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This concise book, by one of the leading scholars in development
economics, has been developed from a series of lectures given to
masters students and will serve as an excellent introduction to the
principles of growth and development theory. The author presents
conventional wisdom with a critical eye and charts development
economics as it has evolved from Adam Smith to 'new' or endogenous
growth theory. Thirlwall is critical of the latter, and its
predecessor neo-classical growth theory, and tries to put back
demand as a driving force in growth theory. He argues that in an
open developing economy one of the major constraints is the
availability of foreign exchange to pay for imports, so that export
growth which relaxes a balance of payments constraint on demand
becomes a crucial determinant of overall growth performance. Demand
creating its own supply in a growth context, rather than the
pre-Keynesian view of supply creating its own demand, provides an
alternative framework to the neo-classical one for understanding
the differential growth performance of nations. This highly
original book will be essential reading for all students and
scholars of development and growth economics.
Containing papers which were presented at the the tenth Keynes
Seminar together with the discussion that followed each paper and
four invited papers, this book examines Keynes' views on the role
of the state in economic affairs. It also explores their relevance
in developing countries and Eastern Europe, against a background of
the withdrawal of the state in most of the developed countries of
Western Europe.;A.P. Thirlwall has also written "Growth and
Development: with Special Reference to Developing Economies" (4th
edition), "Inflation, Saving and Growth in Developing Economies",
"Regional Growth and Unemployment in the United Kingdom" (with R.
Dixon), "Financing Economic Development", "Balance-of-Payments
Theory and the United Kingdom Experience" (4th edition with H.D.
Gibson), "Deindustrialization" (with S. Bazen), "Economic Growth
and the Balance of Payments Constraint" (with J. McCombie) and
co-editor of "Keynes and the Bloomsbury Group" (with Derek
Crabtree). Thirlwall is also the editor of "Keynes and Economic
Development", "Keynes and International Monetary Relations",
"Keynes and Laissez-Faire" and "Keynes as a Policy Adviser".
'... a well written book ... covering ... a vast amount of material
... well balanced between the theoretical and applied works. The
authors are judicious and fair in providing a balanced treatment of
the two alternative theories of growth performance: supply-oriented
and demand-oriented. The book will serve as a guideline to
researchers and policymakers ... as a textbook for upperdivision
undergraduate and graduate courses.'- Kashi Nath Tiwari, Kennesaw
State College This is the first book of its kind to argue in a
consistent and comprehensive way the idea that a country's growth
performance cannot be properly understood without reference to the
performance of its tradeable goods sector and the strength of its
balance of payments. It puts forward a demand orientated theory of
why growth rates differ between countries where the major
constraint on demand is the balance of payments. The book is
critical of neoclassical growth analysis and provides an
alternative theory of growth performance to the supply orientated
approach of neoclassical theory. There are theoretical chapters
comparing and contrasting neoclassical growth analysis with the new
demand orientated approach, and empirical sections which apply the
new model to regions and countries, including two case studies of
the UK and Australia.
This volume contains the proceedings of the Tenth Keynes Seminar
held by Keynes College at the University of Kent at Canterbury in
1991. The purpose of the seminars is to examine for the student and
the layman, as well as for the professional economist, the varous
aspects of Keynes's life and work.
This concise book, by one of the leading scholars in development
economics, has been developed from a series of lectures given to
masters students and will serve as an excellent introduction to the
principles of growth and development theory. The author presents
conventional wisdom with a critical eye and charts development
economics as it has evolved from Adam Smith to 'new' or endogenous
growth theory. Thirlwall is critical of the latter, and its
predecessor neo-classical growth theory, and tries to put back
demand as a driving force in growth theory. He argues that in an
open developing economy one of the major constraints is the
availability of foreign exchange to pay for imports, so that export
growth which relaxes a balance of payments constraint on demand
becomes a crucial determinant of overall growth performance. Demand
creating its own supply in a growth context, rather than the
pre-Keynesian view of supply creating its own demand, provides an
alternative framework to the neo-classical one for understanding
the differential growth performance of nations. This highly
original book will be essential reading for all students and
scholars of development and growth economics.
This concise yet insightful sequel to the highly acclaimed The
Nature of Economic Growth provides a comprehensive critique of both
old and new growth theory, highlighting the importance of economic
growth for reducing poverty.A.P. Thirlwall illustrates that
orthodox growth theory continues to work with 'one-good' models and
to treat factor supplies as exogenously given, independent of
demand. Orthodox trade theory still ignores the balance of payments
consequences of different patterns of trade specialization when
assessing the welfare effects of trade. The author goes on to
present theory underpinned by up-to-date empirical evidence that
factors of production and productivity growth are endogenous to
demand, and that the structure of production and trade matter for
the long-run growth performance of countries because of their
impact on the balance of payments. He concludes that trade
liberalisation has proved disappointing in improving the trade-off
between growth and the balance of payments. This book will provide
a challenging read for students and academics in the fields of
economics, heterodox economics, and development. Policymakers
focussing on the relationship between growth, trade and the balance
of payments will also find the book to be of great interest.
