Globalisation, development and transition : conversations with eminent economists /

Table Of Contents:
List of figures ix
List of tables xi
Preface xiii
Acknowledgements xvii
1 The fall and rise of globalisation 1

1.1 Introduction 1

1.2 Globalisation v. 'globaphobia' 2

1.3 The gains from trade and good governance 5

1.4 When did globalisation begin? 10

1.5 The 'Great Reversal': international disintegration and recovery 16

1.6 Financial globalisation 20

1.7 The benefits and costs of financial integration 22

1.8 Exchange rate regimes and the 'open-economy trilemma' 28

1.9 The role of the International Monetary Fund 29

1.10 Globalisation and the IMF: some lessons from the 1990's 30

1.11 International labour migration 33

1.12 The 'offshore outsourcing' controversy 40

1.13 The size of nations 42

1.14 Growth, productivity and international competitiveness 43

1.15 Analysing global competitiveness 46

1.16 The Growth Competitiveness Index 47

1.17 The Business Competitiveness Index 50

1.18 The Global Competitiveness Index 53

1.19 Improving competitiveness in developing countries 57

1.20 Conclusion 60
2 Economic development in historical perspective 62

2.1 Introduction 62

2.2 The 'Great Escape' 65

2.3 Alternative measures of 'progress' 72

2.3.1 Income measures 72

2.3.2 Beyond income measures of progress: basic needs, the PQLI and life expectancy 74

2.3.3 The Human Development Index 80

2.3.4 Competitiveness indices 82

2.3.5 Measures of freedom 84

2.3.6 Anthropometrics 88

2.3.7 The economics of obesity 90

2.3.8 The economics of happiness and life satisfaction 95

2.4 The birth of development economics 97

2.5 From the 'clirigiste consensus' to the 'Washington Consensus' and beyond 100

2.6 Growth and development 102

2.7 Growth, development and the role of institutions 105

2.8 Economic history and institutions 107

2.9 Bandits and kleptocrats 109

2.10 Barriers to growth and development 110

2.11 Sub-Saharan Africa's 'growth tragedy' 112

2.12 From 'Marshall Plan' to Millennium Development Goals 120

2.13 2005: a 'pivotal year' in the development debate? 122

2.14 The foreign aid controversy 124

2.15 Aid and poverty traps 130

2.16 Foreign aid: a 'weapon of mass salvation' 138

2.17 Conclusion 139
3 The rise and fall of the socialist system and the trials of transition 142

3.1 Introduction 142

3.2 The legacy of Marx 143

3.3 The rise and fall of the socialist system and the Soviet Union, 1917-91 148

3.4 From 'golden age' growth to slowdown 154

3.5 Western perceptions of the socialist system 158

3.6 Economic analysis under socialism 161

3.7 From glasnost and perestroika to transition 162

3.8 The political economy of transition 164

3.9 A third way: is market socialism feasible? 166

3.10 Alternative paths of transition: the shock therapy v. gradualism debate 170

3.11 The political economy of reform 175

3.12 Conclusion 181
INTERVIEWS

Daron Acemoglu (Massachusetts Institute of Technology, Cambridge, USA) 189

Alberto Alesina (Harvard University, Cambridge, USA) 214

Padma Desai (Columbia University, New York, USA) 234

William Easterly (New York University, USA) 261

Stanley Fischer (Governor of the Bank of Israel) 283

J谩nos Kornai (Institute for Advanced Study, Budapest, Hungary) 305

Michael Porter (Harvard Business School, Boston, USA) 333

Dani Rodrik (Harvard University, Cambridge, USA) 352

Jeffrey Sachs (Columbia University, New York, USA) 374

Xavier Sala-i-Martin (Columbia University, New York, USA) 403

Jeffrey Williamson (Harvard University, Cambridge, USA) 428
Bibliography 455
Index 523