David Roodman
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780195168006
- eISBN:
- 9780199783458
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195168003.003.0002
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter presents an overview of the sovereign-debt initiatives from the last twenty-five years. It examines the programs devised by creditors, namely the World Bank and IMF, during the 1980s and ...
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This chapter presents an overview of the sovereign-debt initiatives from the last twenty-five years. It examines the programs devised by creditors, namely the World Bank and IMF, during the 1980s and 1990s, that aimed at addressing the mounting problem of developing-country debt. The “austerity” lending of the 1980s and the structural adjustment programs of the 1990s are discussed, and the inherent failings that characterized those efforts, including reduced public investment which has led to economic stagnation, are criticized.Less
This chapter presents an overview of the sovereign-debt initiatives from the last twenty-five years. It examines the programs devised by creditors, namely the World Bank and IMF, during the 1980s and 1990s, that aimed at addressing the mounting problem of developing-country debt. The “austerity” lending of the 1980s and the structural adjustment programs of the 1990s are discussed, and the inherent failings that characterized those efforts, including reduced public investment which has led to economic stagnation, are criticized.
Robin Archer
- Published in print:
- 1998
- Published Online:
- November 2003
- ISBN:
- 9780198295389
- eISBN:
- 9780191598722
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198295383.003.0009
- Subject:
- Political Science, Political Theory
Shows that the conditions for a control trade‐off were also met during the period of structural adjustment, which lasted from the mid‐1980s to the early 1990s and beyond. It examines restrictive work ...
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Shows that the conditions for a control trade‐off were also met during the period of structural adjustment, which lasted from the mid‐1980s to the early 1990s and beyond. It examines restrictive work practices, the impact of corporatism on labour market flexibility, skills and training, and the increase in workers’ control required by the growth of quality competitive customized production. The chapter also shows that a trade‐off would be feasible even if workers were solely concerned with their material well‐being and suggests that pursuing greater co‐determination and increasing control over the organization of work and training is a particularly promising strategy during such a period.Less
Shows that the conditions for a control trade‐off were also met during the period of structural adjustment, which lasted from the mid‐1980s to the early 1990s and beyond. It examines restrictive work practices, the impact of corporatism on labour market flexibility, skills and training, and the increase in workers’ control required by the growth of quality competitive customized production. The chapter also shows that a trade‐off would be feasible even if workers were solely concerned with their material well‐being and suggests that pursuing greater co‐determination and increasing control over the organization of work and training is a particularly promising strategy during such a period.
Stephen J. Collier
- Published in print:
- 2011
- Published Online:
- October 2017
- ISBN:
- 9780691148304
- eISBN:
- 9781400840427
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691148304.003.0006
- Subject:
- Anthropology, Social and Cultural Anthropology
This chapter studies structural adjustment, the reform paradigm that took up the basic proposals established in “Window of Opportunity”—a vision of transition to a market economy through “shock” ...
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This chapter studies structural adjustment, the reform paradigm that took up the basic proposals established in “Window of Opportunity”—a vision of transition to a market economy through “shock” liberalization, privatization, and stabilization, backed by largescale foreign aid. By the middle of the 1990s, elements of structural adjustment were achieved, including large-scale privatization of industrial enterprises and liberalization of most prices. However, growth remained frustratingly elusive for reformers, and they increasingly turned their attention to inflexibilities created by sociotechnical systems such as infrastructures and the government budget that were not easily reorganized through a market mechanism. The problem was still one of structural adjustment—that is, one of correcting the distortions created by the Soviet patterns of urban and spatial development.Less
This chapter studies structural adjustment, the reform paradigm that took up the basic proposals established in “Window of Opportunity”—a vision of transition to a market economy through “shock” liberalization, privatization, and stabilization, backed by largescale foreign aid. By the middle of the 1990s, elements of structural adjustment were achieved, including large-scale privatization of industrial enterprises and liberalization of most prices. However, growth remained frustratingly elusive for reformers, and they increasingly turned their attention to inflexibilities created by sociotechnical systems such as infrastructures and the government budget that were not easily reorganized through a market mechanism. The problem was still one of structural adjustment—that is, one of correcting the distortions created by the Soviet patterns of urban and spatial development.
