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Is this the end of economic development?

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  • Is this the end of economic development?
  • Adelman, Irma; Yeldan, Erinc
  • Elsevier Ltd.


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Title Is this the end of economic development?
Similar Titles
Material Type Articles
Author(English)

Adelman, Irma; Yeldan, Erinc

Publisher

[London]:Elsevier Ltd.

Date 2000
Journal Title; Vol./Issue Structural Change and Economic Dynamics:Vol. 11
Pages 15
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Macroeconomics
Holding Research Gate

Abstract

The paper reviews the policies and institutions used by governments that have successfully promoted economic development. It examines which policy instruments countries can still wield in the current global trading and financial regimes. It concludes that the openness and nature of short-term financial markets eliminate state use of interest and exchange rate policies while GATT/WHO eliminate trade and commercial policy. As a result, developing countries are severely limited in the means they can employ to promote development. We conclude by suggesting four reforms to increase state autonomy and lessen the frequency and severity of financial crises.