Potential Impacts of the New Global Financial Architecture on Poor Countries |
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| Author:
| Soludo, Charles C.
Rao, Masunuru S. |
| ISBN: | 978-2-86978-158-0 |
| Publication Date: | Dec 2002 |
| Publisher: | CODESRIA (Conseil pour le Developpement de la Recherche Economique et Sociale en Afrique)
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| Book Format: | Paperback |
| List Price: | Contact Supplier contact
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Book Description:
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This study argues that the market fundamentalist approach to economics, promoted by most of the industrialised countries and the Bretton Woods institutions, actually increases the vulnerabilities of small and poor countries, exposing them to financial crises. It argues that claims that global growth and equity would best be served through deeper financial integration are founded on weak theoretical and empirical premises. It shows how economic liberalisation in poor countries with weak...
More DescriptionThis study argues that the market fundamentalist approach to economics, promoted by most of the industrialised countries and the Bretton Woods institutions, actually increases the vulnerabilities of small and poor countries, exposing them to financial crises. It argues that claims that global growth and equity would best be served through deeper financial integration are founded on weak theoretical and empirical premises. It shows how economic liberalisation in poor countries with weak and underdeveloped markets and institutions, with no welfare support systems, brings few benefits, and simply exacerbates poverty. The co- authors fear the impacts may be permanent, as current trends indicate deep poverty will be confined within defined geographical boundaries, leading to a ever-widening gap between rich and poor.