Michael Bruno
- Published in print:
- 1993
- Published Online:
- September 2006
- ISBN:
- 9780198286639
- eISBN:
- 9780191603839
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198286635.003.0006
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This chapter focuses on specific lessons that emerged from some of the more extreme Latin American episodes of high inflation and low growth. It discusses the lessons from Chile’s costly orthodox ...
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This chapter focuses on specific lessons that emerged from some of the more extreme Latin American episodes of high inflation and low growth. It discusses the lessons from Chile’s costly orthodox stabilization and successful, though slow, process of structural reform. It further considers the reasons for the failures in the case of Argentina and Brazil, and also discusses the 1990-91 turnaround in Argentina. The chapter ends with a comparison of the successful Mexican reform with that of Israel. There was considerable similarity in programmes, but enough differences in underlying institutions and market structure to make this comparison a particularly relevant one.Less
This chapter focuses on specific lessons that emerged from some of the more extreme Latin American episodes of high inflation and low growth. It discusses the lessons from Chile’s costly orthodox stabilization and successful, though slow, process of structural reform. It further considers the reasons for the failures in the case of Argentina and Brazil, and also discusses the 1990-91 turnaround in Argentina. The chapter ends with a comparison of the successful Mexican reform with that of Israel. There was considerable similarity in programmes, but enough differences in underlying institutions and market structure to make this comparison a particularly relevant one.
Gautam Sen
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780198295518
- eISBN:
- 9780191599217
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198295510.003.0004
- Subject:
- Political Science, International Relations and Politics
The first section of this chapter examines the political and economic context of change in developing countries: the two themes are the evolution of the international economy, especially since the ...
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The first section of this chapter examines the political and economic context of change in developing countries: the two themes are the evolution of the international economy, especially since the 1970s, and the political impact of the ending of the cold war. The next section addresses the key issues of liberalization and globalization, which preceded the end of the cold war but are now influenced by that event. The next section identifies the deepening of liberalization and globalization, and the phenomenon of regional integration and asymmetric competition between developed and developing countries. A more detailed discussion of two important expressions of liberalization and globalization follows, in the context of the political implications for developing countries: these are the importance of structural adjustment programmes for the advance of the new market forms and their associated ideology, and the GATT Uruguay Round of trade negotiations. The two final sections of the chapter evaluate the use of political power by developed countries to achieve economic ends, and a concluding section assesses the possible future pattern of interaction between developed and developing countries.Less
The first section of this chapter examines the political and economic context of change in developing countries: the two themes are the evolution of the international economy, especially since the 1970s, and the political impact of the ending of the cold war. The next section addresses the key issues of liberalization and globalization, which preceded the end of the cold war but are now influenced by that event. The next section identifies the deepening of liberalization and globalization, and the phenomenon of regional integration and asymmetric competition between developed and developing countries. A more detailed discussion of two important expressions of liberalization and globalization follows, in the context of the political implications for developing countries: these are the importance of structural adjustment programmes for the advance of the new market forms and their associated ideology, and the GATT Uruguay Round of trade negotiations. The two final sections of the chapter evaluate the use of political power by developed countries to achieve economic ends, and a concluding section assesses the possible future pattern of interaction between developed and developing countries.
Korkut Boratav, A. Erinc Yeldan, and Ahmet H. Köse
- Published in print:
- 2001
- Published Online:
- September 2007
- ISBN:
- 9780195145465
- eISBN:
- 9780199783960
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195145465.003.0010
- Subject:
- Economics and Finance, International
Turkey initiated its long process of integration with the world commodity and financial markets in 1980, and the successive stages of liberalization have been surveyed and are overviewed here. Since ...
