Alasdair Roberts
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780195374988
- eISBN:
- 9780199776849
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195374988.001.0001
- Subject:
- Political Science, American Politics
The era of economic liberalization, spanning 1978 to 2008, is often regarded as a period in which government was simply dismantled. In fact, government was reconstructed to meet the needs of a ...
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The era of economic liberalization, spanning 1978 to 2008, is often regarded as a period in which government was simply dismantled. In fact, government was reconstructed to meet the needs of a globalized economy. Central banking, fiscal control, tax collection, regulation, port and airport management, infrastructure development—in all of these areas, radical reforms were made to the architecture of government. A common philosophy shaped all of these reforms: the logic of discipline. It was premised on deep skepticism about the ability of democratic processes to make sensible policy choices. It sought to impose constraints on elected officials and citizens, often by shifting power to technocrat-guardians who were shielded from political influence. It placed great faith in the power of legal changes—new laws, treaties, and contracts—to produce significant alterations in the performance of governmental systems. Even before the global economic crisis of 2007-2009, the logic of discipline was under assault. Faced with many failed reform projects, advocates of discipline realized that they had underestimated the complexity of governmental change. Opponents of discipline emphasized the damage to democratic values that followed from the empowerment of new groups of technocrat-guardians. The financial crisis did further damage to the logic of discipline, as governments modified their attitudes about central bank independence and fiscal control, and global financial and trade flows declined. It was the market that now appeared to behave myopically and erratically, and which now insisted that governments should abandon precepts about the role of government that it had once insisted were inviolable. An account of neoliberal governmental restructuring across the world, The Logic of Discipline offers an analysis of how this undemocratic model is unravelling in the face of a monumental and ongoing failure of the market.Less
The era of economic liberalization, spanning 1978 to 2008, is often regarded as a period in which government was simply dismantled. In fact, government was reconstructed to meet the needs of a globalized economy. Central banking, fiscal control, tax collection, regulation, port and airport management, infrastructure development—in all of these areas, radical reforms were made to the architecture of government. A common philosophy shaped all of these reforms: the logic of discipline. It was premised on deep skepticism about the ability of democratic processes to make sensible policy choices. It sought to impose constraints on elected officials and citizens, often by shifting power to technocrat-guardians who were shielded from political influence. It placed great faith in the power of legal changes—new laws, treaties, and contracts—to produce significant alterations in the performance of governmental systems. Even before the global economic crisis of 2007-2009, the logic of discipline was under assault. Faced with many failed reform projects, advocates of discipline realized that they had underestimated the complexity of governmental change. Opponents of discipline emphasized the damage to democratic values that followed from the empowerment of new groups of technocrat-guardians. The financial crisis did further damage to the logic of discipline, as governments modified their attitudes about central bank independence and fiscal control, and global financial and trade flows declined. It was the market that now appeared to behave myopically and erratically, and which now insisted that governments should abandon precepts about the role of government that it had once insisted were inviolable. An account of neoliberal governmental restructuring across the world, The Logic of Discipline offers an analysis of how this undemocratic model is unravelling in the face of a monumental and ongoing failure of the market.
Daviken Studnicki-Gizbert
- Published in print:
- 2007
- Published Online:
- January 2010
- ISBN:
- 9780195175691
- eISBN:
- 9780199872060
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195175691.001.0001
- Subject:
- History, European Medieval History
With the opening of sea routes in the 15th century, groups of men and women left Portugal to establish themselves across the ports and cities of the Atlantic or Ocean Sea. They were refugees and ...
