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South-South Globalization - Challenges and Opportunities for Development (Hardcover)
Loot Price: R1,326
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South-South Globalization - Challenges and Opportunities for Development (Hardcover)
Series: Routledge Studies in Development Economics
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Two prominent features of the current global economy are the
world-wide recession brought about by the recent financial crisis,
and the emergence of major economic powers from within the
developing world such as Brazil, China and India. The former
represents the failure of global regulatory policies and
macroeconomic imbalances between surplus and deficit countries; the
latter is symptomatic of a partial shift in economic power towards
developing nations, who are often collectively labelled the global
South. The macroeconomic imbalances are unsustainable in the longer
run as they mean greater absorption relative to income in deficit
nations; they require corrective action and international policy
coordination. Reducing imbalances also requires large developing
countries to raise their domestic consumption and also imports from
the rest of the world and international financial institutions to
operate as a lender of last resort. Furthermore, the engines of
global growth, especially for developing countries, may no longer
lie solely in the traditional developed country markets in the USA,
Europe and Japan, known collectively as the global North. Rather
South-South trade is growing rapidly, and that could be an engine
of growth for the global economy, including both developed and
developing countries. The various chapters in this edited volume
address issues surrounding global imbalances and the prospects for
growth in developing countries propelled by South-South
interaction. This book should be of interest to students and
researchers focussing on political economics, international
economics, globalization, global imbalance and the world-wide
recession after 2008.
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