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Turkey initiated its long process of integration with the world commodity and financial markets in 1980, and the successive stages of liberalization have been surveyed and are overviewed here. Since its early inception, the Turkish adjustment program was hailed as a model by the orthodox international community, and was supported by generous structural adjustment loans, debt relief, and technical aid; currently, the Turkish economy can be said to be operating under conditions of a truly open and liberalized economy, and in this setting, many of the instruments of macro and fiscal control have been transformed, and the constraints of macroequilibrium have undergone major structural change. The analytics of the two distinct phases of liberalization (1980–8 and 1989–98) is the theme of the first section of this chapter, where the modes of accumulation and surplus creation under both subperiods are addressed separately; the second section carries this analysis to microaspects of adjustment and reports on the evolving patterns of employment, labor productivity, and overall informalization of the labor force. Responses to pressures of international competitiveness and the emerging patterns of income distribution are studied in the third section, and in the fourth section, the preceding analysis is applied to size distribution of income and the incidence of postliberalization adjustments on poverty. The incidence of globalization on public sector accounts and the state's changing role in the provision of public goods are narrated in the fifth section, and the sixth concludes with an overview of the social policy implications of globalization.Less
Turkey initiated its long process of integration with the world commodity and financial markets in 1980, and the successive stages of liberalization have been surveyed and are overviewed here. Since its early inception, the Turkish adjustment program was hailed as a model by the orthodox international community, and was supported by generous structural adjustment loans, debt relief, and technical aid; currently, the Turkish economy can be said to be operating under conditions of a truly open and liberalized economy, and in this setting, many of the instruments of macro and fiscal control have been transformed, and the constraints of macroequilibrium have undergone major structural change. The analytics of the two distinct phases of liberalization (1980–8 and 1989–98) is the theme of the first section of this chapter, where the modes of accumulation and surplus creation under both subperiods are addressed separately; the second section carries this analysis to microaspects of adjustment and reports on the evolving patterns of employment, labor productivity, and overall informalization of the labor force. Responses to pressures of international competitiveness and the emerging patterns of income distribution are studied in the third section, and in the fourth section, the preceding analysis is applied to size distribution of income and the incidence of postliberalization adjustments on poverty. The incidence of globalization on public sector accounts and the state's changing role in the provision of public goods are narrated in the fifth section, and the sixth concludes with an overview of the social policy implications of globalization.
Robin Archer
- Published in print:
- 1998
- Published Online:
- November 2003
- ISBN:
- 9780198295389
- eISBN:
- 9780191598722
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198295383.003.0010
- Subject:
- Political Science, Political Theory
A case study of Australia and the Prices and Incomes Accord that was initiated there between the Labour Party and the unions. The evidence shows that both during the period of stagflation and during ...
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A case study of Australia and the Prices and Incomes Accord that was initiated there between the Labour Party and the unions. The evidence shows that both during the period of stagflation and during the period of structural adjustment the conditions for an incremental increase in workers’ control were met, and the predicted kind of control trade‐off took place. The chapter also shows that the establishment of corporatism is feasible even in a country that is heavily marked by the liberalism of Anglo‐Saxon traditions of industrial relations.Less
A case study of Australia and the Prices and Incomes Accord that was initiated there between the Labour Party and the unions. The evidence shows that both during the period of stagflation and during the period of structural adjustment the conditions for an incremental increase in workers’ control were met, and the predicted kind of control trade‐off took place. The chapter also shows that the establishment of corporatism is feasible even in a country that is heavily marked by the liberalism of Anglo‐Saxon traditions of industrial relations.
Richard W. Miller
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199581986
- eISBN:
- 9780191723247
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199581986.003.0007
- Subject:
- Philosophy, Moral Philosophy, Philosophy of Mind
Just as a government's political power within its sovereign territory generates political duties of concern, so does the unofficial transnational power of the American empire. By steering the course ...
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Just as a government's political power within its sovereign territory generates political duties of concern, so does the unofficial transnational power of the American empire. By steering the course of development in many countries, through structural adjustment and other manipulations of need, the United States has acquired a residual duty to help meet basic needs that people of those countries cannot on their own—a duty shared, to a lesser degree, by allied developed countries. In propping up client regimes, the United States acquires a responsibility to make up for their failings. In using violence, direct or sponsored, which does not respond to aggression or the consent of the endangered people of a country, the United States acquires a duty of to make good the damage. After arguing that such a reparative duty extends at least two generations back, the chapter concludes with an account of American imperial destruction over the last half century.Less
Just as a government's political power within its sovereign territory generates political duties of concern, so does the unofficial transnational power of the American empire. By steering the course of development in many countries, through structural adjustment and other manipulations of need, the United States has acquired a residual duty to help meet basic needs that people of those countries cannot on their own—a duty shared, to a lesser degree, by allied developed countries. In propping up client regimes, the United States acquires a responsibility to make up for their failings. In using violence, direct or sponsored, which does not respond to aggression or the consent of the endangered people of a country, the United States acquires a duty of to make good the damage. After arguing that such a reparative duty extends at least two generations back, the chapter concludes with an account of American imperial destruction over the last half century.