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With the opening of sea routes in the 15th century, groups of men and women left Portugal to establish themselves across the ports and cities of the Atlantic or Ocean Sea. They were refugees and migrants, traders and mariners, Jews, Catholics, and the Marranos of mixed Judaic-Catholic culture. They formed a diasporic community known by contemporaries as the Portuguese Nation. By the early 17th century, this nation without a state had created a remarkable trading network that spanned the Atlantic, reached into the Indian Ocean and Asia, and generated millions of pesos that were used to bankroll the Spanish Empire. This book traces the story of the Portuguese Nation from its emergence in the late 15th century to its fragmentation in the middle of the 17th, and situates it in relation to the parallel expansion and crisis of Spanish imperial dominion in the Atlantic. Against the backdrop of this relationship, the book reconstitutes the rich inner life of a community based on movement, maritime trade, and cultural hybridity. We are introduced to mariners and traders in such disparate places as Lima, Seville and Amsterdam, their day-to-day interactions and understandings, their houses and domestic relations, private reflections and public arguments. This account reveals how the Portuguese Nation created a cohesive and meaningful community despite the mobility and dispersion of its members; how its forms of sociability fed into the development of robust transatlantic commercial networks; and how the day-to-day experience of trade was translated into the sphere of Spanish imperial politics as merchants of the Portuguese Nation took up the pen to advocate a program of commercial reform based on religious-ethnic toleration and the liberalization of trade.Less
With the opening of sea routes in the 15th century, groups of men and women left Portugal to establish themselves across the ports and cities of the Atlantic or Ocean Sea. They were refugees and migrants, traders and mariners, Jews, Catholics, and the Marranos of mixed Judaic-Catholic culture. They formed a diasporic community known by contemporaries as the Portuguese Nation. By the early 17th century, this nation without a state had created a remarkable trading network that spanned the Atlantic, reached into the Indian Ocean and Asia, and generated millions of pesos that were used to bankroll the Spanish Empire. This book traces the story of the Portuguese Nation from its emergence in the late 15th century to its fragmentation in the middle of the 17th, and situates it in relation to the parallel expansion and crisis of Spanish imperial dominion in the Atlantic. Against the backdrop of this relationship, the book reconstitutes the rich inner life of a community based on movement, maritime trade, and cultural hybridity. We are introduced to mariners and traders in such disparate places as Lima, Seville and Amsterdam, their day-to-day interactions and understandings, their houses and domestic relations, private reflections and public arguments. This account reveals how the Portuguese Nation created a cohesive and meaningful community despite the mobility and dispersion of its members; how its forms of sociability fed into the development of robust transatlantic commercial networks; and how the day-to-day experience of trade was translated into the sphere of Spanish imperial politics as merchants of the Portuguese Nation took up the pen to advocate a program of commercial reform based on religious-ethnic toleration and the liberalization of trade.
Suresh Tendulkar and T.A. Bhavani
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780198085584
- eISBN:
- 9780199082087
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198085584.001.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This book analyses the background and context of the reforms since 1991, while tracing the remarkable transformation of India from a slow-growing economy to one of the fastest in the world. It ...
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This book analyses the background and context of the reforms since 1991, while tracing the remarkable transformation of India from a slow-growing economy to one of the fastest in the world. It critically analyses the growth strategy under Nehruvian socialism and the slow growth rate of the Indian economy and, thus, draws attention to the factors that led to reforms. It also describes how reforms were sustained in a low-income economy with large diversities and how they successfully survived the emergence of several coalition governments at the centre as well as the increasing regionalization of Indian politics. It shows how reforms unleashed India’s latent entrepreneurship through increasingly liberalized competitive markets and enabled faster and sustained economic growth, which contributed to improved living standards and reduction of abject poverty. It takes stock of specific reforms initiatives undertaken by the government and the challenges that lie ahead.Less
This book analyses the background and context of the reforms since 1991, while tracing the remarkable transformation of India from a slow-growing economy to one of the fastest in the world. It critically analyses the growth strategy under Nehruvian socialism and the slow growth rate of the Indian economy and, thus, draws attention to the factors that led to reforms. It also describes how reforms were sustained in a low-income economy with large diversities and how they successfully survived the emergence of several coalition governments at the centre as well as the increasing regionalization of Indian politics. It shows how reforms unleashed India’s latent entrepreneurship through increasingly liberalized competitive markets and enabled faster and sustained economic growth, which contributed to improved living standards and reduction of abject poverty. It takes stock of specific reforms initiatives undertaken by the government and the challenges that lie ahead.
Abhijit Vinayak Banerjee
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780195305197
- eISBN:
- 9780199783519
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195305191.003.0006
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This essay begins with a discussion of the Samuelson-Stolper Theorem, which states that if a labor-abundant country is opened to trade with a labor-scarce country, laborers in the first country and ...
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This essay begins with a discussion of the Samuelson-Stolper Theorem, which states that if a labor-abundant country is opened to trade with a labor-scarce country, laborers in the first country and the employers in the second will profit at the expense of the workers in the second country and the employers in the first. It then looks at the trade following World War II under the supervision of the newly created guardians of the world trading system: the World Bank, the IMF, and the GATT, as well as trade liberalization in Mexico, Latin America, and Asia. It discusses the issue of reputation: what it means to countries and how it determines what a country ends up exporting to the world.Less
This essay begins with a discussion of the Samuelson-Stolper Theorem, which states that if a labor-abundant country is opened to trade with a labor-scarce country, laborers in the first country and the employers in the second will profit at the expense of the workers in the second country and the employers in the first. It then looks at the trade following World War II under the supervision of the newly created guardians of the world trading system: the World Bank, the IMF, and the GATT, as well as trade liberalization in Mexico, Latin America, and Asia. It discusses the issue of reputation: what it means to countries and how it determines what a country ends up exporting to the world.
