By Craig Calhoun, Georgi Derluguian
The worldwide monetary quandary confirmed deep issues of mainstream monetary predictions. even as, it confirmed the vulnerability of the world’s richest international locations and the large strength of a few poorer ones. China, India, Brazil and different nations are turning out to be speedier than Europe or the US and so they have weathered the trouble larger. Will they be new global leaders? And is their development as a result of following traditional financial instructions or as an alternative to robust country management and occasionally protectionism? those matters are easy not just to the query of which nations will develop in coming a long time yet to most likely conflicts over worldwide alternate coverage, forex criteria, and fiscal cooperation. members contain: Ha-Joon Chang, Piotr Dutkiewicz, Alexis Habiyaremye, James ok. Galbraith, Grzegorz Gorzelak, Jomo Kwame Sundaram, Manuel Montes, Vladimir Popov, Felice Noelle Rodriguez, Dani Rodrik, Saskia Sassen, Luc Soete, and R. Bin Wong. the 3 volumes can bought separately or as a collection.
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Extra info for Aftermath: A New Global Economic Order? (Possible Futures)
Keynesianism for the Rich, Monetarism for the Poor—Double Standards of the Developed Countries Revealed during the 2008 Crisis Back in December 1997, having been hit by a massive currency crisis, South Korea signed an agreement with the IMF. The IMF—backed, or instructed, some would say, by the United States and other rich countries that control it—made it a condition of its loan that South Korea implement a contractionary macroeconomic policy. South Korea was required to raise its interest rate to a thumping 30 percent.
11 In this context, it is also interesting to note that when Japan forcefully opened up Korea in 1876, it exactly imitated the Western imperialist countries and forced Korea to sign an unequal treaty that deprived the latter of its tariff autonomy—despite the fact that Japan still did not have tariff autonomy itself. 54â•… Chang The larger Latin American countries were able to regain tariff autonomy starting in the 1880s, before Japan did. ), and China had to wait until 1929. It is extremely disconcerting to note that the binding of tariff at a low, uniform level in the unequal treaties is exactly what modern day free-trade economists recommend to developing countries.
The increased financialization of market economies over the past twenty years has further sharpened the negative effects of profit-maximization logics. Beyond capacities, there is, then, the challenge of the logics that organize our economies. Not only do these logics often not put capacities to the aims we need met, they also divert resources. One instance is 36â•… Sassen diamond mining: besides the abusive conditions under which diamonds are extracted, much of the profit from sales gets rerouted for armed warfare rather than development purposes.