Reclaiming Development: An Alternative Economic Policy Manual

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Reclaiming Development: An Alternative Economic Policy Manual

Publication Details

Written by Ha-Joon Chang and Ilene Grabel
Year of Publication 2004
Keywords DebtDependencyDevelopment StudiesEconomic PolicyGlobalizationIMFPowerWorld Bank
Cover Description ‘There is no alternative’ – to neoliberal economics, the Americanization of the world’s economies, and globalization. This remains the driving assumption within the international development policy establishment. In this book, two economists, Ha-Joon Change and Ilene Grabel, cogently explain this dominant school’s main assertions about how economies develop and the policies that all countries ought to pursue. The authors then combine data and a devastating economic logic with an analysis of the historical experiences of leading Western and East Asian economies during their development, in order to question the validity of the neoliberal development model.

Turning to policy, the authors set out concrete, practical alternatives to neoliberalism across the key economic areas: trade and industrial policy; privatization; intellectual property rights; external borrowing, portfolio and foreign direct investment; domestic financial regulation; and management of exchange rates, central banking and monetary policy, and government revenue and expenditure. In doing so, they advocate the most useful proposals that have emerged around the world along with some innovative measures of their own.

This empowering and accessible book seeks to be of practical usefulness to students of development and to those, in government and beyond, looking for concrete policy ideas. The hope is that it will stimulate discussion of the ways in which development policies can be reclaimed by those seeking to promote rapid economic growth that is equitable, stable and sustainable.

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Reclaiming Development is a very well-argued and accessibleaccount of how national and international economic policy might beconducted differently.

The authors provide a very succinct yet persuasiveargument as to why stakeholders in international development may wishto consider shifting away from neoliberal international economicpolicy.

This book not only provides a good introduction to the thinkingunderlying the current paradigm in economic policy but also awell-argued and incisive critique.

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