Vijay Joshi and I. M. D Little
- Published in print:
- 1996
- Published Online:
- November 2003
- ISBN:
- 9780198290780
- eISBN:
- 9780191596506
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198290780.001.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This book is a follow‐up study to an earlier work tracing India's economy up to 1991. Here the focus is on the economic reforms introduced after the financial crisis of 1991. The authors examine the ...
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This book is a follow‐up study to an earlier work tracing India's economy up to 1991. Here the focus is on the economic reforms introduced after the financial crisis of 1991. The authors examine the different areas of the economy and outline the successes and effects of reform measures. They utilize economic theory and knowledge to suggest ways to liberalize the economy and open up the market to revitalize the Indian economy alongside those reforms already implemented. They end with predictions of the future of economic reforms and what sectors should be seen as priorities for prospective development.Less
This book is a follow‐up study to an earlier work tracing India's economy up to 1991. Here the focus is on the economic reforms introduced after the financial crisis of 1991. The authors examine the different areas of the economy and outline the successes and effects of reform measures. They utilize economic theory and knowledge to suggest ways to liberalize the economy and open up the market to revitalize the Indian economy alongside those reforms already implemented. They end with predictions of the future of economic reforms and what sectors should be seen as priorities for prospective development.
Rupa Chanda
- Published in print:
- 2011
- Published Online:
- September 2012
- ISBN:
- 9780198069959
- eISBN:
- 9780199080021
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198069959.001.0001
- Subject:
- Economics and Finance, South and East Asia
This book analyses the prospects for services integration in South Asia, focusing on member countries of the South Asian Association for Regional Cooperation (SAARC) — India, Bhutan, Bangladesh, ...
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This book analyses the prospects for services integration in South Asia, focusing on member countries of the South Asian Association for Regional Cooperation (SAARC) — India, Bhutan, Bangladesh, Pakistan, Nepal, Sri Lanka, and the Maldives. SAARC turned to trade promotion in order to achieve greater regional integration, starting with the signing of the SAARC Preferential Trade Agreement (SAPTA) in April 1993. The book discusses the role and performance of services within the region and identifies those services and areas which offer good and varied prospects for intra-regional integration. It also assesses the status of liberalization and reforms as well as current levels of intra-regional engagement in services in order to highlight the policy environment and existing opportunities and interests in the regional market. Furthermore, the book looks at multilateral and extra-regional/bilateral commitments made by the member countries of the South Asian Free Trade Agreement (SAFTA) in services and their positions on key issues in order to evaluate their preparedness to commit under SAFTA. Finally, the book considers negotiating priorities in different services and on cross-cutting issues to point out possible modalities for negotiation.Less
This book analyses the prospects for services integration in South Asia, focusing on member countries of the South Asian Association for Regional Cooperation (SAARC) — India, Bhutan, Bangladesh, Pakistan, Nepal, Sri Lanka, and the Maldives. SAARC turned to trade promotion in order to achieve greater regional integration, starting with the signing of the SAARC Preferential Trade Agreement (SAPTA) in April 1993. The book discusses the role and performance of services within the region and identifies those services and areas which offer good and varied prospects for intra-regional integration. It also assesses the status of liberalization and reforms as well as current levels of intra-regional engagement in services in order to highlight the policy environment and existing opportunities and interests in the regional market. Furthermore, the book looks at multilateral and extra-regional/bilateral commitments made by the member countries of the South Asian Free Trade Agreement (SAFTA) in services and their positions on key issues in order to evaluate their preparedness to commit under SAFTA. Finally, the book considers negotiating priorities in different services and on cross-cutting issues to point out possible modalities for negotiation.
Georg Menz
- Published in print:
- 2008
- Published Online:
- October 2011
- ISBN:
- 9780199551033
- eISBN:
- 9780191701573
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199551033.003.0006
- Subject:
- Political Science, Comparative Politics, Political Economy
This introductory chapter discusses Capitalism and Europeanization. Europeanization is conceived of as a top-down process that is implemented at and adjusted to the national level. However, it can ...
