International Workshop on ‘Policy Trends, Growth Patterns and Distributional Outcomes Under Globalisation’ Organised by IDEAs in collaboration with the Shanghai Administration Institute (SAI), Shanghai, China, 21- 24th August, 2006.

An international capacity building workshop on ‘Policy Trends, Growth Patterns and Distributional Outcomes under Globalisation’, was held between 21-24th of August, 2006, at Shanghai, China in local collaboration with the Shanghai Administrative Institute (SAI), Shanghai, China at the institute premises. The workshop was meant for young economists who are either finishing Ph.D or have finished Ph.ds, as well others concerned with development in the field of policy making and/or advocacy. The workshop covered about 45 such scholars, taking full care of all expenses.

This workshop placed special emphasis on young Chinese scholars by including as many as 24 of them, in order to familiarize them with the emerging problems that the developing world is facing in the era of globalization, in spite of some of them (including China) recording high rates of growth. Young participants from Tsinghua University, Renmin University, Chinese Academy of Social Sciences, China Academy of Science, Chinese Academy of Agricultural Sciences, Beijing Normal University, all from Beijing attended the workshop as well as scholars from Fudan University, Shanghai, Sun Yat Sen University, Nanjing University of Economics and Finances, Gansu Academy of Social Science, Shanghai University of Finance and Economics.

Other participants from the rest of the world came from University of Rome, Italy, Western University, Baku, Azerbaijan, Federal University of Pará, and Federal University of Rio de Janeiro, both from Brazil, Jawaharlal Nehru University, India , the Centre de Sciences Humaines, India, Indian Statistical Institute, Kolkata, India, University of Piemonte Orientale, Italy, Kenyatta University, Nairobi, Kenya, African Institute for Applied Economics, Nigeria, University of Sargodha, Pakistan, Hindu College, University of Delhi, India, Ateneo de Manila University, Philippines, Regional Administration and Local Government (PMO-RALG) at the Prime Minister’s Office, Tanzania, Chulalongkorn University, Thailand, University of Cambridge, UK, and ILO, Switzerland.

The instructors for the workshop as well as the speakers were drawn from noted economists across the world who belong to the IDEAs network and share similar but still different outlooks on the issues of economic development and have worked on the field of inequality and its many dimensions from various micro and macro perspectives. It was the objective of the workshop to acquaint the participants with a diverse range of case studies and policy perspectives, and therefore the instructors’ panel was drawn based on their ability to contribute a well informed and a wide variety of specialized lectures.

Over the four days of the workshop, eleven instructors from India, Malaysia, Mexico, Italy, Argentina, China, Thailand, Brazil and Ghana took lectures combined with question, answer sessions. There were three such one and half hour sessions each of the four days. There was also active interaction from the young participants in the form of the two hour participants’ session each day where the participants presented their own work and received comments from the instructors as well as co-participants. On the last day, there was a wrapping up session where participants and instructors were invited to present their suggestions on the content and organization of the workshop, on the issues it raised and the broader development context of the world today.

Given below is the list of instructors with their current affiliations along with the titles of their presentations.

• C P Chandrasekhar, Professor, Centre for Economic Studies and Planning, Jawaharlal Nehru University, New Delhi, India, and is also a member of the Executive Committee of IDEAs: ‘The Political Economy of Global Macroeconomic Imbalances (I & II)’

• Andong Zhu, Assistant Professor, School of Humanities and Social Sciences, Tsinghua University, Beijing, China: ‘Growth and Inequality in the Neoliberal Era and Three Unsustainable Trends in the World Economy’

• Giovanni Andrea Cornia, Professor, Department of Economics, University of Florence, Italy: ‘Can Macroeconomic Policy Reduce Poverty?’

