A World of Inequality Jayati Ghosh

Now Wall Street has made it official: the boom is finally over and the world economy is not going to be quite the same for a while. But before we think of how to deal with the current mess, we need to figure out what that boom actually meant for most people in the world. Everyone now knows it was unsustainable, a flimsy house of cards that greedy and irresponsible financial institutions could build because deregulation allowed dodgy practices. The economic boom drew rapaciously and fecklessly on natural resources. It was also deeply unequal. Contrary to general perception, most people…

From Liberalization to Investment and Jobs: Lost in tsssranslation Yilmaz Akyüz

This paper discusses the experience of late industrializers in harnessing profits through industrial-cum-investment policies for faster accumulation. It is found that the performance of a large number of developing countries which have adopted a strategy of reigniting a dynamic process of capital accumulation and growth through a combination of rapid liberalization, increased reliance on foreign capital and reduced public investment and policy intervention is highly disappointing. The paper also examines the impact of macroeconomic and financial policies on accumulation, employment and growth, and concludes with a discussion of policy priorities. lost_translation (Download the full text in PDF format)