Capital Without Borders: Challenges to Development

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Ashwini Deshpande
Anthem Press, Sep 28, 2011 - Business & Economics - 250 pages
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This book contains selected papers from the Annual Conference on Development and Change (ACDC) held at Sao Paulo in November 2006. Second in a series of three conferences, the 2006 ACDC showcased research by relatively younger scholars. While precise and rigorous alternatives to the neoliberal agenda are often overlooked in the huge volume of literature that addresses the larger issues, both aspects - the larger picture and the smaller nuts-and-bolts details - are very important, and this volume fills the gaps in the latter category. These papers were written before the global recession, and events subsequent to the conference and the writing of these papers have validated several of the concerns raised by their authors.

This volume focuses on a plethora of issues from the point of view of the South. It demonstrates, for example, that if capital inflows exceed a certain volume - no matter how they are absorbed - such openness will inevitably result in a crisis in the receiving country. The popular understanding of foreign portfolio investment as more benign than foreign direct investment (FDI) is also challenged. By contrasting contemporary capital flows as well as the international capital flows of the nineteenth century, this collection highlights the role of regulation and the role of the state, and ultimately emphasizes the need for recipient country governments to exercise policy options to control the volume of foreign capital inflows.

 

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Contents

Intro du ction
1
How Financial Liberalization Led in the 1990s to Three
11
Timing the Mexican l99495 Financial Crisis Using
39
What If the Income
53
Foreign Portfolio Investment Stock Market and Economic
121
External Debt Nationalization as a Major Tendency on Brazilian
165
Recrafting Bilateral Investment Treaties in a Development
209
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About the author (2011)

 Dr Deshpande is an economist and distinguished Indian scholar specializing in the study of the economics of discrimination, with a focus on caste and gender in India, aspects of the Chinese economy, and the international debt crisis. With a PhD in Economics from Delhi University, she is Professor in the Department of Economics at the Delhi School of Economics, Delhi University; Visiting Fellow at the Institute of Chinese Studies in New Delhi, India; and Fellow of the India China Institute, New School, New York. Dr Deshpande has served as a member of an expert group constituted by the Government of India to create a Diversity Index for the Indian economy, with the goal to increase the participation of minorities in public life. She is the author of a special caste development index and works with large data sets to measure intergroup disparity and discrimination. Dr Deshpande has also spent time in China, researching issues related to regional disparities and gender discrimination. For the past three years she has served as Chair of the Annual Conference on Development and Change, a network of young heterodox scholars from several countries, including China; she has also organized three major international conferences in India, Brazil and South Africa. Her recent publications include ‘Globalisation and Development: A Handbook of New Perspectives’ and several scholarly articles in leading journals.

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