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 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.
General
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