• Jomo KS, Assistant Secretary General for Economic Development, Department of Economic and Social Affairs (DESA), The United Nations, New York, USA: ‘Globalization, World Inequality and Asian Growth’

• Franklin Serrano, Professor, Department of Economics, Universidad Federal de Rio de Janeiro ( Federal University of Rio De Janeiro ), Brazil: ‘Global Trade Patterns and Their Implications’

• Jayati Ghosh, Professor, Centre for Economic Studies and Planning, Jawaharlal Nehru University, New Delhi, India, who is also the Executive Secretary of IDEAs: ‘Employment Generation under Globalisation’

• Francis Cripps, Alphametrics Ltd, Bangkok, Thailand: ‘Growth and Distribution in the World Economy’

• Charles Abugre , Head of Policy and Advocacy, Christian Aid, UK, (from Ghana): ‘Africa: Inequality in Stagnation’

• Juan Carlos Moreno-Brid, Senior Economic Affairs Officer, Economic Commission for Latin America and the Caribbean (ECLAC), United Nations: ‘Growth, Poverty and Distribution: the Latin American Experience’

• Saul Keifman, Professor, Department of Economics, University of Buenes Aires, Argentina: ‘On the Political Economy of Monetary Policy’

Consolidated Reading List :

1. “The Politcal Economy of Global Macroeconomic Imbalances” by C.P.Chandrasekhar : 

Suggested Readings:

• The Global Saving Glut and the U.S. Current Account Deficit. . Remarks by Governor Ben S. BernankeAt the Sandridge Lecture, Virginia Association of Economics, Richmond, Virginia, April 14, 2005. (bernanke 2005)

• Breaking up is hard to do: Global Codependency, Collective action , and the challenges of global adjustment by CATHERINE L.MANN,* CESI Forum 1/2005. (Catherine Mann)

• Economic Interdependence and Instability in the Global Economy by C.P. Chandrasekhar 2005. (cpc2005)

• The End of Large Current Account Deficits, 1970-2002: Are there Lessons for United States? By Sebastian Edwards. NBER WORKING PAPER SERIES, Working Paper 11669 , also available at
September 2005. (Edwards 1)

• The Economics of The New Phase of Imperialism by Prabhat Patnaik. (patnaik 2005).

2. ” Can Macroeconomic Policy Reduce Poverty?” by Giovanni Andrea Cornia

Suggested Readings:

• G.A.Cornia (2006). Overview and Poverty Impact of Main Macroeconomic Policies (Chapter 01 (Cornia) [1]).

• Adam, C. and D. Bevan. 2001. Non-linear Effects of Fiscal Deficits on Growth in Developing Countries. Working Paper, Department of Economics, Oxford University, Oxford. (

• Bhaduri, A. 2005. Macroeconomic Policies for Higher Employment in the Era of Globalisation. Employment Strategy Papers No. 2005/11, Employment Analysis Unit, Employment Strategy Department, International Labour Organization, Geneva. (

• R. Burgess (2006),”Investment Climate and the Regional Impact of Liberalisation”, paper presented at the Workshop on ‚Microeconomics of Institutions”,Meeting hosted at the Venice Summer Institute 2006, by Bread and Cesifo, Venice 19-20 July 2006.

• G.A.Cornia (2006).”Pro-Poor Macroeconomics: Potential and Limitations”, Palgrave, September 2006 .

• Helleiner, G.K. 1997. ‘Capital account regimes and the developing countries.’ In International Monetary and Financial Issues for the 1990s, Vol. VIII. UNCTAD, New York and Geneva.

• Klasen, S. 2004. ‘In search of the Holy Grail: How to achieve pro-poor growth.’ In B. Tungodden, N. Stern and I. Kolstad (eds.), Towards Pro-poor Policies: Aid, Institutions, and Globalization. Oxford University Press, Oxford.

• Krugman, P. and L. Taylor. 1978. ‘Contractionary effects of devaluation.’ Journal of International Economics, Vol. 8, pp. 445–456.

• Lustig, N. 2000. ‘Crises and the poor: Socially responsible macroeconomics.’ Economia, Fall, pp. 1–19.

• Prasad, E., K. Rogoff, S.J. Wei and M.A. Kose. 2003. Effects of Financial Globalisation on Developing Countries: Some Empirical Evidence. Working Papers, IMF, Washington, DC.

• Taylor, L. 2004. ‘External liberalisation, economic performance and distribution in Latin America and elsewhere.’ In G.A.Cornia (ed.), Inequality, Growth and Poverty in an Era of Liberalisation and Globalisation. Oxford University Press, Oxford.

