ABOUT THE BOOK
“Stablise, liberalise and privatise” has, since the debt crisis of the early 1980s, been the mantra chanted at developing countries with quasi-religious conviction by international financial institutions, donor countries and newspaper columnists. Policy debate has increasingly polarised into the rhetoric of extremes: trade liberalisers versus protectionists, cosmopolitan versus nationalist, the right-thinking versus the wrong-headed, and so on. In The Resistible Rise of Market Fundamentalism Richard Kozul-Wright and Paul Rayment expose the mix of selective evidence, mythical economic history, simplistic assumptions and opportunistic bias which comprise this prescription for economic development.
They argue that attempts to apply a universal model of development have not only met with little or no success but are also dangerously at odds with democratic principles. Insisting on a ready-made, “one size fits all” model increases the risk of policy reactions that are likely to undermine the peace, prosperity and global integration that the big economic powers and the international organisations are seeking to promote and in which the developing countries seek to share. Instead, developing countries must be given the freedom to experiment, to develop their own policies and discover what works in their own national circumstances. On this basis, Kozul-Wright and Rayment set out a pragmatic, constructive and more hopeful approach to development than the simplicities of market fundamentalists.
KOZUL-WRIGHT is a senior economist at UNCTAD in
RAYMENT was formerly Director of Economic Analysis at the United
Nations Economic Commission for Europe (UNECE) in
Preface and acknowledgements
Chapter 1. The rise of market fundamentalism
Chapter 2. Back to the future? Globalisation in historical perspective
Chapter 3. Engines of growth? Trade and financial flows in an open world
Chapter 4. Transnational corporations, foreign direct investment and the uneven geography of international production
Chapter 5. Globalisation revisited
Chapter 6. Towards an alternative framework for development strategies
Chapter 7. Resisting market fundamentalism
Chapter 8. The conditions for a sustainable global order
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