Giovanni Andrea Cornia and Sanjay G. Reddy
- Published in print:
- 2004
- Published Online:
- August 2004
- ISBN:
- 9780199271412
- eISBN:
- 9780191601255
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199271410.003.0011
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Most poverty and income inequality has deep‐rooted causes that can be removed only by structural (and often slow) interventions, although it is now increasingly evident that structural adjustment, ...
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Most poverty and income inequality has deep‐rooted causes that can be removed only by structural (and often slow) interventions, although it is now increasingly evident that structural adjustment, premature financial liberalization, and uncontrolled globalization can exacerbate poverty by inducing protracted recessions and macroeconomic instability. One of the dominant responses to these policy‐induced problems has been the establishment of temporary social safety nets, of which the most popular type is known as ‘social funds’; these have become a prime policy choice for offsetting the social impact of policy reform. This chapter assesses the performance of social funds, arguing that have played a minor role in containing the social costs arising from liberalization policies and in reducing the number of unemployed, ‘adjustment poor’, and ‘chronic poor’. In addition, the emphasis placed on short‐term social funds may have diverted resources and the attention of policy‐makers from the extension and reform of standing social security arrangements that may more effectively address both chronic and adjustment‐induced poverty. The six sections of the chapter are: Introduction; The Historical Context Leading to the Mass Introduction of Social Funds; Adjustment‐Related Social Funds: Scale, Scope, and Structure; Effects on Incomes, Income Distribution, and Poverty: Macroperspective; Effects on Incomes, Income Distribution, and Poverty: Microperspectives; and Conclusions and Recommendations.Less
Most poverty and income inequality has deep‐rooted causes that can be removed only by structural (and often slow) interventions, although it is now increasingly evident that structural adjustment, premature financial liberalization, and uncontrolled globalization can exacerbate poverty by inducing protracted recessions and macroeconomic instability. One of the dominant responses to these policy‐induced problems has been the establishment of temporary social safety nets, of which the most popular type is known as ‘social funds’; these have become a prime policy choice for offsetting the social impact of policy reform. This chapter assesses the performance of social funds, arguing that have played a minor role in containing the social costs arising from liberalization policies and in reducing the number of unemployed, ‘adjustment poor’, and ‘chronic poor’. In addition, the emphasis placed on short‐term social funds may have diverted resources and the attention of policy‐makers from the extension and reform of standing social security arrangements that may more effectively address both chronic and adjustment‐induced poverty. The six sections of the chapter are: Introduction; The Historical Context Leading to the Mass Introduction of Social Funds; Adjustment‐Related Social Funds: Scale, Scope, and Structure; Effects on Incomes, Income Distribution, and Poverty: Macroperspective; Effects on Incomes, Income Distribution, and Poverty: Microperspectives; and Conclusions and Recommendations.
José Antonio Ocampo and Camilo Tovar
- Published in print:
- 2001
- Published Online:
- September 2007
- ISBN:
- 9780195145465
- eISBN:
- 9780199783960
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195145465.003.0004
- Subject:
- Economics and Finance, International
This chapter analyzes the link between structural adjustment, macroeconomic performance, and social indicators in Colombia. The first two sections briefly overview structural reforms, the evolution ...
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This chapter analyzes the link between structural adjustment, macroeconomic performance, and social indicators in Colombia. The first two sections briefly overview structural reforms, the evolution of macroeconomic policy, and their outcomes. The third takes a look at the labor market, and the fourth considers the evolution of social policy and major indicators of living conditions. The fifth analyzes in greater detail the evolution of poverty and income distribution. Finally, the sixth draws some conclusions.Less
This chapter analyzes the link between structural adjustment, macroeconomic performance, and social indicators in Colombia. The first two sections briefly overview structural reforms, the evolution of macroeconomic policy, and their outcomes. The third takes a look at the labor market, and the fourth considers the evolution of social policy and major indicators of living conditions. The fifth analyzes in greater detail the evolution of poverty and income distribution. Finally, the sixth draws some conclusions.
Richard W. Miller
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199581986
- eISBN:
- 9780191723247
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199581986.003.0006
- Subject:
- Philosophy, Moral Philosophy, Philosophy of Mind
As a basis for investigations of imperial responsibilities, this chapter presents a construal of the metaphor ‘the American empire,’ and argues that this usage fits current facts of power. In this ...