• Wee Chong Hui and Jomo K. S. 2006, Macroeconomic Policy, Growth, Redistribution and Poverty Reduction: the case of Malaysia in G. A. Cornia (ed.) ‘Pro Poor Macroeconomics: Potential and Limitations’, Palgrave, London .

3..”Growth and inequality in the Neoliberal Era and three unsustainable trends in the world economy ” by Andong Zhu

• Avramidis, Soula. Famines are an Advertisement for Imperialism

• Chang, Ha-Joon, 2002, Kicking Away the Ladder—Development Strategy in Historical Perspective (Anthem Press). [If you can not find the book, you can find an article from internet.

• Chossudovsky, Michel. 1998. The Globalisation of Poverty. London and New Jersey: Zed Books Ltd.

• Crotty, James. 2000a. Trading State-Led Prosperity for Market-Led Stagnation: from the Golden Age to Global Neoliberalism. The Political Economy Research Institute of University of Massachusetts Amherst, Published Study 7. Website:

• Crotty, James. 2000b. “Structural contradictions of the global neoliberal regime .”Review of Radical Political Economics 32 (3): 361-368

• Crotty, James, Gerald Epstein, and Patricia Kelly. 1998. Multinational Corporations in the Neo-Liberal Regime. In Dean Baker, Gerald Epstein, and Robert Pollin (eds.), Globalization and Progressive Economic Policy, pp. 117-143. Cambridge: Cambridge University Press.

• King, Lawrence P., 2002, The Emperor Exposed: Neoliberal Theory and De-modernization in Postcommunist Society

• Kotz, David M. 1997. Revolution from Above: the Demise of the Soviet System. London and New York: Routledge.
2004, The Role of the State in Economic Transformation: Comparing the Transition Experiences of Russia and China, Working Paper, Economics Department, Nanjing University.

• Li, Minqi, 2004, After Neoliberalism: Empire, Social Democracy, or Socialism? Monthly Review, Jan. 2004.

• Li, Minqi and Andong Zhu, Neoliberalism, Global Imbalances, and Stages of Capitalist Development, Working Paper, PERI, Umass, Amherst.

• Maddison, Augus. (2001). The World Economy: A Millennial Perspective, OECD: Paris

• McKinley, Terry, The Monopoly of Global Capital Flows: Who Needs Structural Adjustment Now?

• Oxfam, “Eight Broken Promises”, 2001.

• Palast, Gregory, IMF’s four steps to damnation: How crises, failures, and suffering finally drove a Presidential adviser to the wrong side of the barricades, Sunday April 29, 2001 Guardian.,4273,4177445,00.html

• Perkins, John, 2005, Confessions of an Economic Hitman, Plume.

• Pollin, Robert, Contours of Descent: U.S. Economic Fractures and the Landscape of Global Austerity (Verso 2003);

• Poznanski, Kazimierz, “Negative Globalization: Expropriation of Eastern Europe From National Capital” (Introduction and two chapters, I will send them to you.) [Now it only has a Chinese edition, but will have an English Edition published.]

• Stiglitz, Joseph, 2001, Globalization and Its Discontents (W.W. Norton, Washington, DC.)
2003, The Roaring Nineties (W.W. Norton, Washington DC.)

• Sutcliffe, Bob. 2003. A More or Less Unequal World? World Income Distribution in the 20th Century. The Political Economy Research Institute, University of Massachusetts Amherst, Working Paper 54. Website:

• Wade, Robert Hunter. 2003. Poverty and Income Distribution: What Is the Evidence? In Ann Pettifor (ed.), Real World Economic Outlook, pp. 138-151. New York: Palgrave Macmillan.

• World Bank, “Transition: the First Ten Years—Analysis and Lessons for Eastern Europe and the Former Soviet Union”, 2002.

4. “Globalization, World Inequality and Asian Growth” by Jomo K.S

Suggested Readings:

• K.S. Jomo .Globalization, world inequality and Asian growth, IDEAs Shanghai abstract.(IDEAs Shanghai abstract 060822).

