Wider Perspectives on Global Development PDF
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Wider Perspectives on Global Development UNU-WIDER Studies in Development Economics and Policy General Editor: Anthony Shorrocks UNU WORLD INSTITUTE FOR DEVELOPMENT ECONOMICS RESEARCH (UNU-WIDER) was established by the United Nations University as its first research and training centre and started work in Helsinki, Finland, in 1985. The purpose of the Institute is to undertake applied research and policy analysis on structural changes affecting the developing and transitional economies, to provide a forum for the advocacy of policies leading to robust, equitable and environmentally sustainable growth, and to promote capacity strengthening and training in the field of economic and social policy-making. Its work is carried out by staff researchers and visiting scholars in Helsinki and through networks of collaborating scholars and institutions around the world. UNU World Institute for Development Economics Research (UNU-WIDER) Katajanokanlaituri 6B, FIN-00160 Helsinki, Finland Titles include: Tony Addison and Alan Roe (editors) FISCAL POLICY FOR DEVELOPMENT Poverty, Reconstruction and Growth Tony Addison, Henrik Hansen and Finn Tarp (editors) DEBT RELIEF FOR POOR COUNTRIES George G. Borjas and Jeff Crisp (editors) POVERTY, INTERNATIONAL MIGRATION AND ASYLUM Ricardo Ffrench-Davis and Stephany Griffith-Jones (editors) FROM CAPITAL SURGES TO DROUGHT Seeking Stability for Emerging Economies David Fielding (editor) MACROECONOMIC POLICY IN THE FRANC ZONE Basudeb Guha-Khasnobis (editor) THE WTO, DEVELOPING COUNTRIES AND THE DOHA DEVELOPMENT AGENDA Prospects and Challenges for Trade-led Growth Aiguo Lu and Manuel F. Montes (editors) POVERTY, INCOME DISTRIBUTION AND WELL-BEING IN ASIA DURING THE TRANSITION Robert J. McIntyre and Bruno Dallago (editors) SMALL AND MEDIUM ENTERPRISES IN TRANSITIONAL ECONOMIES Vladimir Mikhalev (editor) INEQUALITY AND SOCIAL STRUCTURE DURING THE TRANSITION E. Wayne Nafziger and Raimo Väyrynen (editors) THE PREVENTION OF HUMANITARIAN EMERGENCIES Matthew Odedokun (editor) EXTERNAL FINANCE FOR PRIVATE SECTOR DEVELOPMENT Appraisals and Issues Laixiang Sun (editor) OWNERSHIP AND GOVERNANCE OF ENTERPRISES Recent Innovative Developments UNU-WIDER WIDERPERSPECTIVES ON GLOBAL DEVELOPMENT Studies in Development Economics and Policy Series Standing Order ISBN 978-0-333-96424-8 (outside North America only) You can receive future titles in this series as they are published by placing a standing order. Please contact your bookseller or, in case of difficulty, write to us at the address below with your name and address, the title of the series and the ISBN quoted above. Customer Services Department, Macmillan Distribution Ltd, Houndmills, Basingstoke, Hampshire RG21 6XS, England Wider Perspectives on Global Development UNU-WIDER Anthony B. Atkinson Kaushik Basu Jagdish N. Bhagwati Douglass C. North Dani Rodrik Frances Stewart Joseph E. Stiglitz Jeffrey G. Williamson in association with Palgrave Macmillan © United Nations University 2005 Softcover reprint of the hardcover 1st edition 2005 978-1-4039-9626-8 All rights reserved.No reproduction,copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced,copied or transmitted save with written permission or in accordance with the provisions of the Copyright,Designs and Patents Act 1988,or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency,90 Tottenham Court Road,London W1T 4LP. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published in 2005 by PALGRAVE MACMILLAN Houndmills,Basingstoke,Hampshire RG21 6XS and 175 Fifth Avenue,New York,N.Y.10010 Companies and representatives throughout the world. PALGRAVE MACMILLAN is the global academic imprint of the Palgrave Macmillan division of St.Martin’s Press,LLC and of Palgrave Macmillan Ltd. Macmillan® is a registered trademark in the United States,United Kingdom and other countries.Palgrave is a registered trademark in the European Union and other countries. ISBN 978-1-4039-9631-2 ISBN 978-0-230-50185-0 (eBook) DOI 10.1057/9780230501850 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. A catalogue record for this book is available from the British Library. Library of Congress Cataloging-in-Publication Data Widerperspectives on global development / edited by UNU-WIDER. p.cm.—(Studies in development economics and policy) “This volume reproduces the first eight [WIDER] Annual Lectures [inaugurated in 1997]”–P.xviii. Includes bibliographical references and index. 