Globalization and Competition explains why some middle-income
countries, principally those in Asia, grow fast while others are
not successful. The author criticizes both old-style
developmentalism and the economics of the Washington Consensus. He
argues instead for a 'new developmentalism' or third approach that
builds on a national development strategy. This approach differs
from the neoliberal strategy that rich nations propose to emerging
economies principally on macroeconomic grounds. Developing
countries face a key obstacle to growth, namely, the tendency to
overvaluate foreign exchange. Instead of neutralizing it, the
policy that rich countries promote mistakenly seeks growth through
foreign savings, which causes additional appreciation of the
national currency and often results in financial crises rather than
genuine investment.
General
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