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This introductory chapter discusses Capitalism and Europeanization. Europeanization is conceived of as a top-down process that is implemented at and adjusted to the national level. However, it can also be conditioned to be a bottom-up national initiative. Recent endeavors in a comparative political economy have emphasized the resilience of coordinated market economies. Detailed empirical studies have examined how different European systems of political-economic governance cope with and respond to an European impetus for liberalization.Less
This introductory chapter discusses Capitalism and Europeanization. Europeanization is conceived of as a top-down process that is implemented at and adjusted to the national level. However, it can also be conditioned to be a bottom-up national initiative. Recent endeavors in a comparative political economy have emphasized the resilience of coordinated market economies. Detailed empirical studies have examined how different European systems of political-economic governance cope with and respond to an European impetus for liberalization.
Johan F. M. Swinnen
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199288915
- eISBN:
- 9780191603518
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199288917.003.0008
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter explains why, when, and how transition countries liberalized their agricultural markets. It explains why China opted for a gradual liberalization, and why a much more radical approach ...
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This chapter explains why, when, and how transition countries liberalized their agricultural markets. It explains why China opted for a gradual liberalization, and why a much more radical approach was chosen in Eastern Europe and the former Soviet Union.Less
This chapter explains why, when, and how transition countries liberalized their agricultural markets. It explains why China opted for a gradual liberalization, and why a much more radical approach was chosen in Eastern Europe and the former Soviet Union.
Olivier Cadot, Antoni Estevadeordal, Akiko Suwa-Eisenmann, and Thierry Verdier
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199290482
- eISBN:
- 9780191603471
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199290482.003.0005
- Subject:
- Economics and Finance, International
Little analytical attention has so far been devoted to the issue of rules of origin in a services and investment context. This chapter wades into this largely uncharted territory by advancing a few ...
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Little analytical attention has so far been devoted to the issue of rules of origin in a services and investment context. This chapter wades into this largely uncharted territory by advancing a few thoughts on a range of economic and legal considerations arising from the way in which various agreements seek to determine and condition who gets to benefit from services trade and investment liberalization. It focuses on the practice of preferential and non-preferential services trade liberalization as found in various bilateral and regional trade and investment agreements as well as the World Trade Organization’s (WTO) General Agreement on Trade in Services (GATS). It addresses a range of conceptual issues relating to services trade that impinge upon the design and implementation of rules of origin for services. The discussion draws attention to a number of salient characteristics of trade in services that limit the usefulness of concepts and approaches to origin developed in the context of trade in goods. Attention is also drawn to a number of economic considerations that should inform the design of rules of origin for services trade to minimize the potentially adverse effects of trade and investment diversion, and maximize the economy-wide gains in allocative efficiency that well-designed services liberalization can entail.Less
Little analytical attention has so far been devoted to the issue of rules of origin in a services and investment context. This chapter wades into this largely uncharted territory by advancing a few thoughts on a range of economic and legal considerations arising from the way in which various agreements seek to determine and condition who gets to benefit from services trade and investment liberalization. It focuses on the practice of preferential and non-preferential services trade liberalization as found in various bilateral and regional trade and investment agreements as well as the World Trade Organization’s (WTO) General Agreement on Trade in Services (GATS). It addresses a range of conceptual issues relating to services trade that impinge upon the design and implementation of rules of origin for services. The discussion draws attention to a number of salient characteristics of trade in services that limit the usefulness of concepts and approaches to origin developed in the context of trade in goods. Attention is also drawn to a number of economic considerations that should inform the design of rules of origin for services trade to minimize the potentially adverse effects of trade and investment diversion, and maximize the economy-wide gains in allocative efficiency that well-designed services liberalization can entail.
Mark Thatcher
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780199245680
- eISBN:
- 9780191715273
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199245680.003.0010
- Subject:
- Political Science, Political Economy
This chapter shows how and why policy forms of internationalisation helped to undermine well-entrenched institutions in France, Germany, and Italy that had survived previous attempts at reform. ...
