Structural Adjustment Program after Structural Adjustment Program, but why Still no Development in the Philippines? Joseph Y. Lim and Manuel F. Montes

In spite of reform policies that generally have conformed to worldwide norms of trade liberalization and deregulation, Philippine economic performance over the last 20 years has been an outlier in East Asia. Market-oriented economic reforms are incomplete, as they are in many other countries, but the Philippines’ poor economic performance is mostly a result of macroeconomic instability and low domestic savings, not inadequate reforms. structural_adjustment (Download the full text in PDF format)

Why Argentina Crashed, and is Crashing Eric Hershberg [Social Science Research Council]

The catastrophic collapse of the Argentine economy during the second half of 2001, and its accelerating decline during the first half of 2002, has created hardships of a scale and scope that fully justify concluding that the country is undergoing a "Second Great Depression." On the heels of four years of recession Argentina's default on its $140 billion national debt triggered an economic contraction of more than 15% during the first six months of 2002. Unemployment has skyrocketed to encompass a quarter of working age Argentines, and the poverty rate in what was once Latin America's most prosperous republic has…

Macroeconomic Policy, Growth and Poverty Reduction Terry McKinley

Many of the issues raised by heterodox economists are now being assimilated into a new “Post-Washington consensus”. The challenge is to construct a policy package that achieves the optimal impact in terms of reducing poverty. macroeconomic_policy (Download the full text in PDF format) (This is the introduction by Terry McKinley to the edited volume Macroeconomic Policy, Growth and Poverty Reduction, published by Palgrave, New York)

Revisiting the Old Theory of Cyclical Growth: Harrod, kaldor cum schumpeter Korkut A. Erturk

The paper argues that Harrodian instability can be thought of as the motor force of long period expansions and contractions. Secondly, by showing how a revised Harrodian model can yield a limit cycle in the rate of accumulation, the paper argues that the turning points in these long cycles can be explained by a nonlinear Kaldorian savings function and a variable scrapping rate. revisiting_old_theory (Download the full text in PDF format)

Why more Exports have not made Developing Countries Richer Jayati Ghosh

The latest Trade and Development Report from UNCTAD discusses why increasing manufacturing exports may not be good enough. On the face of it, developing countries as a group have achieved an impressive degree of production diversification over the past two decades, and this has also been reflected in export performance. From the early 1980s, merchandise exports from developing countries have been growing much faster (at 11.3 per cent per annum) than the world average of 8.4 per cent. More significantly, there has been a big shift in developing country exports, away from primary commodities (whose share has fallen from 51…

Land Tenure Reform and Rural Livelihoods in Southern Africa Martin Adams, Sipho Sibanda and Stephen Turner

This paper reviews land tenure reform on communal land against the background of the repossession of private land occupied by white settlers. The purpose and scope of the proposed tenure reform in the former homelands of South Africa are described, as well as the attempts by South Africa’s neighbours to resolve tenure problems in the Communal Areas. land_tenure_reform (Download the full text in PDF format)

The Macroeconomics of Imbalance and Adjustment C.P. Chandrasekhar

This article traces the theoretical lineage of neoliberal macroeconomic policies. It provides a critique of these theories and relates the changes in the theory underlying IMF-style stabilization and adjustment to the imperatives generated by the rise to dominance of finance capital internationally. macroeconomics (Download the full text in PDF format)

IMF Program in Turkey Erinc Yeldan

The Turkish crisis, which came in the aftermath of an exchange rate-based disinflation attempt, comes as no surprise to anyone who is somewhat-informed about the international literature on country experiences of macroeconomic stabilization. In fact, the observed growth-crisis path of the Turkish economy is well in line with the main empirical regularities associated with exchange rate-based disinflation. turkish_crisis (Download the full text in PDF format)