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2022 | Buch

Introduction Kapitel lesen Erstes Kapitel lesen

Fighting Global Poverty

Economic Policy Strategies for Developing Countries

verfasst von: Dr. Basil Oberholzer

Verlag: Springer Fachmedien Wiesbaden

Buchreihe : SpringerBriefs in Economics

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

This book presents paths developing countries can pursue in order to reclaim their ability to take action and improve people’s living conditions in the long term. According to dominant economic theory, markets are the essential engines of growth and poverty reduction in developing countries. However, the track record so far is disappointing. On the other hand, poor countries, which are exposed to the dynamics of global capitalism, have little chance to implement alternative development strategies. Policy actions for a fairer income distribution or for more public investment run the risk of being punished by financial markets and capital flight. The book presents solutions to these issues, considering key economic foundations, and outlining feasible development strategies.
It is, therefore, a must-read for policy-makers and practitioners working on fighting global poverty, as well as scholars and students of economics, interested in a better understanding of development economics, economic growth, and financial economics.

Inhaltsverzeichnis

Frontmatter
Chapter 1. Introduction
Abstract
The introduction explains some examples of economic crises in developing countries triggered by capital flight and external debt and briefly explains why these crises are major obstacles to development.
Basil Oberholzer
Chapter 2. Are Current Policies on Track to Eliminate Poverty?
Abstract
According to various international statistics, poverty reduction has been a success so far. However, a deeper look into the data reveals doubts about this optimistic view. It leads to the question of whether the dominant development agenda, the Washington Consensus, is able to effectively tackle the problem of poverty. The key elements of the Washington Consensus such as privatization of state-owned enterprises, trade and financial liberalization, and restrictive fiscal policies, are introduced in this chapter.
Basil Oberholzer
Chapter 3. How Mainstream Economics Works
Abstract
This chapter explains the basic assumptions of neoclassical economics. The theory of the general equilibrium, based on the maximization of utility and profit by market agents, assigns monetary policy and government intervention in markets only a very small role.
Basil Oberholzer
Chapter 4. Basic Principles to Understand Macroeconomics
Abstract
The assumptions of neoclassical theory fail to appropriately account for the complexity and dynamics of a capitalist economy. This chapter introduces some key macroeconomic principles such as the concept of endogenous money, the monetary circuit, uncertainty, effective demand, and the rate of profit, which allow for an adequate understanding of economic realities.
Basil Oberholzer
Chapter 5. Markets Alone Make No Development
Abstract
Based on the macroeconomic principles introduced in the previous chapter, we can now better understand why markets alone are not able to increase low incomes and low productivity in developing countries. To improve growth conditions, active economic policies with public investment are needed such that the private sector is crowded in and becomes more active. This chapter explains why the arguments of the economic mainstream against such policies are analytically misguided.
Basil Oberholzer
Chapter 6. Developing Countries in Global Capitalism
Abstract
This chapter makes another step towards a more complete analysis: the effectiveness of an active state-driven economic policy is severely limited when the national economy is no longer considered in isolation but in its embedment in the global context. International trade and financial flows cause exchange rate fluctuations, external debt, capital flight, and currency crises, thus penalizing developing countries if their governments want to intervene in markets and pursue ambitious development strategies. At this point, it thus seems that governments hardly have any policy options to steer growth and reduce poverty.
Basil Oberholzer
Chapter 7. Reclaiming Economic Policy
Abstract
The more detailed analysis in this chapter shows that exchange rate fluctuations and currency crises are related to the structure of today’s international payments system. There is an issue that is usually hardly taken note of in economics even though it is of tremendous importance. Namely, international payments are made twice. As a result, developing countries with current account deficits get caught in the vicious circle of resource loss, currency devaluation, and growing external debt. This chapter explains both the analytical problem as well as a reform of international payments that solves it. Ambitious economic polices are realistic thanks to that reform.
Basil Oberholzer
Chapter 8. Macroeconomics for Development
Abstract
Thanks to the reform of international payments explained in the previous chapter, developing countries are able to reclaim their policy space. They now can design successful development strategies and pursue active economic policies to generate employment, strengthen productivity, and reduce poverty through public investment that crowds in the private sector. Current account deficits no longer lead to crises.
Basil Oberholzer
Chapter 9. Economic Growth Forever?
Abstract
Growth is a critical variable to reduce poverty in developing countries. However, above a certain standard of living, the benefits of growth diminish, while the environment is increasingly burdened with rising resource consumption. This chapter outlines a perspective on how an economy can prosper in the long term even without growth.
Basil Oberholzer
Chapter 10. New Perspectives
Abstract
Growth is not everything, and macroeconomic strategies cannot solve every problem in a developing country. However, this book has shown that they are crucial prerequisites for poverty reduction and for a promising perspective to become realistic. By analyzing both domestic and international macroeconomic conditions, this book has identified the policy instruments required to successfully advance on the path of economic development.
Basil Oberholzer
Metadaten
Titel
Fighting Global Poverty
verfasst von
Dr. Basil Oberholzer
Copyright-Jahr
2022
Electronic ISBN
978-3-658-36631-5
Print ISBN
978-3-658-36630-8
DOI
https://doi.org/10.1007/978-3-658-36631-5

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