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This chapter shows how and why policy forms of internationalisation helped to undermine well-entrenched institutions in France, Germany, and Italy that had survived previous attempts at reform. Policy makers feared regulatory competition from Britain after its reforms of 1984 while EU regulation from 1988 offered occasions for change, arguments to legitimate reform, and opportunities for national champions to become international ones. Aided by these two international factors, governments and national suppliers formed broader reform coalitions that were able to overcome strong resistance and introduce sweeping institutional changes, notably privatisation of incumbent suppliers, termination of monopolies, and delegation of powers to independent sectoral agencies. Thus, by 2005, France, Germany, and Italy had broken with deeply-rooted domestic institutions that protected national suppliers from competition. Instead, they had adopted an institutional model of a liberalised market with private suppliers and independent regulatory agencies, which was similar to that in Britain but reached through a different route.Less
This chapter shows how and why policy forms of internationalisation helped to undermine well-entrenched institutions in France, Germany, and Italy that had survived previous attempts at reform. Policy makers feared regulatory competition from Britain after its reforms of 1984 while EU regulation from 1988 offered occasions for change, arguments to legitimate reform, and opportunities for national champions to become international ones. Aided by these two international factors, governments and national suppliers formed broader reform coalitions that were able to overcome strong resistance and introduce sweeping institutional changes, notably privatisation of incumbent suppliers, termination of monopolies, and delegation of powers to independent sectoral agencies. Thus, by 2005, France, Germany, and Italy had broken with deeply-rooted domestic institutions that protected national suppliers from competition. Instead, they had adopted an institutional model of a liberalised market with private suppliers and independent regulatory agencies, which was similar to that in Britain but reached through a different route.
Mark Thatcher
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780199245680
- eISBN:
- 9780191715273
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199245680.003.0013
- Subject:
- Political Science, Political Economy
Postal services seem an unlikely case for internationalisation. Postal institutions have deep national roots. Few transnational technological and economic developments have taken place, neither the ...
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Postal services seem an unlikely case for internationalisation. Postal institutions have deep national roots. Few transnational technological and economic developments have taken place, neither the US nor Britain liberalised or even privatised their state-owned post offices and the scope for international regulatory competition is low. The main form of internationalisation has been EU regulation between the mid-1990s and 2005. Nevertheless, from the late 1990s, significant institutional alterations were made, as postal operators became more commercial organisations and expanded overseas. EU regulation provided both pressure for change and justifications for it. The case of postal services underlines the role of EU regulation even in the absence of transnational technological and economic pressures, or prior reforms in the US or Britain through its legal requirements, and more importantly, its indirect influence through being used by actors in the domestic policy process.Less
Postal services seem an unlikely case for internationalisation. Postal institutions have deep national roots. Few transnational technological and economic developments have taken place, neither the US nor Britain liberalised or even privatised their state-owned post offices and the scope for international regulatory competition is low. The main form of internationalisation has been EU regulation between the mid-1990s and 2005. Nevertheless, from the late 1990s, significant institutional alterations were made, as postal operators became more commercial organisations and expanded overseas. EU regulation provided both pressure for change and justifications for it. The case of postal services underlines the role of EU regulation even in the absence of transnational technological and economic pressures, or prior reforms in the US or Britain through its legal requirements, and more importantly, its indirect influence through being used by actors in the domestic policy process.
Joseph Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780199288144
- eISBN:
- 9780191603884
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199288143.001.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This book discusses the current debates on macroeconomics, capital market liberalization, and development, and develops a new framework within which one can assess alternative policies. The authors ...
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This book discusses the current debates on macroeconomics, capital market liberalization, and development, and develops a new framework within which one can assess alternative policies. The authors share the belief that the Washington consensus has advocated for narrow goals for development (with a focus on price stability), prescribed too few policy instruments (emphasizing monetary and fiscal policies), and places unwarranted faith in the role of markets. The new framework focuses on real stability and long-term sustainable and equitable growth, offers a variety of non-standard ways to stabilize the economy and promote growth, and accepts that market imperfections necessitate government interventions. Economists have traditionally divided their field into macroeconomics and microeconomics, with macroeconomics further divided into stabilization policy and growth. Since most policy discussions and much of the assignment of institutional responsibilities have followed these divisions, policy-makers have pursued stabilization goals with little concern for growth consequences, while trying to increase growth through structural reforms focused on improving economic efficiency. Moreover, structural policies, such as capital market liberalization, have had major consequences for economic stability. This book challenges these divisions by arguing that stabilization policy has important consequences for long-term growth and has often been implemented with adverse consequences. The first part of the book introduces the key questions and looks at the objectives of economic policy from different perspectives. The second part examines the central issues of macroeconomics, presenting an analysis of economic models and policy perspectives on stabilization from conservative, Keynesian, and heterodox perspectives. The third part presents a similar analysis for capital market liberalization (CML).Less
This book discusses the current debates on macroeconomics, capital market liberalization, and development, and develops a new framework within which one can assess alternative policies. The authors share the belief that the Washington consensus has advocated for narrow goals for development (with a focus on price stability), prescribed too few policy instruments (emphasizing monetary and fiscal policies), and places unwarranted faith in the role of markets. The new framework focuses on real stability and long-term sustainable and equitable growth, offers a variety of non-standard ways to stabilize the economy and promote growth, and accepts that market imperfections necessitate government interventions. Economists have traditionally divided their field into macroeconomics and microeconomics, with macroeconomics further divided into stabilization policy and growth. Since most policy discussions and much of the assignment of institutional responsibilities have followed these divisions, policy-makers have pursued stabilization goals with little concern for growth consequences, while trying to increase growth through structural reforms focused on improving economic efficiency. Moreover, structural policies, such as capital market liberalization, have had major consequences for economic stability. This book challenges these divisions by arguing that stabilization policy has important consequences for long-term growth and has often been implemented with adverse consequences. The first part of the book introduces the key questions and looks at the objectives of economic policy from different perspectives. The second part examines the central issues of macroeconomics, presenting an analysis of economic models and policy perspectives on stabilization from conservative, Keynesian, and heterodox perspectives. The third part presents a similar analysis for capital market liberalization (CML).