• David Woodward and Andrew Simms .”Growth is Failing the Poor: The Unbalanced Distribution of the Benefi ts and Costs of Global Economic Growth.”. DESA Working Paper No. 20, March 2006. (20 Woodward Simms).

• Bob Sutcliffe. 2005. “A Converging or Diverging World?” DESA Working Paper No. 2. October 2005. (02 Sutcliffe 0511).

• Albert Berry and John Serieux. “Riding the Elephants: The Evolution of World Economic Growth and Income Distribution at the End of the Twentieth Century (1980-2000)”. (Berry Serieux)

5. “Global trade patterns and their implications” by Franklin Serrano

Suggested Readings

• C.P. Chandrasekhar & Jayati Ghosh (2005) “THE MYTH OF A GLOBAL SAVINGS GLUT”, available at

• Alex Izurieta (2005) “Hazardous Inertia of Imbalances in the U.S. and World Economies”, Economic and Political Weekly, august 30, 2005.

• Franklin Serrano (2003) “The US Current Account Deficit under the Floating Dollar Standard”, available at

• Franklin Serrano 2004 “Power Relations and American Macroeconomic Policy, from Bretton Woods to the Floating Dollar Standard”, mimeo, IE-UFRJ, 2004 [section “The stabilisation of the floating dollar standard (1985-2004)”].

• Michael Dooley, David Folkerts-Landau & Peter Garber (2005) “International Finanacial Stability: Asia, Interest Rates, and the Dollar”, Deutsche Bank, October, 2005 [ chapters I, III, V, VIII and IX ].

• Ronald Mckinnon (2005a) “Trapped by the International Dollar Standard”, mimeo, Stanford University, 2005.

• Ronald McKinnon (2005b) “Exchange Rates, Wages, and International Adjustment: Japan and China versus the United States”, mimeo, Stanford University, 2005.

• Thomas I. Palley (2006) “The Fallacy of the Revised Bretton Woods Hypothesis: Why Today’s System is Unsustainable and Suggestions for a Replacement”, February 2006 , available at

• Carlos Medeiros & Franklin Serrano 2006 “Capital Flows to Developing Countries: A critical view base don the Brazilian Experience” in M. Vernengo Monetary Integration And Dollarization : No Panacea,Edward Elgar [p.218-228 only].

• Carlos Medeiros (2004) “The Political Economy of U.S. – Led Internationalization: Germany, Japan and China”, mimeo, IE-UFRJ, 2004 [especially the section “The Centralization of Asia in China, Exchange Rate Policy, and Trade Flows” ].

• UNCTAD 2005 Trade and Development Report, UNTAD, Geneva,2005
[especially chapters I and III].

• C.P. Chandrasekhar & Jayati Ghosh (2006) “Oil and The Tenuous Global Balance”, available at . Industrialization and Economic Growth in Mexico after

6. “Employment Generation under Globalisation” By Jayati Ghosh

• Jayati Ghosh. 2003, “Exporting Jobs or watching them disappear? Relocation, Employment and Accumulation in the World Economy” in C.P.Chandrasekhar and Jayati Ghosh (ed.) ‘Work and well-being in the age of Finance’, Muttukadu Papers 1, Tulika Books.

• “ASIA-PACIFIC HUMAN DEVELOPMENT REPORT 2006 Trade on Human Terms Transforming Trade for Human Development in Asia and the Pacific”, published for the United Nations Development Programme(chapter on trade and employment)

• Jayati Ghosh, 2004. ” Movement of service suppliers: trade agreements and human development” (DraftChapter for Report on Trade and Human Development in Asia). (chapter-JG rev Aug 04).

• Jayati Ghosh, 2003. “Changes in the world of work”, Keynote Paper for Indian Society of Labour Economics Annual Conference Jadavpur University, Kolkata, December 2003. (isle changes in world of work).

• Jayati Ghosh, 2005. “Economic insecurity in South Asia”, Chapter for HDRSA on Human Security. (eco insecurity in South Asia revised).

• Jayati Ghosh , 2006. “Labour regulation and employment growth” Ganashakti.(unemployment in ICs)

• Shipra Nigam, 2006. ” Trade and Employment : Trade Integration and Employment: A Theoretical and Empirical Overview“.

