I have been studying neoliberal political economy and its future transformations since I wrote Rationalizing Capitalist Democracy. One major insight has been the deep entanglement of neoliberal political-economic practices with de facto power relations. The liberal normative bargaining characterizing Adam Smith’s Wealth of Nations yields to coercive bargaining in which threats of harm are the surest and best means to get one’s way. If one seeks to understand how systems will evolve when governed by strategic competition, then orthodox game theory is useful. However, if one seeks to live in a post-scarcity society in which genuine cooperation is possible, then we can enact solidarity, trust-based relationships, and collective moral accountability.
Since John Williamson’s Washington Consensus and the structural adjustment reforms imposed on developing nations as a condition for IMF and World Bank loans, understanding and criticizing neoliberal development economics is important for a balanced perspective on the international political economy. Chang and Grabel perform this task of an incisive yet graspable critique of neoliberal development theory. Importantly they go further and suggest alternative approaches and policies.
There is no alternative to neoliberal economics - or so it appeared when Reclaiming Development was published in 2004. Many of the same driving assumptions - monetarism and globalization - remain within the international development policy establishment. Ha-Joon Chang and Ilene Grabel confront this neoliberal development model head-on by combining devastating economic critique with an array of innovative policies and an in-depth analysis of the experiences of leading Western and East Asian economies.
Still, much has changed since 2004 - the relative success of some developing countries in weathering the global financial crisis has exposed the latent contradictions of the…
This is a serious work of academic research that
details the role of the World Bank's funding of development work in India. It is
the most serious and well-researched work on the subject that I have read.
Many
writers bring polemical views to their studies of international organizations
and their impact on countries in the Global South. This book avoids these
pitfalls and presents a serious and in-depth study of the subject.
I found it
especially useful for my own work on the Bank's impact on water governance in
India.
India, one of the founding members of the World Bank, is also the Bank's single largest borrower since its inception. There are natural curiosities to know how the relationship between the two has evolved through fluctuations in India's political and economic scenario. Has the World Bank's work in India aligned itself with the country's own developmental agenda-facilitating or impeding the nation's progress? Based on years of grassroots-level experience in political processes, Nagesh Prabhu charts out a comprehensive assessment of various facets of this relationship.
This book examines the relevance of the World Bank's lending to India across sectors and states,…
An American history buff, I’ve long been fascinated by the career of John McCloy, a kind of Zelig of the World War II and post-war era. Kai Bird is the co-author of the biography of J. Robert Oppenheimer, on which the recent movie is based.
Bird lays out the long and influential arc of McCloy’s career. Assistant Secretary of War in World War II, where he was involved in the decision to send Japanese-Americans in California to internment camps and counseled Harry Truman against using the atomic bomb. President of the World Bank.
US High Commissioner for Germany, where he oversaw the creation of the West German government. Chairman of Chase Manhattan Bank and the Ford Foundation. And one of the “wise men” who advised presidents from JFK to Ronald Reagan.
I came away from the book with a deeper understanding of the making of post-World War II America and…
"Exhaustively researched and remarkably evenhanded." -The New York Times
"Absorbing...the definitive life story." -Kirkus Reviews
"A fascinating study." -Los Angeles Times
In The Chairman, the authoritative biography of John J. McCloy, Pulitzer Prize-winning author Kai Bird chronicles the life of the man labeled "the most influential private citizen in America."
Against the backgrounds of World War II, the Cold War, the construction of Pax Americana, the Cuban missile crisis, the Kennedy assassination, and Vietnam, Bird shows us McCloy's astonishing rise from self-described "chore boy" to "chairman of the Establishment."
His powerful circle shaped the postwar globe. But McCloy stood out…
I grew up in the 1950s next door to Long Island’s iconic Levittown. All my aunts and uncles lived in similar modest suburbs, and I assumed everyone else did, too. Maybe that explains why America’s sharp economic U-turn in the 1970s so rubbed me the wrong way. We had become, in the mid-20th century, the first major nation where most people—after paying their monthly bills—had money left over. Today we rate as the world’s most unequal major nation. Our richest 0.1 percent hold as much wealth as our bottom 90 percent. I’ve been working with the Institute for Public Studies, as co-editor of Inequality.org, to change all that.
The climate crisis, many of us now understand, may just end up crushing us. What can save us from that crushing?
Greater income equality, the former World Bank economist Herman Daly argued in this concise 1996 volume, has to be central to our solution. Daly, who passed away in 2022, pioneered the discipline of ecological economics.
Our planet, this University of Maryland professor emeritus believed, has “a limit to the total material production that the ecosystem can support.” In other words, we can’t afford to continue grasping for ever more.