Milada Anna Vachudova
- Published in print:
- 2005
- Published Online:
- April 2005
- ISBN:
- 9780199241194
- eISBN:
- 9780191602382
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199241198.003.0002
- Subject:
- Political Science, European Union
The quality of political competition at the moment of regime change determined whether East European states embarked on a liberal or an illiberal pattern of political change after 1989. It was ...
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The quality of political competition at the moment of regime change determined whether East European states embarked on a liberal or an illiberal pattern of political change after 1989. It was initially determined by the presence or absence of an opposition to communism strong enough to take power in 1989, and secondarily by the presence or absence of a reforming communist party. This chapter makes the theoretical case for why political competition is central to understanding variation in the domestic trajectories of post-communist states. It also presents a model of the causal mechanisms that translate different levels of political competition into liberal and illiberal political outcomes.Less
The quality of political competition at the moment of regime change determined whether East European states embarked on a liberal or an illiberal pattern of political change after 1989. It was initially determined by the presence or absence of an opposition to communism strong enough to take power in 1989, and secondarily by the presence or absence of a reforming communist party. This chapter makes the theoretical case for why political competition is central to understanding variation in the domestic trajectories of post-communist states. It also presents a model of the causal mechanisms that translate different levels of political competition into liberal and illiberal political outcomes.
Milada Anna Vachudova
- Published in print:
- 2005
- Published Online:
- April 2005
- ISBN:
- 9780199241194
- eISBN:
- 9780191602382
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199241198.003.0005
- Subject:
- Political Science, European Union
The EU had a negligible impact on the course of political change in the new democracies from 1989 to 1994. This chapter traces empirically the relationship between the EU and the liberal and ...
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The EU had a negligible impact on the course of political change in the new democracies from 1989 to 1994. This chapter traces empirically the relationship between the EU and the liberal and illiberal pattern states during this period. The EU’s passive leverage merely reinforced the (relatively) comprehensive reforms adopted by governing elites in the liberal states, while failing to avert or modify the rent-seeking behaviour of elites in the illiberal states. This chapter also reveals how the liberal states came to appreciate fully the benefits of EU membership through exposure to the protectionism of the EU during the negotiation and the implementation of the Europe Agreements. Meanwhile, the EU itself slowly came to terms with the prospect of a future eastern enlargement.Less
The EU had a negligible impact on the course of political change in the new democracies from 1989 to 1994. This chapter traces empirically the relationship between the EU and the liberal and illiberal pattern states during this period. The EU’s passive leverage merely reinforced the (relatively) comprehensive reforms adopted by governing elites in the liberal states, while failing to avert or modify the rent-seeking behaviour of elites in the illiberal states. This chapter also reveals how the liberal states came to appreciate fully the benefits of EU membership through exposure to the protectionism of the EU during the negotiation and the implementation of the Europe Agreements. Meanwhile, the EU itself slowly came to terms with the prospect of a future eastern enlargement.
Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780199288144
- eISBN:
- 9780191603884
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199288143.003.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter introduces the book and lays out the key questions of macroeconomic policy. Economists differ greatly in their views and policy prescriptions. All economic policies, though, have ...
