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2020 | OriginalPaper | Buchkapitel

1. Inclusive Growth: Background Considerations and Key Themes

verfasst von : Muhammed Muqtada

Erschienen in: Quest for Inclusive Growth in Bangladesh

Verlag: Springer Singapore

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Abstract

The introductory chapter provides brief commentaries on the background issues that shed light on the rationale and design of the book. These background issues relate to an understanding of the evolving concerns of development planning in reducing poverty, unemployment and inequality. The study provides a summary account of three such regimes (viz. overwhelming faith in growth; changing the patterns of growth; and a focused pro-poor growth) and how the limitations of these have led analysts and development partners to seek an alternative inclusive growth strategy. Such a strategy depends not only on the traditional redistributive measures and access to opportunities, but also on social systems that safeguard job entitlements and ensure social security and participation. The study notes that as was true of past crises, the current economic upheaval following the COVID-19 pandemic has exposed the weaknesses of the social systems. This chapter lays out the book plan, and sketches an overview of the essays of the book whose themes are expected to contribute to the design of an inclusive growth strategy.

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Nächstes Kapitel The Quest for an Inclusive Growth Strategy

See for example, Khan (2015) for reflections on the relative importance of the NGOs in the success story of Bangladesh.

See for example, the Copenhagen Declaration that was reached at the World Summit on Social Development, Copenhagen, 1995 (UN 1995).

See for example, Dev (2010).

See World Bank (2008).

See for example, Stiglitz et al. (2019).

Stiglitz et al. (2019).

In 1990, the United Nations Development Programme (UNDP) launched its Human Development Index (HDI) as an alternative to per capita GDP, to monitor a country’s development. The formulation of the index is attributed to Mahbub Ul Huq and Amartya Sen.

Note, the 2030 Agenda for Sustainable Development also calls upon countries for a stepped-up growth of GDP (see Goal 8) to achieve higher employment and structural transformation. However, the targets and indicators of Sustainable Development Goals (SDGs) together provide an elaborate blueprint for what may be termed as sustainable and inclusive growth.

See for example, World Bank (1993), Khan (2015).

For a succinct view of the various paradigms, from old and new generations, on growth and development, see Meier (2001). Others have argued to look beyond the growth and development framework. Hamilton (2004) in fact writes powerfully not only on the need to abandon growth fetishism, but equally to reflect on post-growth societies.

“Perhaps the most important thematic deficiency of traditional development economics is its concentration on national product, aggregate income and total supply of particular goods rather than on ‘entitlements’ of people and the ‘capabilities’ these entitlements generate” (Sen 1983, p. 754).

See World Bank (2018).

See Ravallion (2001, 2005) among many others.

See Piketty (2006). He contends that inequality was intrinsically related to policies and institutions that various governments undertook.

See Chenery et al. (1974).

See Chap. 2 for further details.

See World Bank (2005).

See for example, Milanovic (2016).

Bourguignon (2004).

See World Bank (2005).

World Bank (2018).

Cf. Milanovic (2016).

World Bank (2018).

See Chap. 2 of this volume.

See Sobhan (2010) on structural flaws in governance structure in South Asian countries.

The advanced economies as well as the East Asian emerging economies are cases in point.

For an analysis of empirical studies on the employment–poverty nexus, see Khan (2005).

See Chap. 2.

At the time of writing this, more than 50 million people have been infected globally by the COVID-19 virus, and over 1.25 million people have already died.

IMF (2020).

Cf. ILO (2020).

For estimates regarding Bangladesh, see CPD (2020); for alternative assessments see Osmani (2020).

Ibid.

Stimulus packages announced so far range from a whopping 21% of GDP in Japan, to 3.7% of GDP in Bangladesh.

This is according to IMF database.

See CPD (2020), Osmani (2020).

The 2030 Agenda, which includes 17 SDGs and 169 indicators that are purported to foster inclusive growth, does not indicate which ones, at what pace of progress, would indeed affirm progress toward inclusive growth.

There are several leading analysts who have advocated alternative perceptions of macroeconomic policy framework to promote a job-centred approach to inclusion that would reduce inequality and vulnerability. See among others, Stiglitz et al. (2006), Bhaduri (2019). “For an alternative macroeconomic policy paradigm, the defining issue for more equitable and inclusive development requires viewing output growth as the outcome of decentralized high employment growth, rather than employment growth as the outcome of high output growth” (Bhaduri 2019, p. 235).

This is taken from the title of the article Sen (1995).

Acemoglu, D., & Robinson, J. E. (2013). Why nations fail: The origins of power, prosperity and poverty. London: Profile Books Ltd.

Atkinson, A. B. (2015). Inequality: What can be done? London: Harvard University Press.CrossRef

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Chenery, H., Ahluwalia, M. S., Bell, C. L. G., Duloy, J. H., & Jolly, R. (1974). Redistribution with growth. Oxford: Oxford University Press.

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Titel: Inclusive Growth: Background Considerations and Key Themes
verfasst von: Muhammed Muqtada
Verlag: Springer Singapore
Buch: Quest for Inclusive Growth in Bangladesh
Print ISBN: 978-981-15-7613-3

Electronic ISBN: 978-981-15-7614-0

Copyright-Jahr: 2020
DOI: https://doi.org/10.1007/978-981-15-7614-0_1

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