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This book presents a comprehensive overview of three key areas: heterodox macroeconomics, development economics and classical political economy. It offers an alternative macroeconomic framework to analyse policies with an emphasis on issues of equity and justice. With contributions by leading economists from across the world, it examines the growth and distribution of income; trade and finance in developing countries; classical political economy and Marxist theory; dualism in the US economy; economic crisis; and agrarian economy in poor countries. It explores themes such as the effect of an exogenous shock to wage share; Harrodian instability and Steindlian solutions; economics and politics of social democracy; the role of power in the macroeconomy; economic development through the promotion of domestic value chains; and reflections on primitive accumulation. Going beyond the neo-classical tradition, the volume opens up a new vista of economics by discussing unexplored questions. It provides a refreshing treatment of time-tested ideas as well as discussions of recent developments and current research. A major intervention in heterodox macroeconomics and a tribute to macroeconomist Amit Bhaduri, this book will be useful to scholars and researchers of economics, political economy, development studies, sociology, political science, public administration, economic theory, economic history, economic geography and critical studies, as well as professionals, economists and policymakers.
When are developing countries able to initiate periods of rapid growth and why have so few been able to sustain growth over decades? This book provides a novel conceptual framework built from a political economy of business-government relations and applies it to nine countries across Africa and Asia, drawing actionable policy recommendations.
Provides comprehensive, up-to-date coverage of the key themes and principles of conflict economics.
This account of the interplay of politics and economics in Chile in three successive administrations ending with the 1973 coup suggests that social class plays a major role in determining the outcome of economic policies in Latin America. As the author demonstrates, the nature of the class alliance that controls the state apparatus in Chile, together with the actions of foreign capital, determines not only the type of economic policies followed, but their outcomes as well. A comparison of the three regimes of Jorge Alessandri (1958–64), Eduardo Frei (1964–70), and Salvador Allende (1970–73) is especially important because they represent the main approaches to economic development available to all Third World countries today. The three regimes are compared in terms of policies on property relations, government expenditure, credit, investment, wages, prices, employment, and foreign investment. The outcomes are analyzed through data on economic growth and income distribution. In a concluding chapter, the author comments on the meaning of the Chilean experience for other countries.
In Law, Economics, and Conflict, Kaushik Basu and Robert C. Hockett bring together international experts to offer new perspectives on how to take analytic tools from the realm of academic research out into the real world to address pressing policy questions. As the essays discuss, political polarization, regional conflicts, climate change, and the dramatic technological breakthroughs of the digital age have all left the standard tools of regulation floundering in the twenty-first century. These failures have, in turn, precipitated significant questions about the fundamentals of law and economics. The contributors address law and economics in diverse settings and situations, including central banking and the use of capital controls, fighting corruption in China, rural credit markets in India, pawnshops in the United States, the limitations of antitrust law, and the role of international monetary regimes. Collectively, the essays in Law, Economics, and Conflict rethink how the insights of law and economics can inform policies that provide individuals with the space and means to work, innovate, and prosper—while guiding states and international organization to regulate in ways that limit conflict, reduce national and global inequality, and ensure fairness. Contributors: Kaushik Basu; Kimberly Bolch; University of Oxford; Marieke Bos, Stockholm School of Economics; Susan Payne Carter, US Military Academy at West Point; Peter Cornelisse, Erasmus University Rotterdam; Gaël Giraud, Georgetown University; Nicole Hassoun, Binghamton University; Robert C. Hockett; Karla Hoff, Columbia University and World Bank; Yair Listokin, Yale Law School; Cheryl Long, Xiamen University and Wang Yanan Institute for Study of Economics (WISE); Luis Felipe López-Calva, UN Development Programme; Célestin Monga, Harvard University; Paige Marta Skiba, Vanderbilt Law School; Anand V. Swamy, Williams College; Erik Thorbecke, Cornell University; James Walsh, University of Oxford. Contributors: Kimberly B. Bolch, Marieke Bos, Susan Payne Carter, Peter A. Cornelisse, Gaël Giraud, Nicole Hassoun, Karla Hoff, Yair Listokin, Cheryl Long, Luis F. López-Calva, Célestin Monga, Paige Marta Skiba, Anand V. Swamy, Erik Thorbecke, James Walsh
