(OPE-L) Alternative Economic Policy Manual

From: Gerald A. Levy (Gerald_A_Levy@MSN.COM)
Date: Wed Sep 01 2004 - 20:52:41 EDT


TITLE: Reclaiming Development: An Alternative Economic Policy
AUTHORS: Ha-Joon Chang and Ilene Grabel
FOREWORD: Susan Sontag

SERIES: Global Issues

1 84277 200 7 hbk GBP32.95/US$55.00
1 84277 201 5 pbk GBP9.99/US$17.50

FEATURES: Notes Bibliography Index  240pp Large Crown format

LIBRARY CATEGORIES: Development, Economics

PUBLICATION DATE: 31 May 2004 (2 months later in US)

this title is for sale all over the world.


+ Refutes idea that the current form of globalization is something that

is primarily the product of technology and so inevitable. It has been
by governments, and could be re-made in the interests of people.

 + A trenchant critique of the mainstream economic ideology of our
times -- neoliberal economics.

+ Introduces the reader to the panorama of alternative policies that
history has shown can be pursued, and successfully.

+ Crucially relevant to students of economics, policy makers, and
intelligent readers wanting to understand what alternatives exist to
tyranny of free market economics.


The driving assumption within the international development policy
establishment is that 'there is no alternative' to neo-liberal economics

and globalisation. In 'Reclaiming Development' Ha-Joon Chang and
Grabel explain what this dominant school says about how
economies develop
and the economic policies it imposes worldwide. By analysing the
historical experiences of the leading Western and East Asian
during their development, the authors question the validity of the
neo-liberal development model.

Turning to policy, the authors set out concrete, practical alternatives

neoliberalism across the key economic areas: trade and industrial
privatisation; intellectual property rights; external borrowing,
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
useful proposals that have emerged around the world along with
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.


'This unusually well-written, direct and succinct book describes neo-
liberal positions fairly; offers theoretically rigorous and empirically
accurate critiques; and describes feasible, practical alternative
that take realistic account of political, economic and financial
constraints. Discussion of financial, monetary, fiscal, trade and
policy and intellectual property rights is especially strong and
constructive and makes important innovative contributions. It is a
carefully analytical achievement which would contribute to hastening
efficient and socially just development wherever the insights are
appropriately used.' - John Langmore, Representative of the ILO to
the UN

'Chang and Grabel demolish the "myths" (or fabrications) underlying
neo-liberal views about economic development and provide succinct,
constructive suggestions for policies regarding trade and industry,
privatization and intellectual property rights, private capital
movements, financial regulation, and macroeconomics. Reclaiming
Development is a manifesto that should be on the shelves of policy-
makers, academics, and students worldwide.' - Lance Taylor,
Arnhold Professor, New School University, and author of
Reconstructing Macroeconomics

'A growing number of developing countries are taking back control
over economic policy from the IMF and the World Bank.  The wide
range of policy suggestions contained in this book provides a rich
mine of concrete and practicable alternatives from which to choose
in taking advantage of whatever room globalization still allows
developing countries and reshaping economic policy in their own
interests.'  - Martin Khor, Director, Third World Network

'This book is not only a superb antidote to the numbing myths of
neoliberalism but also a cogent and stimulating presentation of the
many possibilities for alternatives to neo-liberal economic policy that
both theory and history provide policy-makers and students of
development.' - Thandika Mkandawire, Director, United Nations
Institute for Social Development (UNRISD)

'The dominant neo-liberal economic doctrine asserts that there is no
alternative to its policy prescriptions which provide the foundations
success in an age of globalization.  This book questions and refutes
belief system implicit in the assertion. It does so in a manner that is
highly iconoclastic.  Yet, it is solidly grounded in economic theory
empirical evidence, both historical and contemporary' - Deepak
Vice Chancellor, University of Delhi


Introduction: Reclaiming Development
Part I. Myths and Realities about Development
1. Myth 1:  Today's Wealthy Countries Achieved Success through a
Steadfast Commitment to the Free Market
2. Myth 2:  Neo-liberalism Works
3. Myth 3: Neoliberal Globalisation Cannot and Should Not be
4. Myth 4: The Neo-liberal American Model of Capitalism Represents
the Ideal that All Developing Countries Should Seek to Replicate
5. Myth 5: The East Asian Model is Idiosyncratic; the Anglo-
American Model is Universal
6. Myth 6: Developing Countries Need the Discipline Provided by
International Institutions
and Politically Independent Domestic Policymaking Institutions
Part II.  Economic Policy Alternatives
7. Policy Alternatives 1: Trade and Industry
8. Policy Alternatives 2:  Privatisation and Intellectual Property
9. Policy Alternatives 3: International Private Capital Flows
10. Policy Alternatives 4: Domestic Financial Regulation
11. Policy Alternatives 5: Macroeconomic Policies and Institutions
Conclusion: Obstacles and Opportunities for Reclaiming


Dr Ha-Joon Chang is Assistant Director of Development Studies in
the Faculty of Economics and Politics, University of Cambridge, UK.
Born in the Republic of Korea, and educated at the Seoul National
University and subsequently at Cambridge. His books include
Kicking Away the Ladder - Development Strategy in Historical
Perspective (Anthem, 2002), and Globalisation, Economic
Development, and the Role of the State (Zed, 2003). Since 1992 he
has also served on the editorial board of the Cambridge Journal of
Economics.  He was a member of the Advisory Panel for the Human
Development Report, 1999 and has acted as research project
coordinator and consultant to numerous UN agencies and
international agencies including the World Bank, the Asian
Development Bank, the British Government's DfID, and the IDRC in
Canada, and the South African Government's DTI.

Ilene Grabel is Associate Professor and Co-Director of the graduate
program in Global Finance, Trade and Economic Integration at the
Graduate School of International Studies of the University of Denver.
also lectures at the Cambridge University Advanced Programme on
Development Economics.  Grabel has published widely in academic
on financial policy and crises, international capital flows, and central

banks and currency boards.  She has worked as a consultant to the
UN/UNCTAD Group of Twenty-Four and the UN University's World
Institute for
Development Economics Research and works with the international
coalition, "New Rules for Global Finance."


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