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This chapter introduces the book and lays out the key questions of macroeconomic policy. Economists differ greatly in their views and policy prescriptions. All economic policies, though, have trade-offs. Policy choices come with risks, and the risks involve different beneficiaries and victims. Political processes play a key role in macroeconomic policy just as they do in most arenas of economic decision-making. If there were no alternative policies, or if one approach were best for everyone, then we could leave the design of economic policy to domestic and international technocrats and bureaucrats. But there are always alternatives and trade-offs so choices are political in nature and cannot be left to technocrats.Less
This chapter introduces the book and lays out the key questions of macroeconomic policy. Economists differ greatly in their views and policy prescriptions. All economic policies, though, have trade-offs. Policy choices come with risks, and the risks involve different beneficiaries and victims. Political processes play a key role in macroeconomic policy just as they do in most arenas of economic decision-making. If there were no alternative policies, or if one approach were best for everyone, then we could leave the design of economic policy to domestic and international technocrats and bureaucrats. But there are always alternatives and trade-offs so choices are political in nature and cannot be left to technocrats.
Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780199288144
- eISBN:
- 9780191603884
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199288143.003.0010
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Although there is now a general recognition that capital market liberalization failed to help developing countries achieve economic growth and stability, the important question remains of why the ...
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Although there is now a general recognition that capital market liberalization failed to help developing countries achieve economic growth and stability, the important question remains of why the supporters of liberalization were so wrong. The chapter begins with the ‘debate in brief’, which presents the central arguments for and against CML. The next three sections look at the impact of capital market liberalization on stability, growth, and poverty. The chapter then discusses the impact of the international policy response to instability known as ‘bail-outs’. The sixth section presents a brief discussion on the interaction of capital market liberalization, political processes, and democracy.Less
Although there is now a general recognition that capital market liberalization failed to help developing countries achieve economic growth and stability, the important question remains of why the supporters of liberalization were so wrong. The chapter begins with the ‘debate in brief’, which presents the central arguments for and against CML. The next three sections look at the impact of capital market liberalization on stability, growth, and poverty. The chapter then discusses the impact of the international policy response to instability known as ‘bail-outs’. The sixth section presents a brief discussion on the interaction of capital market liberalization, political processes, and democracy.
Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780199288144
- eISBN:
- 9780191603884
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199288143.003.0011
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Underlying the failure of CML was an overly simple model that assumed efficient and complete markets. There are, however, problems with externalities and weak or absent insurance markets, especially ...
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Underlying the failure of CML was an overly simple model that assumed efficient and complete markets. There are, however, problems with externalities and weak or absent insurance markets, especially in developing countries, that these models did not consider. This chapter focuses on major categories of ‘market failures’. It examines the direct externalities associated with capital flows, and looks at how capital market liberalization can exacerbate the problems posed by coordination failures and broader macroeconomic failures. It also looks at the effect of imperfect information on investor behavior and the market failures associated with capital markets. It concludes with a discussion of the major objectives of government intervention.Less
Underlying the failure of CML was an overly simple model that assumed efficient and complete markets. There are, however, problems with externalities and weak or absent insurance markets, especially in developing countries, that these models did not consider. This chapter focuses on major categories of ‘market failures’. It examines the direct externalities associated with capital flows, and looks at how capital market liberalization can exacerbate the problems posed by coordination failures and broader macroeconomic failures. It also looks at the effect of imperfect information on investor behavior and the market failures associated with capital markets. It concludes with a discussion of the major objectives of government intervention.
Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780199288144
- eISBN:
- 9780191603884
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199288143.003.0012
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Although there is now a general recognition that capital market liberalization failed to help developing countries achieve economic growth and stability, there are still a number of unresolved ...
More
Although there is now a general recognition that capital market liberalization failed to help developing countries achieve economic growth and stability, there are still a number of unresolved controversies, including the fundamental issue of what types of capital market interventions governments should undertake, and more centrally, whether there exist any interventions for which the benefits exceed the costs. Given the importance that capital account interventions can play in macroeconomic policy-making, this chapter analyzes alternative modes of regulations, including case studies of Chile, Colombia, and Malaysia. Though economists have a strong proclivity for price-based interventions (taxes and subsidies) over quantity-based interventions (administrative restrictions and controls), theoretical work in economics has shown that sometimes quantity-based restrictions can reduce risk more effectively than price interventions. In addition to direct forms of interventions, such as taxes and restrictions on inflows and outflows, interventions in capital markets can also take on a variety of indirect forms such as limiting banks’ short-term foreign borrowing or applying adverse tax or bankruptcy treatment to foreign-denominated borrowing. Though the regulations vary in their methods, they generally serve to segment (or separate) the domestic and foreign exchange markets. The chapter concludes with a number of arguments for and against the various modes of capital market intervention.Less
Although there is now a general recognition that capital market liberalization failed to help developing countries achieve economic growth and stability, there are still a number of unresolved controversies, including the fundamental issue of what types of capital market interventions governments should undertake, and more centrally, whether there exist any interventions for which the benefits exceed the costs. Given the importance that capital account interventions can play in macroeconomic policy-making, this chapter analyzes alternative modes of regulations, including case studies of Chile, Colombia, and Malaysia. Though economists have a strong proclivity for price-based interventions (taxes and subsidies) over quantity-based interventions (administrative restrictions and controls), theoretical work in economics has shown that sometimes quantity-based restrictions can reduce risk more effectively than price interventions. In addition to direct forms of interventions, such as taxes and restrictions on inflows and outflows, interventions in capital markets can also take on a variety of indirect forms such as limiting banks’ short-term foreign borrowing or applying adverse tax or bankruptcy treatment to foreign-denominated borrowing. Though the regulations vary in their methods, they generally serve to segment (or separate) the domestic and foreign exchange markets. The chapter concludes with a number of arguments for and against the various modes of capital market intervention.