We need to center ourselves instead around having enough, and that means, Daly concluded, moving toward adopting a “maximum personal income” since having 99 percent of a limited total product “go to only one person” would be “clearly unjust.”
"Daly is turning economics inside out by putting the earth and its diminishing natural resources at the center of the field . . . a kind of reverse Copernican revolution in economics." --Utne Reader
"Considered by most to be the dean of ecological economics, Herman E. Daly elegantly topples many shibboleths in Beyond Growth. Daly challenges the conventional notion that growth is always good, and he bucks environmentalist orthodoxy, arguing that the current focus on 'sustainable development' is misguided and that the phrase itself has become meaningless." --Mother Jones
"In Beyond Growth, . . . [Daly] derides the concept of…
I've always been interested in trying to make the world a better place, increasing the well-being of families and nations, and not just in making private profit for myself or for some employer. In working as a consultant on education and development in 22 different countries, many of them poor and developing such as Nepal, Malawi, and Indonesia, I've seen a lot of poverty and inequality, and have also come to see how education, including its effects on fertility rates, health, longevity, the survival of democratic institutions and so forth and especially its financing is at the heart of making lives better, especially for children who are the future of each family and each nation.
I strongly recommend this book because it is clearly written, explains the methods of estimation, and provides an excellent overview of the extensive worldwide research on the returns to education based on earnings.
It certainly influenced me. It had a massive impact on World Bank lending policies in support of economic development in developing countries. It replaced the kinds of Bank physical capital investment policies such as those supporting dam construction, projects that included educating only for a few people on how to operate dams, with education sector-wide loans that support primary and junior secondary education of the labor force.
Some of these dams later washed out, and forests were destroyed in support of development. The book shows how the returns to investment in primary and secondary education are higher in developing countries where the labor force is often nearly illiterate than they are to investing in other higher levels…
Hardback. Jacket a little sunned, worn, with several small nicks along top edge. Boards a little worn at edges only. Previous owner's name label on front endpaper; contents otherwise clean and sound throughout. TPW
My interest in sovereign debt began as a UN economist in the 1980s. We detailed statistics on the stark impact of the crises and watched Latin American presidents plead for help in the General Assembly. Based in New York, I got invited to some meetings of major banks that held problem debt, wouldn’t admit it, but ultimately had to accept losses. African countries in crisis were mainly in debt to official creditors that also did not want to accept losses. Over time, the types of creditors changed and changed again, and debt crises kept reappearing, being fixed, reappearing until today. This is dramatic stuff. How could I not be interested?
Most debts embody a legal contract specifying how and when the borrowed funds will be repaid and any circumstances in which the obligation can be amended.
Non-payment of most loan contracts end up before a judge whose decisions on repayment are guided by a national bankruptcy law. Debts of sovereign states differ.
Insolvent governments negotiate partial or delayed repayment with their various creditors. The starting point is always that the contracts must be honored.
Professor Lienau argues that there are instances in legal theory and historically in practice in which governments did not and should not have had to repay “illegitimate” debts. She calls for international recognition of a legally enforceable concept of “responsible” lending and borrowing.
Imagine how that might make creditors think twice about lending to oppressive regimes?
Conventional wisdom holds that all nations must repay debt. Regardless of the legitimacy of the regime that signs the contract, a country that fails to honor its loan obligations damages its reputation, inviting still greater problems down the road. Yet difficult dilemmas arise from this assumption. Should today's South Africa be responsible for apartheid-era debt? Is it reasonable to tether postwar Iraq with Saddam Hussein's excesses?
Rethinking Sovereign Debt is a probing historical analysis of how sovereign debt continuity--the rule that nations should repay loans even after a major regime change, or expect reputational consequences--became the consensus approach. Odette Lienau…
When I first traveled to Africa in my early 20s as a volunteer teacher, I naively thought I would have much to teach Africans. It became clear quickly that I had far more to learn than I did to teach. Since then, I have been immersed in African cultures and their histories and believe deeply that their long-standing social, political, and economic formations are necessary for a sustainable global future. I have written three books from my African history training and experience, including the one promoted below. I regularly teach introductory and upper-level African History courses at Xavier University in Cincinnati, Ohio.
I loved Rist’s book because it totally changed the way I thought about the idea of development. It made it more complicated and far more sinister than I had been led to believe. His definition alone is provocative: development destroys social and environmental systems. But there is much more here to get one thinking.
He starts by saying that development is a plastic word with so many different meanings that it can apply to almost anything. He traces its use in the West and then its application as a universal ideal through foreign policy and international institutions (like the United Nations and World Bank). The result is global disparity. Development somewhere requires poverty (or less development) elsewhere on a finite planet.
