Globalization and competition: why some emergent countries succeed while others fall behind

Globalization and Competition explains why some middle-income countries, principally those in Asia, grow fast while others are not successful. The author criticizes both old-style developmentalism and the economics of the Washington Consensus. He argues instead for a 'new developmentalism' or third approach that builds on a national development strategy. This approach differs from the neoliberal strategy that rich nations propose to emerging economies principallyon macroeconomic grounds. Developing countries face a key obstacle to growth,namely, the tendency to overvaluate foreign exchange. Instead of neutralizingit, the policy that rich countries promote mistakenly seeks growth through foreign savings, which causes additional appreciation of the national currency and often results in financial crises rather than genuine investment. INDICE: Introduction; Part I. Political Economy: 1. Globalization and catching up; 2. The key institution; 3. New developmentalism; Part II. DevelopmentMacroeconomics: 4. The tendency of the exchange rate to overvaluation; 5. TheDutch disease; 6. Foreign savings and slow growth; 7. Foreign savings and financial crises; Conclusion.

• ISBN: 978-0-521-19635-2
• Editorial: Cambridge University
• Encuadernacion: Cartoné
• Páginas: 256
• Fecha Publicación: 01/06/2010
• Nº Volúmenes: 1
• Idioma: Inglés