- New institutional economics (Coase, North, Williamson, Stiglitz)
- Markets are imperfect more often than neoliberals allow, and are marked by information asymmetries and transaction costs.
- Effective institutions (both state and non-state) are needed to lower transaction costs and facilitate market transactions – institutions such as judicial systems, property rights regimes, regulatory agencies, central banks, insurance, etc.
- Neostructuralists/neo-Keynesians (neo-developmentalists; i.e. Ha-Joon Chang, Paul Krugman, L.C. Bresser-Pereira)
- Developing economies differ fundamentally from advanced capitalist economies.
- Significant state activity is needed to overcome market imperfections- more activity than advocated by new institutionalists.
- Elements of the desarollista or import-substitution industrialization (ISI) model were more effective than neoliberals claim
- (Also versions of what we have studied so far: Marxism, dependency theory, post-development, etc.)
Origins - F. von Hayek, The Road to Serfdom (1944).
- 1945-71: a period of embedded liberalism in the world economy (state mediated capitalism with strong labor rights, curbs on capital mobility, welfare rights, Keynesian demand management and some degree of state planning).
- “Stagflation” challenged the Keynesian orthodoxy.
- The oil shock of 1973-4 put “petrodollars” into the world economy, and by borrowing these many developing countries sustained ISI during the 1970s.
- The Pinochet reforms in the 1970s were an experiment in neoliberal reform.
Origins - Chinese economic reforms under Deng Xiaoping beginning in 1978
- The second oil shock of 1979
- US interest rates rise
- Thatcher elected in the UK in 1979
- Reagan elected in the US in 1980
- The 1980s: a debt crisis in much of the developing world, in which capital flows were from developing to the developed world
Do'stlaringiz bilan baham: |
