alicia
Puyana |
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The
author delves into the concept of progress
and development; how the definitions have
changed over changing global paradigms,
how the subject of economics itself has
witnessed reinterpretations etc.
The article is written in the context
of the experiences of Mexico over the
last 50 years. |
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| 2010
- A Year of Innovations in the Global Poverty
Reduction Agenda |
| Timo
Voipio and Gabriele Koehler |
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2010
has been a tumultuous year. It has been
marked by major policy regressions with
many countries reverting back to severe
austerity programmes - or 'fiscal consolidation',
thus increasing socio-economic divides.
At the same time, however, as a notable
countermovement, there have been seven
policy innovations on the global poverty
and social justice agenda. |
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| Ten
Theses on Neo-developmentalism |
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| On
May 24 and 25 of 2010, a group of economists
sharing a Keynesian and structuralist development
macroeconomics approach convened in São
Paulo to discuss ten theses on New Developmentalism.
This document is a summary of the suggestions
that emerged from the two day long discussion. |
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