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As a basis for investigations of imperial responsibilities, this chapter presents a construal of the metaphor ‘the American empire,’ and argues that this usage fits current facts of power. In this usage, the empire rests on three mutually reinforcing types of domineering influence: prerogatives (such as special powers due to the global role of the dollar), threat influence (such as the threats of reduced market access used in shaping the world trade regime) and the exercise, direct and sponsored, of destructive power. The existence of the American empire is identified with the fact that the United States government has substantial domineering influence, ultimately based on all three types of power, throughout the world, more so than any other country, and uses it to shape lives in many developing countries, directly or through domination of multinational institutions. Specific mechanisms that shape national trajectories in developing countries, including structural adjustment, are described in detail.Less
As a basis for investigations of imperial responsibilities, this chapter presents a construal of the metaphor ‘the American empire,’ and argues that this usage fits current facts of power. In this usage, the empire rests on three mutually reinforcing types of domineering influence: prerogatives (such as special powers due to the global role of the dollar), threat influence (such as the threats of reduced market access used in shaping the world trade regime) and the exercise, direct and sponsored, of destructive power. The existence of the American empire is identified with the fact that the United States government has substantial domineering influence, ultimately based on all three types of power, throughout the world, more so than any other country, and uses it to shape lives in many developing countries, directly or through domination of multinational institutions. Specific mechanisms that shape national trajectories in developing countries, including structural adjustment, are described in detail.
Stephen J. Collier
- Published in print:
- 2011
- Published Online:
- October 2017
- ISBN:
- 9780691148304
- eISBN:
- 9781400840427
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691148304.003.0001
- Subject:
- Anthropology, Social and Cultural Anthropology
This introductory chapter provides a background of neoliberalism. During the 1990s, the Russian case and the battles over “transition,” the Washington Consensus, shock therapy, and structural ...
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This introductory chapter provides a background of neoliberalism. During the 1990s, the Russian case and the battles over “transition,” the Washington Consensus, shock therapy, and structural adjustment, stood as emblems of the neoliberal project's grandiose transformative ambition—and catastrophic failure. However, the dynamics of this period proved to be both contingent and temporally circumscribed, bracketed roughly by Soviet breakup in 1991 and the devaluation of 1998. Ten years beyond the collapse of the Washington Consensus—and with the luxury of a broadened and perhaps historically deepened perspective—the Russian case provides a good site for revisiting the legacy of an important and distinctive form of social government, and for asking how neoliberal reforms propose to reshape it.Less
This introductory chapter provides a background of neoliberalism. During the 1990s, the Russian case and the battles over “transition,” the Washington Consensus, shock therapy, and structural adjustment, stood as emblems of the neoliberal project's grandiose transformative ambition—and catastrophic failure. However, the dynamics of this period proved to be both contingent and temporally circumscribed, bracketed roughly by Soviet breakup in 1991 and the devaluation of 1998. Ten years beyond the collapse of the Washington Consensus—and with the luxury of a broadened and perhaps historically deepened perspective—the Russian case provides a good site for revisiting the legacy of an important and distinctive form of social government, and for asking how neoliberal reforms propose to reshape it.
Stephen J. Collier
- Published in print:
- 2011
- Published Online:
- October 2017
- ISBN:
- 9780691148304
- eISBN:
- 9781400840427
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691148304.003.0007
- Subject:
- Anthropology, Social and Cultural Anthropology
This chapter focuses on budgetary reform. In debates about neoliberalism and neoliberal reform, the government budget is often viewed as a key locus in which it is possible to observe the absolute ...
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This chapter focuses on budgetary reform. In debates about neoliberalism and neoliberal reform, the government budget is often viewed as a key locus in which it is possible to observe the absolute antinomy between substantive provisioning and formal rationalization. “Budgetary austerity”—understood as a key component of structural adjustment and, thus, of neoliberal reform—presents an image of social welfare goals sacrificed to demands of scarcity (or the demands of international capital markets). However, seen in a somewhat broader view, it becomes apparent that the government budget—far from being a site in which these two forms of rationalization are opposed—is among the most critical sites in which the tricky relationship between formal rationality and substantive provisioning is constituted as an explicit target of technocratic reflection and management in modern states.Less
This chapter focuses on budgetary reform. In debates about neoliberalism and neoliberal reform, the government budget is often viewed as a key locus in which it is possible to observe the absolute antinomy between substantive provisioning and formal rationalization. “Budgetary austerity”—understood as a key component of structural adjustment and, thus, of neoliberal reform—presents an image of social welfare goals sacrificed to demands of scarcity (or the demands of international capital markets). However, seen in a somewhat broader view, it becomes apparent that the government budget—far from being a site in which these two forms of rationalization are opposed—is among the most critical sites in which the tricky relationship between formal rationality and substantive provisioning is constituted as an explicit target of technocratic reflection and management in modern states.