In this landmark text, Gilbert Rist provides a comprehensive and compelling overview of what the idea of development has meant throughout history. He traces it from its origins in the Western view of history, through the early stages of the world system, the rise of US hegemony, and the supposed triumph of third-worldism, through to new concerns about the environment and globalization.
Assessing possible postdevelopment models and considering the ecological dimensions of development, Rist contemplates the ways forward. Throughout, he argues persuasively that development has been no more than a collective delusion, which in reality has resulted only in widening…
Robin Attfield and Barry Wilkins are retired members of the Philosophy staff of Cardiff University, where they individually and jointly taught undergraduate courses in Philosophy and History of Ideas, and magistral courses in Social Ethics. They also supervised doctoral students in fields including development ethics; former students of theirs hold professorships in places ranging from Los Angeles to Addis Ababa and to Jahangirnagar (Bangladesh). Robin Attfield is currently completing his twentieth published book; several of his books have concerned our international responsibilities. From 1990 they became aware of a serious gap in the philosophical literature with regard to international development, and managed through their joint book to begin plugging it.
Barry recommends this book for Eric Toussaint's powerful analysis of the global financial system and its principal institutions (such as the IMF and World Bank) as a system of power relations maintaining the subordination and exploitation of the global south.
Barry found the exploration of possible solutions particularly valuable, ranging from various forms of resistance in poorer countries to the development of support and solidarity from social movements and struggles in rich countries.
Desirable policy changes are also discussed, especially debt cancellation in relation to the Third World Debt Crisis.
In the last decade neoliberal policies have created debt and global impoverishment on a massive scale. In this updated edition of his internationally recognised book, Toussaint traces the origins and development of the crisis in global finance.
Alex Counts founded Grameen Foundation and became its President and CEO in 1997. A Cornell University graduate, Counts’s commitment to poverty eradication deepened as a Fulbright scholar in Bangladesh, where he trained under Professor Muhammad Yunus, the founder and managing director of Grameen Bank, and co-recipient of the 2006 Nobel Peace Prize. Since its modest beginnings, Grameen Foundation has grown to become a leading international humanitarian organization. Today he is an independent consultant to mission-driven organizations, a prolific writer, and an adjunct faculty member at the University of Maryland who loves to teach nonprofit leadership and related subjects.
This short book hits the nail on the head over and over about what social entrepreneurship is, what it isn’t, why it matters, and how it differs from other approaches to causing social change. I have given it to countless people over the years, especially those seeking their own place in the “do good” ecosystem. On virtually every page, I found multiple insights about the realities of leading social change that I found not only true but also extremely helpful to me as I reflected on my own journey and its highs and lows as well as its more mundane elements and its many absurdities.
In development circles, there is now widespread consensus that social entrepreneurs represent a far better mechanism to respond to needs than we have ever had before-a decentralized and emergent force that remains our best hope for solutions that can keep pace with our problems and create a more peaceful world. David Bornstein's previous book on social entrepreneurship, How to Change the World, was hailed by Nicholas Kristof in The New York Times as "a bible in the field" and published in more than twenty countries. Now, Bornstein shifts the focus from the profiles of successful social innovators in that book-and…
I became an anthropologist by accident. I never liked school, but I loved to travel, and I got a PhD so that I could rail against development and the perils of cross-cultural misunderstanding in print. Naively, I thought maybe someone would listen. Luckily for me, I discovered I also liked teaching. I first taught at UCLA and then at the Naval Postgraduate School, where I had mostly mid-career U.S. and international special operations officers in class. More serendipity: my two decades at the Naval Postgraduate School bracketed the Global War on Terror, which unfortunately proved to be a witch’s brew of cross-cultural misunderstanding.
Yes, this is the same Graham Hancock who now writes contrarian archeological tomes. I conducted some of my PhD fieldwork in the same area of Somalia that he visited as a reporter, and I was there not long after he was in the 1980s.
This was the first book I came across that explained why almost every development project I’d encountered when traveling around Africa seemed to be such a waste, or worse. Next to no one at the time was reporting on the corruption generated by ‘development’ or the extent to which aid was an industry. Hancock nailed it.
Each year some sixty billion dollars are spent on foreign aid throughout the world. Whether in donations to charities such as Save the Children, Oxfam, CARE, UNICEF, or the Red Cross, in the form of enormous loans from the World Bank, or as direct payments from one government to another, the money is earmarked for the needy, for relief in natural disasters—floods or famines, earthquakes, or droughts—and for assistance in the development of nations.
The magnitude of generosity from the world’s wealthy nations suggests the possibility of easing, if not eliminating, hunger, misery, and poverty; in truth, however, only a…