This wide-ranging review of some of the major issues in development economics focuses on the role of economic and political institutions. Drawing on the latest findings in institutional economics and political economy, Pranab Bardhan, a leader in the field of development economics, offers a relatively nontechnical discussion of current thinking on these issues from the viewpoint of poor countries, synthesizing recent research and reflecting on where we stand today. The institutional framework of an economy defines and constrains the opportunities of individuals, determines the business climate, and shapes the incentives and organizations for collective action on the part of communities; Pranab Bardhan finds the institutional framework to be relatively weak in many poor countries. Institutional failures, weak accountability mechanisms, and missed opportunities for cooperative problem-solving become the themes of the book, with the role of distributive conflicts in the persistence of dysfunctional institutions as a common thread. Special issues taken up include the institutions for securing property rights and resolving coordination failures; the structural basis of power; commitment devices and political accountability; the complex relationship between democracy and poverty (with examples from India, where both have been durable); decentralization and devolution of power; persistence of corruption; ethnic conflicts; and impediments to collective action. Formal models are largely avoided, except in two chapters where Bardhan briefly introduces new models to elucidate currently under-researched areas. Other chapters review existing models, emphasizing the essential ideas rather than the formal details. Thus the book will be valuable not only for economists but also for social scientists and policymakers.
A study that contributes to the debate on whether defense spending encourages or hinders economic growth. It assesses the effect of politics on economic growth in developing societies, with a focus on the Middle East. It urges Third World leaders to improve levels of freedom, democracy, and openness of their political systems.
From sun-baked Black Mesa to the icy coast of Labrador, native lands for decades have endured mining ventures that have only lately been subject to environmental laws and a recognition of treaty rights. Yet conflicts surrounding mining development and indigenous peoples continue to challenge policy-makers. This book gets to the heart of resource conflicts and environmental impact assessment by asking why indigenous communities support environmental causes in some cases of mining development but not in others. Saleem Ali examines environmental conflicts between mining companies and indigenous communities and with rare objectivity offers a comparative study of the factors leading to those conflicts. Mining, the Environment, and Indigenous Development Conflicts presents four cases from the United States and Canada: the Navajos and Hopis with Peabody Coal in Arizona; the Chippewas with the Crandon Mine proposal in Wisconsin; the Chipewyan Inuits, Déné and Cree with Cameco in Saskatchewan; and the Innu and Inuits with Inco in Labrador. These cases exemplify different historical relationships with government and industry and provide an instance of high and low levels of Native resistance in each country. Through these cases, Ali analyzes why and under what circumstances tribes agree to negotiated mining agreements on their lands, and why some negotiations are successful and others not. Ali challenges conventional theories of conflict based on economic or environmental cost-benefit analysis, which do not fully capture the dynamics of resistance. He proposes that the underlying issue has less to do with environmental concerns than with sovereignty, which often complicates relationships between tribes and environmental organizations. Activist groups, he observes, fail to understand such tribal concerns and often have problems working with tribes on issues where they may presume a common environmental interest. This book goes beyond popular perceptions of environmentalism to provide a detailed picture of how and when the concerns of industry, society, and tribal governments may converge and when they conflict. As demands for domestic energy exploration increase, it offers clear guidance for such endeavors when native lands are involved.
Predictions that globalization would undermine territorial attachments and weaken the sources of territorial conflict have not been realized in recent decades. Globalization may have produced changes in territoriality and the functions of borders, but it has not eliminated them. The contributors to this volume examine this relationship, arguing that much of the change can be attributed to sources other than economic globalization. Bringing the perspectives of law, political science, anthropology, and geography to bear on the complex causal relations among territoriality, conflict, and globalization, leading contributors examine how territorial attachments are constructed, why they have remained so powerful in the face of an increasingly globalized world, and what effect continuing strong attachments may have on conflict. They argue that territorial attachments and people's willingness to fight for territory depends upon the symbolic role it plays in constituting people's identities, and producing a sense of belonging in an increasingly globalized world.