William Easterly (ed.)
- Published in print:
- 2003
- Published Online:
- February 2013
- ISBN:
- 9780226155401
- eISBN:
- 9780226155425
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226155425.003.0012
- Subject:
- Economics and Finance, International
This chapter examines the impact of the structural adjustment programs of the International Monetary Fund (IMF) and the World Bank on poverty reduction. It argues that structural adjustment, measured ...
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This chapter examines the impact of the structural adjustment programs of the International Monetary Fund (IMF) and the World Bank on poverty reduction. It argues that structural adjustment, measured by the number of adjustment loans from the IMF and World Bank, reduces the sensitivity of poverty reduction to the rate of growth. Economic growth does reduce poverty but there is no evidence for a direct effect of structural adjustment on the average rate of growth. In fact, the poor benefit less from output expansion in countries with many adjustment loans than in countries with few.Less
This chapter examines the impact of the structural adjustment programs of the International Monetary Fund (IMF) and the World Bank on poverty reduction. It argues that structural adjustment, measured by the number of adjustment loans from the IMF and World Bank, reduces the sensitivity of poverty reduction to the rate of growth. Economic growth does reduce poverty but there is no evidence for a direct effect of structural adjustment on the average rate of growth. In fact, the poor benefit less from output expansion in countries with many adjustment loans than in countries with few.
Yujiro Hayami and Yoshihisa Godo
- Published in print:
- 2005
- Published Online:
- October 2005
- ISBN:
- 9780199272709
- eISBN:
- 9780191602870
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199272700.003.0009
- Subject:
- Economics and Finance, Development, Growth, and Environmental
The question of what kind of institutional set-up would be appropriate for promoting economic development is approached in terms of combination between market and state. The traditional debates on ...
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The question of what kind of institutional set-up would be appropriate for promoting economic development is approached in terms of combination between market and state. The traditional debates on the choice of development strategy between free trade and infant industry protection is examined with reference to the historical experiences of developed economies as well as recent confrontations between import substitution industrialization and the IMF-World Bank structural adjustment policies. The nature and significance of market failures versus government failures are illustrated in terms of comparisons between the Latin American Debt Crisis in the 1880s and the Asian Financial Crisis in the 1990s. The choice of the market versus the state, as well as growth versus equity, is discussed in reference to the changing paradigms in the IMF-World Bank.Less
The question of what kind of institutional set-up would be appropriate for promoting economic development is approached in terms of combination between market and state. The traditional debates on the choice of development strategy between free trade and infant industry protection is examined with reference to the historical experiences of developed economies as well as recent confrontations between import substitution industrialization and the IMF-World Bank structural adjustment policies. The nature and significance of market failures versus government failures are illustrated in terms of comparisons between the Latin American Debt Crisis in the 1880s and the Asian Financial Crisis in the 1990s. The choice of the market versus the state, as well as growth versus equity, is discussed in reference to the changing paradigms in the IMF-World Bank.
Liam Downey
- Published in print:
- 2015
- Published Online:
- September 2016
- ISBN:
- 9781479850723
- eISBN:
- 9781479885978
- Item type:
- chapter
- Publisher:
- NYU Press
- DOI:
- 10.18574/nyu/9781479850723.003.0003
- Subject:
- Sociology, Science, Technology and Environment
This chapter examines how globalization produces social and environmental consequences as a result of specific decisions made by powerful actors in a set of elite-controlled institutions that have ...
