Reimagining Growth: Towards a Renewal of Development Theory, Volume 1842775847

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Zed Books, Aug 20, 2005 - Business & Economics - 308 pages
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For the past two decades, development theory has been trumped by development economics, while within economics itself the simplistic notions of neoclassical theory have prevailed with their assumption that markets, freed up from all institutional restraints (including the state), will automatically deliver much higher rates of growth and overall development. Conscious of the lamentable record of these policies in both developing countries and the rich industrial nations, the eminent economists and other social scientists who have collaborated in this volume take issue with these nostrums. They believe that the recurrent intellectual inadequacies and policy mistakes create an urgent need to rethink economics as a discipline and development as a process. In this volume the authors seek to present an innovative new approach to economic development, drawing from heterodox intellectual traditions within economics as well as from the other social sciences. Economics itself needs to redefine many of its concepts on the basis of actually observing the complex realities of functioning economies. And development needs to be reconceived as an inherently 'thick' process of social change, in which each country's particular history and institutional workings take centre stage, variously constraining or enabling different kinds of economic development processes at different times and places. This collection of major intellectual contributions and their eminent authors demand careful consideration. The intention is to point the way theoretically to a much more sophisticated understanding of economic development. The ultimate prize, if we can ground our theory in a more accurate analysis of social change, is policies that really will deliver higher economic growth and greater social justice worldwide.
 

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Contents

Introduction
3
A Tour through the Contributions I I
11
Local and Global Connections
20
Planned Development
33
The Committed Character and Enthusiastic Reception of Cepalino Thought
40
Barterbased Economics as Harmonielehre a System of Automatic Harmony
57
How Economic Activities Differ and Why it Matters
68
Notes on the Contributors 298
73
The Necessity of Institutions and the Nature of Markets
89
The Role of Institutions in Economic Change
99
What Opportunities
171
Society Community and Economic Development
198
The Economic Contributions of Society and Community
205
How Society and Community Frame Incentives
215
Social Forces Politics and Economics
221
Some Keynesian Ideas about Economic Development and Poverty
240

Conclusions
77
Rethinking the Role of Institutions
83
A Spatial Keynesian Approach to Development Poverty and Discrimination
246
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About the author (2005)

Silvana De Paula is Associate Professor in the Graduate Program on Development, Agriculture and Society (CPDA) of the Federal Rural University of Rio de Janeiro in Brazil. Gary Dymski is Professor of Economics at the University of California.

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