Contents: Preface 1. Divisions in the World Economy and the
Importance of Economic Growth 2. Growth Theory: Old and 'New' 3. A
Critique of Orthodox Growth Theory: Structure and Demand Matter for
Economic Growth 4. The Endogeneity of the Natural Rate of Growth
and Constraints on Demand 5. Balance of Payments Constrained Growth
6. Trade Liberalisation, the Balance of Payments, Growth,
Inequality and Poverty References Index
Sir Roy Harrod was one of the foremost economists of the twentieth century who made pioneering contributions in several branches of economics including: trade cycle theory; growth theory; trade theory; monetary economics; imperfect competition theory, and methodology. This volume arises out of a conference to celebrate the sixtieth anniversary of the publication of his book The Trade Cycle in 1936. After an introductory essay by Walter Eltis, a student of Harrod, this volume contains important essays on the interpretation of Harrod's work in the field of economic dynamics by Danial Besomi and Maurizio Pugno, and in the field of trade and growth by Tony Thirlwall, John McCombie and Luca Bendictis. Finally, Warren Young, in the process of writing Harrod's biography, uses correspondence between Harrod and Haberler to elucidate Harrod's views on trade theory, international monetary reform and inflation.
List of Participants - Acknowledgements - Foreword; D.Crabtree -
SESSION 1 - Introduction; J.J.Hughes - Keynes, Economic Development
and the Developing Countries; A.P.Thirlwall - Some Reflections by a
Keynesian Economist on the Problems of Developing Countries;
W.B.Reddaway - Discussant; H.Singer - What Keynes and Keynesianism
Can Teach Us about Less Developed Countries; H.Singer - SESSION 2 -
Introduction; M.J.C.Vile - Bancor and the Developing Countries: How
Much Difference Would it Have Made? J.Williamson - Discussant;
G.Bird - Introduction; M.J.C.Vile - International Keynesianism: The
Problem of the North-South Divide; E.Heath - Discussant;
I.M.D.Little - Discussion - Index
Drug problems present sharp challenges for policing and democracy
in the European Union. Across Europe, there has been a
'harmonisation' of tougher anti-trafficking measures (exceptional
legal powers, more intrusive policing methods, cooperation on
intelligence). Yet there is diversity in national and city-level
policies on drug users (often stressing social integration rather
than punishment). These hard/soft policies towards
traffickers/users collide at 'open drug scenes', invoking disparate
and often volatile responses. The collection presents vivid
experiences of drug policy-making at city, regional, national and
Union levels. It goes on to examine future prospects for drug
control within the EU, in confederal and intergovernmental
contexts, following the Union's 1996 Conference. Finally,
international dimensions are examined. Action against money
laundering is both commended and criticised. EU policies on trade,
development and drug control in the Andean region are examined,
together with the somewhat mixed prospects for drug enforcement in
the context of EU enlargement.
This important volume brings together seventeen major essays
written by A.P. Thirlwall over the last twenty five years in the
field of growth and development.Many of these papers make
pioneering contributions, such as the author's formalization of
Kaldor's two-sector growth model, his models of growth constrained
by the balance of payments, his testing of the IMF's supply side
approach to devaluation, and his development of models of
inflation, population and economic growth. Other essays are more
reflective and eclectic, such as papers on Keynes and economic
development, on the terms of trade and international debt, as well
as an essay in praise of development economics. The volume also
includes an extensive introductory essay in which Professor
Thirlwall explains how he became a development economist. The
Economics of Growth and Development will be welcomed by economists
and policy makers for presenting an authoritative volume of
Professor Thirlwall's most important essays and papers in
development economics, some of which are in foreign journals and
not readily available in many university libraries.