Robert Lensink, Mark McGillivray, and Pham Thi Thu Trà
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780199204762
- eISBN:
- 9780191603860
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199204764.003.0008
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Since 1986, Vietnam has gone through a process of economic reforms — a so-called ‘doimoi’, which included the liberalization of the financial sector. The most profound financial sector reform came in ...
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Since 1986, Vietnam has gone through a process of economic reforms — a so-called ‘doimoi’, which included the liberalization of the financial sector. The most profound financial sector reform came in 1995, when commercial banks were allowed to freely set deposit rates to enhance competition in raising funds. This paper commences with an overview of the Vietnamese financial sector and a survey of the main reforms to this sector implemented since the late 1980s. A descriptive analysis is then provided, which compares some key characteristics of pre- and post-financial reform borrowing and savings activities using the Vietnam Living Standard Surveys of 1992/93 and 1997/98. The paper then provides an econometric analysis of the determinants of loans from different types of lenders, examining the extent to which this was affected by the financial reforms.Less
Since 1986, Vietnam has gone through a process of economic reforms — a so-called ‘doimoi’, which included the liberalization of the financial sector. The most profound financial sector reform came in 1995, when commercial banks were allowed to freely set deposit rates to enhance competition in raising funds. This paper commences with an overview of the Vietnamese financial sector and a survey of the main reforms to this sector implemented since the late 1980s. A descriptive analysis is then provided, which compares some key characteristics of pre- and post-financial reform borrowing and savings activities using the Vietnam Living Standard Surveys of 1992/93 and 1997/98. The paper then provides an econometric analysis of the determinants of loans from different types of lenders, examining the extent to which this was affected by the financial reforms.
John Sutton
- Published in print:
- 2012
- Published Online:
- January 2013
- ISBN:
- 9780199274536
- eISBN:
- 9780191746123
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199274536.001.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This book offers a new perspective on the economics of globalization, based on the concepts of firms' capabilities as the immediate cause of countries' wealth. It presents new ways of looking at the ...
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This book offers a new perspective on the economics of globalization, based on the concepts of firms' capabilities as the immediate cause of countries' wealth. It presents new ways of looking at the way China, India, and Africa have been drawn into the global economy over the past two decades. It offers new perspectives on some of the most central questions in the current debate: What effects does the rise of China have for the advanced industrial economies? Why have some industries adapted quickly and effectively to the changing global scene, while others have not? How were the ‘Transition Economies’ of Eastern Europe affected by trade liberalization? How have the economic prospects of sub-Saharan African countries changed over the past decade? This analysis contributes to the recent literature on quality and trade, which is providing a new and different approach to the analysis of globalization, and which focuses on those economic mechanisms that are central to the current wave of this centuries-old phenomenon.Less
This book offers a new perspective on the economics of globalization, based on the concepts of firms' capabilities as the immediate cause of countries' wealth. It presents new ways of looking at the way China, India, and Africa have been drawn into the global economy over the past two decades. It offers new perspectives on some of the most central questions in the current debate: What effects does the rise of China have for the advanced industrial economies? Why have some industries adapted quickly and effectively to the changing global scene, while others have not? How were the ‘Transition Economies’ of Eastern Europe affected by trade liberalization? How have the economic prospects of sub-Saharan African countries changed over the past decade? This analysis contributes to the recent literature on quality and trade, which is providing a new and different approach to the analysis of globalization, and which focuses on those economic mechanisms that are central to the current wave of this centuries-old phenomenon.