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This chapter examines how globalization produces social and environmental consequences as a result of specific decisions made by powerful actors in a set of elite-controlled institutions that have worked very hard to create a global neoliberal order, with particular emphasis on the World Bank and the International Monetary Fund (IMF). It argues that the World Bank and the IMF play a theoretically similar role in causing social and environmental harm as do elite-controlled organizations and mechanisms. It also suggests that both institutions are not only the product of OINB inequality and various elite-controlled organizational networks, but also important elite-controlled mechanisms in their own right. It also considers the role, if any, played by economic elites in the United States in promoting structural adjustment, as well as how the mainstream news media keep citizens largely uninformed about how U.S.- and elite-dominated international institutions affect people and the environment around the world.Less
This chapter examines how globalization produces social and environmental consequences as a result of specific decisions made by powerful actors in a set of elite-controlled institutions that have worked very hard to create a global neoliberal order, with particular emphasis on the World Bank and the International Monetary Fund (IMF). It argues that the World Bank and the IMF play a theoretically similar role in causing social and environmental harm as do elite-controlled organizations and mechanisms. It also suggests that both institutions are not only the product of OINB inequality and various elite-controlled organizational networks, but also important elite-controlled mechanisms in their own right. It also considers the role, if any, played by economic elites in the United States in promoting structural adjustment, as well as how the mainstream news media keep citizens largely uninformed about how U.S.- and elite-dominated international institutions affect people and the environment around the world.
Partha Dasgupta
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199247882
- eISBN:
- 9780191596100
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199247889.003.0015
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Discusses policy change in the midst of markets and non‐market institutions. Accounting prices are particularly difficult to estimate in non‐market institutions because of an absence of market prices ...
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Discusses policy change in the midst of markets and non‐market institutions. Accounting prices are particularly difficult to estimate in non‐market institutions because of an absence of market prices to serve as guide. Moreover, changes in public policy (e.g. changes in the structure of taxes and trade) frequently affect the macro‐economy. Involving as they do large changes to an economy, their evaluation requires more complex estimation procedures. Accounting prices don’t suffice. By means of three examples, I offer a sketch of how social cost–benefit analysis is useful for identifying what the evaluator ought to try to measure and why. The first example is a miniature, involving communal management of irrigation systems in Nepal; the latter two are altogethergrander, illustrating some of the environmental implications for poor countries of structural adjustment programmes and trade liberalization.Less
Discusses policy change in the midst of markets and non‐market institutions. Accounting prices are particularly difficult to estimate in non‐market institutions because of an absence of market prices to serve as guide. Moreover, changes in public policy (e.g. changes in the structure of taxes and trade) frequently affect the macro‐economy. Involving as they do large changes to an economy, their evaluation requires more complex estimation procedures. Accounting prices don’t suffice. By means of three examples, I offer a sketch of how social cost–benefit analysis is useful for identifying what the evaluator ought to try to measure and why. The first example is a miniature, involving communal management of irrigation systems in Nepal; the latter two are altogethergrander, illustrating some of the environmental implications for poor countries of structural adjustment programmes and trade liberalization.
Howard Stein
- Published in print:
- 2008
- Published Online:
- February 2013
- ISBN:
- 9780226771670
- eISBN:
- 9780226771656
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226771656.003.0002
- Subject:
- Economics and Finance, Financial Economics
This chapter traces the origins of structural adjustment, which has dominated the World Bank and IMF agendas since 1980. Structural adjustment lending in the Bank grew rapidly during the 1980s. Most ...
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This chapter traces the origins of structural adjustment, which has dominated the World Bank and IMF agendas since 1980. Structural adjustment lending in the Bank grew rapidly during the 1980s. Most donors of bilateral aid supported a similar agenda, thus placing enormous pressures on governments in developing countries to accept the policy packages. But in that decade the performance of countries subject to the adjustment program was quite dismal. To protect the integrity, resources, and reputation of the Bank, which had invested so much in adjustment, it was necessary to find a way to make it work. In the Bank's view, the problem was not that the policies of structural adjustment per se had failed but that other factors had limited the positive influence of neoliberal policies. After 1989 the Bank began to expand the agenda to incorporate governance ownership, social capital, legal reform, institutions, participation, and poverty reduction.Less
This chapter traces the origins of structural adjustment, which has dominated the World Bank and IMF agendas since 1980. Structural adjustment lending in the Bank grew rapidly during the 1980s. Most donors of bilateral aid supported a similar agenda, thus placing enormous pressures on governments in developing countries to accept the policy packages. But in that decade the performance of countries subject to the adjustment program was quite dismal. To protect the integrity, resources, and reputation of the Bank, which had invested so much in adjustment, it was necessary to find a way to make it work. In the Bank's view, the problem was not that the policies of structural adjustment per se had failed but that other factors had limited the positive influence of neoliberal policies. After 1989 the Bank began to expand the agenda to incorporate governance ownership, social capital, legal reform, institutions, participation, and poverty reduction.
