Synopses & Reviews
There is no alternative to neoliberal economics. In 2004 americanisation and globalisation were and to a large degree still are the driving assumptions within the international development policy establishment. Reclaiming Development confronts the validity of this neoliberal development model head-on by combining devastating economic logic with an in-depth analysis of the historical experiences of leading Western and East Asian economies.
A lot has changed since 2004, though - the global financial crisis and the success of some developing countries in weathering the crisis have transformed the latent cleavages in the neoliberal model, resulting in an increasingly open environment of policy innovation and experimentation in the Global South. If anything, these changes mean that Reclaiming Development is even more relevant today than when it was first published, with real hope that the policies articulated then might finally be realized in practice.An essential landmark work that continues to grow in influence.
'This unusually well-written, direct and succinct book describes neo-liberal positions fairly; offers theoretically rigorous and empirically accurate critiques; and describes feasible, practical alternative policies that take realistic account of political, economic and financial constraints. Discussion of financial, monetary, fiscal, trade and industry policy and intellectual property rights is especially strong and constructive and makes important innovative contributions. It is a fine, carefully analytical achievement which would contribute to hastening both efficient and socially just development wherever the insights are appropriately used.' - John Langmore, Representative of the ILO to the UN
'Chang and Grabel demolish the myths (or fabrications) underlying neo-liberal views about economic development and provide succinct, constructive suggestions for policies regarding trade and industry, privatization and intellectual property rights, private capital movements, financial regulation, and macroeconomics. Reclaiming Development is a manifesto that should be on the shelves of policy-makers, academics, and students worldwide.' - Lance Taylor, Arnhold Professor, New School University, and author of Reconstructing Macroeconomics
'A growing number of developing countries are taking back control over economic policy from the IMF and the World Bank. The wide range of policy suggestions contained in this book provides a rich mine of concrete and practicable alternatives from which to choose in taking advantage of whatever room globalization still allows developing countries and reshaping economic policy in their own interests.' - Martin Khor, Director, Third World Network
'This book is not only a superb antidote to the numbing myths of neoliberalism but also a cogent and stimulating presentation of the many possibilities for alternatives to neo-liberal economic policy that both theory and history provide policy-makers and students of development.' - Thandika Mkandawire, Director, United Nations Research Institute for Social Development (UNRISD)
'The dominant neo-liberal economic doctrine asserts that there is no alternative to its policy prescriptions which provide the foundations for success in an age of globalization. This book questions and refutes the belief system implicit in the assertion. It does so in a manner that is highly iconoclastic. Yet, it is solidly grounded in economic theory and empirical evidence, both historical and contemporary.' - Deepak Nayyar, Vice Chancellor, University of Delhi
'The alternatives offered in this book make established wisdom turn cartwheels...Those in the higher echelons of power would have much to learn from a thorough read of a book such as this.' - Nina Gera, Dawn
About the Author
Ha-Joon Chang teaches economics at Cambridge University. He is the author of 23 Things They Don't Tell You about Capitalism.
Ilene Grabel is an economist and professor at the Josef Korbel School of International Studies at the University of Denver.
Table of Contents
Foreword by Robert H. Wade
Preface to the critique influence change edition
Part I Myths and Realities about Development
1 Myth 1 'Today's wealthy countries achieved success through a steadfast commitment to the free market'
2 Myth 2 'Neoliberalism works'
3 Myth 3 'Neoliberal globalization cannot and should not be stopped'
4 Myth 4 'The neoliberal American model of capitalism represents the ideal that all developing countries should seek to replicate'
5 Myth 5 'The East Asian model is idiosyncratic; the Anglo-American model is universal'
6 Myth 6 'Developing countries need the discipline provided by international institutions and by politically independent domestic policymaking institutions'
Part II Economic Policy Alternatives
7 Policy Alternatives 1 Trade and Industry
8 Policy Alternatives 2 Privatization and Intellectual Property Rights
9 Policy Alternatives 3 International Private Capital Flows
10 Policy Alternatives 4 Domestic Financial Regulation
11 Policy Alternatives 5 Macroeconomic Policies and Institutions
Obstacles and Opportunities for Reclaiming Development