1.Economic development.2.Development economics.3.Developing countries–Economic policy.I.World Institute for Development Economics Research.II.WIDER annual lectures.III.Series. HD72.W54 2005 338.9––dc22 2005048741 10 9 8 7 6 5 4 3 2 1 14 13 12 11 10 09 08 07 06 05 Contents List of Tables and Box vi List of Figures vii Acknowledgements x List of Abbreviations xi Notes on the Contributors xiii Introduction:Wider Perspectives on Global Development xvi Giovanni Andrea Cornia, Matti Pohjola and Anthony Shorrocks 1 The Contribution of the New Institutional Economics to an Understanding of the Transition Problem 1 Douglass C. North 2 More Instruments and Broader Goals: Moving toward the Post-Washington Consensus 16 Joseph E. Stiglitz 3 Is Rising Income Inequality Inevitable? A Critique of the Transatlantic Consensus 49 Anthony B. Atkinson 4 Globalization and Appropriate Governance 74 Jagdish N. Bhagwati 5 Horizontal Inequalities: A Neglected Dimension of Development 101 Frances Stewart 6 Winners and Losers over Two Centuries of Globalization 136 Jeffrey G. Williamson 7 Global Labour Standards and Local Freedoms 175 Kaushik Basu 8 Rethinking Growth Strategies 201 Dani Rodrik Index 225 v List of Tables and Box Tables 2.1 Fiscal costs of banking crises, selected countries 26 5.1 Sources of differentiation among groups 110 5.2 Inequalities between Indian-origin Fijians (I) and local-origin Fijians (F) 115 5.3 Some indicators of horizontal inequality in Uganda, 1959–91 117 5.4 Ratio of black/white performance in Brazil 126 6.1 Trade policy orientation and growth rates in the Third World, 1963–92 144 6.2 Wealth bias during the two global centuries 158 6.3 Tariff impact of GDP per capitagrowth, by region 161 8.1 World Bank’s ‘star globalizers’ 205 8.2 East Asian anomalies 206 8.3 The indeterminacy of institutional forms: a Chinese counterfactual 208 8.4 The Washington Consensus and ‘Augmented’ Washington Consensus: what to avoid 212 8.5 Episodes of rapid growth, by region, decade and magnitude of acceleration, 1957–92 215 8.6 Predictability of growth accelerations 217 Box 8.1 Chinese shortcuts 210 vi List of Figures 2.1 Public sector deficits: Latin America versus East Asia 19 2.2 Inflation: Latin America versus East Asia, 1980–95 20 2.3 Inflation rates in developing countries, 1985 and 1995 22 2.4 Volatility of GDP growth, 1970–95 25 2.5 GDP growth before and after banking crises, 1975–94 26 2.6 Government spending in selected countries 35 2.7 Tertiary-level students in technical fields 38 3.1 Changes in income inequality, 1977–99 52 3.2 Changes in earnings inequality, 1977–99 54 3.3 Earnings distribution in France and the United States, 1977–97 56 3.4 Tilt in UK earnings distribution, 1977 and 1998 59 3.5 Redistributive impact of budget, 1977–97 65 5.1 Chiapas compared with all Mexico 114 5.2 Malaysia and the NEP 119 5.3 Changing horizontal inequalities in Sri Lanka 120 5.4 Black/white inequalities in South Africa 121 5.5 Horizontal inequalities in Northern Ireland 123 5.6 Horizontal inequalities in the United States 125 6.1 Global inequality of individual incomes, 1820–1992 137 6.2 Explaining the European trade boom, 1500–1800 139 6.3 Average world tariffs, 1865–1945 141 6.4 Initial real wage versus subsequent inequality trends, 1870–1913 151 6.5 Unweighted average of regional tariffs, 1865–1939 151 6.6 Real wage dispersion in the Atlantic economy, 1854–1913 155 8.1 Structural reform index for Latin American countries, 1985–99 202 8.2 Response to reforms has been weak at best 203 8.3 Economic performances, 1960–2002 204 8.4 The Indian economic take-off, 1960–2000 206 8.5 Growth accelerations: what does the theory say? Effect of improvement in growth fundamentals at time t 213 8.6 Problem: low levels of private investment and entrepreneurship 219 vii This page intentionally left blank UNU World Institute for Development Economics Research UNU-WIDER was established by the United Nations University as its first research and training centre and started work in Helsinki, Finland in 1985. The purpose of the insti- tute is to undertake applied research and policy analysis on structural changes affect- ing developing and transitional economies, to provide a forum for the advocacy of policies leading to robust, equitable, and environmentally sustainable growth, and to promote capacity strengthening and training in the field of economic and social pol- icy making. Its work is carried out by staff researchers and visiting scholars in Helsinki and via networks of collaborating scholars and institutions around the world. World Institute for Development Economics Research of the United Nations University (UNU-WIDER) Katajanokanlaituri 6B, FIN-00160 Helsinki, Finland www.wider.unu.edu ix
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