Howard Stein
- Published in print:
- 2008
- Published Online:
- February 2013
- ISBN:
- 9780226771670
- eISBN:
- 9780226771656
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226771656.003.0003
- Subject:
- Economics and Finance, Financial Economics
Despite the increasing types of conditionality introduced by the World Bank and the IMF during the 1990s, the core program of adjustment with its trinity of stabilization, liberalization, and ...
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Despite the increasing types of conditionality introduced by the World Bank and the IMF during the 1990s, the core program of adjustment with its trinity of stabilization, liberalization, and privatization remained intact. Moreover, the same problematic economic microfoundations, or theoretical propositions, that underlie adjustment continued to be present in many of the new strategies added to the World Bank agenda in the 1990s—a disconcerting fact given adjustment's poor performance and noted failures. This chapter explores the neoclassical economic roots of adjustment and includes a critical analysis of this strategy, focusing on errors generated by overreliance on the methodology and content of the economic theory embedded in structural adjustment policies. It is argued that the strict adherence to neoclassical economics methodology is largely to blame for the Bank's failure to question, adapt, or abandon policies despite the overwhelming evidence of downward economic trends among adjusting countries.Less
Despite the increasing types of conditionality introduced by the World Bank and the IMF during the 1990s, the core program of adjustment with its trinity of stabilization, liberalization, and privatization remained intact. Moreover, the same problematic economic microfoundations, or theoretical propositions, that underlie adjustment continued to be present in many of the new strategies added to the World Bank agenda in the 1990s—a disconcerting fact given adjustment's poor performance and noted failures. This chapter explores the neoclassical economic roots of adjustment and includes a critical analysis of this strategy, focusing on errors generated by overreliance on the methodology and content of the economic theory embedded in structural adjustment policies. It is argued that the strict adherence to neoclassical economics methodology is largely to blame for the Bank's failure to question, adapt, or abandon policies despite the overwhelming evidence of downward economic trends among adjusting countries.
Latha Varadarajan
- Published in print:
- 2010
- Published Online:
- September 2010
- ISBN:
- 9780199733910
- eISBN:
- 9780199866205
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199733910.003.0004
- Subject:
- Political Science, International Relations and Politics
Chapter 4 goes beyond the first approximation at resolving the puzzle of why the Indian state turned away from the Indian diaspora immediately after independence, by providing a more focused analysis ...
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Chapter 4 goes beyond the first approximation at resolving the puzzle of why the Indian state turned away from the Indian diaspora immediately after independence, by providing a more focused analysis of the nature of the postcolonial Indian state. Using as a starting point the controversy surrounding the take‐over bid of two Indian companies by Swraj Paul, an industrialist of Indian origin based in the United Kingdom, the chapter examines the nature of the state that replaced the colonial state. It does so by putting into focus the making of bourgeois hegemony, particularly in the period leading up to Indian independence, and its eventual fracturing by the 1980s. In this context, the Swraj Paul incident, which snowballed into a referendum not just on the legitimacy of the Indian capitalist class, but also on the relationship between the Indian state and the diaspora, provides a unique glimpse into the shaping of postcolonial India.Less
Chapter 4 goes beyond the first approximation at resolving the puzzle of why the Indian state turned away from the Indian diaspora immediately after independence, by providing a more focused analysis of the nature of the postcolonial Indian state. Using as a starting point the controversy surrounding the take‐over bid of two Indian companies by Swraj Paul, an industrialist of Indian origin based in the United Kingdom, the chapter examines the nature of the state that replaced the colonial state. It does so by putting into focus the making of bourgeois hegemony, particularly in the period leading up to Indian independence, and its eventual fracturing by the 1980s. In this context, the Swraj Paul incident, which snowballed into a referendum not just on the legitimacy of the Indian capitalist class, but also on the relationship between the Indian state and the diaspora, provides a unique glimpse into the shaping of postcolonial India.