7.”Growth, poverty and distribution: the Latin American experience” by Juan Carlos Moreno-Brid.

Suggested Readings:

• Juan Carlos Moreno-Brid, Jesu’ s Santamari’ a and Juan Carlos Rivas Valdivia (2005). “Industrialization and Economic Growth in Mexico after NAFTA: The RoadTravelled”. Development and Change 36(6): 1095–1119 (2005). # Institute of Social Studies Blackwell Publishing, 2005. (Economic growth and trade liberalization in MEXICO)

• “Old Wine In New Bottles? Economic Policymaking by Left-of-center Governments in Latin America” By Juan Carlos Moreno- Brid And Igor Paunovic. Re Vista- Harvard Review of Latin America, Spring/Summer 2006. (Harvard Review JCMB-IP)

• José Antonio Ocampo. “LIGHTS AND SHADOWS IN LATIN AMERICAN STRUCTURAL REFORMS”, revised version of a paper prepared for the Conference on “Social and Economic Impacts of Liberalization and Globalization: Effects on Labor Markets and Income Distribution”, organized by the Centre for International Studies of the University of Toronto, in Honor of Professor Albert Berry, 2003. (Lights and Shadows of Reform in Latin America)

8. “Growth and Distribution in the World Economy” by Francis Cripps

• Izurieta A. and T. McKinley. 2006. ‘World Macroeconomic Imbalances and Developing Regions: Risks and Responses’, Working Paper, International Poverty Centre, Brasilia.

• Godley W. 1999. ‘Seven Unsustainable Processes. Medium-Term Prospects and Policies for the United States and the World’. Levy Economics Institute Strategic Analysis Series, September.

• Izurieta, A. 2005. ‘Hazardous Inertia of Imbalances in the US and World Economy’, Economic and Political Weekly, August.

• Mukherjee C., H. White and M. Wuyts.1998. ‘Econometrics and Data Analysis for Developing Countries’. Routledge.

• Taylor, L. and R. von Arnim. 2006. ‘Modelling the Impact of Trade Liberalisation. A Critique of Computable General Equilibrium Models’. Oxfam.

• Vos, R. 1994. ‘Debt and Adjustment in the World Economy: Structural Asymmetries in North-South Interactions’, London: Macmillan; in association with the Institute of Social Studies, Netherlands.

9. “On the Political Economy of Monetary Policy” by Saul Kiefman

Suggested readings:

• Barro, R. and D. Gordon (1983) “A Positive Theory of Monetary Policy in a Natural Rate Model“, Journal of Political Economy, vol. 91, no. 4.

• Buchanan, J. (1987) “Constitutional economics”, J. Eatwell, M. Milgate and P. Newman (ed.) The New Palgrave, Mcmillan.

• Eichengreen, B. (1996) Globalizing Capital: a history of the international monetary system, Princeton University Press.(1991) “The Origin and Nature of the Great Slump, Revisited”, Working Paper No. 91-156, University of California, Berkeley, March.(1985) “Editor’s introduction”, in B. Eichengreen (ed.) The Gold Standard in Theory and History, Methuen.

• Eichengreen, B. and P. Temin (2001) “Counterfactual Histories of the Great Depression”, Epilogue to T. Theobald (ed.) The World Economy and National Economies Between the Wars.

• Giavazzi, F. y M. Pagano (1988) “The Advantage of Tying One’s Hands: EMS Discipline and Central Bank Credibility“, European Economic Review, 32.

• Kydland, F. y E. Prescott (1977) “Rules Rather than Discretion: The Inconsistency of Optimal Plans“, Journal of Political Economy, vol. 85, no. 3.

• Polanyi, Karl (1957) [1944] The Great Transformation, Rinehart, Nueva York.

• Strotz, R. (1956) “Myopia and Inconsistency in Dynamic Utility Maximization”, Review of Economic Studies, 23.

• Temin, P. (1989) Lessons from the Great Depression, MIT Press.

• Triffin, R. (1968) “Myths and realities of the Gold Standard: 1815-1913”, in Our International Monetary System: Yesterday, Today and Tomorrow, Random House.