This concise yet insightful sequel to the highly acclaimed The
Nature of Economic Growth provides a comprehensive critique of both
old and new growth theory, highlighting the importance of economic
growth for reducing poverty.A.P. Thirlwall illustrates that
orthodox growth theory continues to work with 'one-good' models and
to treat factor supplies as exogenously given, independent of
demand. Orthodox trade theory still ignores the balance of payments
consequences of different patterns of trade specialization when
assessing the welfare effects of trade. The author goes on to
present theory underpinned by up-to-date empirical evidence that
factors of production and productivity growth are endogenous to
demand, and that the structure of production and trade matter for
the long-run growth performance of countries because of their
impact on the balance of payments. He concludes that trade
liberalisation has proved disappointing in improving the trade-off
between growth and the balance of payments. This book will provide
a challenging read for students and academics in the fields of
economics, heterodox economics, and development. Policymakers
focussing on the relationship between growth, trade and the balance
of payments will also find the book to be of great interest.
Contents: Preface 1. Divisions in the World Economy and the
Importance of Economic Growth 2. Growth Theory: Old and 'New' 3. A
Critique of Orthodox Growth Theory: Structure and Demand Matter for
Economic Growth 4. The Endogeneity of the Natural Rate of Growth
and Constraints on Demand 5. Balance of Payments Constrained Growth
6. Trade Liberalisation, the Balance of Payments, Growth,
Inequality and Poverty References Index
Contains a statement of the balance-of-payments accounting, and a
critical appraisal of balance-of-payments adjustment theory. The
book also features chapters on the capital account of the
balance-of-payments and on the new theory of exchange rate
determination (with discussion of the EMS). There is extensive and
extended coverage of the UK's balance of payments position with
chapters on the structural and non-price determinants of trade and
the balance-of-payments as well as the link between
de-industrialization and the balance-of-payments.
This book is a synthesis of the author's ideas and research
concerning the monetary consequences of trade flows, and the
relevance of conventional balance of payments adjustment theory.
These ideas are considered mainly in the context of developing
countries, many of which suffer from deep structural difficulties
and severe foreign exchange shortages. Mainstream economic theory
regards the balance of payments to be self-adjusting, meaning that
the impact of the balance of payments on the growth and development
process is neither considered nor analysed. In contrast, the author
emphasises the importance of integrating monetary considerations
into trade theory and argues that the balance of payments
consequences of trade policy need to be carefully addressed. This
approach has a number of implications for important issues such as
the sequencing of trade liberalisation; the role of the exchange
rate in equilibrating the balance of payments; the case for
protection; and the way in which the importance of export growth is
articulated. Some of the ideas expressed have a long and
distinguished ancestry, but they are not part of the mainstream
orthodoxy and need airing in a world increasingly divided into rich
and poor countries. The author also considers the case for a new
international economic order which would better serve the needs of
developing countries, particularly by stabilising primary product
prices and controlling speculative capital flows. Trade and
development economists, and policymakers concerned with economic
growth and development, will appreciate the original and
illuminating research in this book.
This important volume brings together 22 major essays written by
A.P. Thirlwall over the last 30 years in the field of
macroeconomics, and in particular on multiplier analysis,
unemployment, inflation, growth and the balance of payments.These
outstanding essays make pioneering contributions, such as the
input-output formulation of the foreign trade multiplier; the
derivation and use of the dynamic Harrod foreign trade multiplier;
the measurements of types of unemployment; the estimation of
regional Phillips curves, and the formalization of Kaldor's model
of regional growth rate differences. Many of the essays are written
from a Keynesian perspective, and the recent revival of interest in
Keynesian economics means that the essays are as relevant today as
when they were written, especially those on the nature of
unemployment, the causes of inflation, and the link between the
balance of payments and economic growth. Macroeconomic Issues from
a Keynesian Perspective will be of interest not only to
professional economists but also to policymakers in developed and
developing countries for the insights it provides into the
functioning of the macroeconomy.
Orthodox trade and growth theory, and the world's multilateral
development institutions, extol the virtues of trade liberalisation
and free trade for more rapid economic development of poor
countries. However, the contemporary reality and history seem to
tell a different story. The world economy has experienced an
unprecedented period of trade liberalisation in the last thirty
years, and yet international and global inequality is widening;
domestic poverty (outside of China) is increasing; poor countries'
exports have grown more slowly than their imports leading to
balance of payments crises, and the so-called globalising economies
of the world (excluding China and India) have fared no better, and
in some cases worse, than those countries that have not liberalised
so extensively. This book argues that orthodox theory is based on
many unreal assumptions, and that there are sound economic
arguments for selective protection of industrial activities in the
early stages of economic development. The historical evidence of
the now-developed countries also illustrates this fact. With
supporting empirical evidence, this book provides a powerful
theoretical critique of orthodox trade theory. It will be of great
interest to students taking courses in international trade and
development economics, as well as to professional economists and
policymakers in international development institutions.
Orthodox trade and growth theory, and the world's multilateral
development institutions, extol the virtues of trade liberalisation
and free trade for more rapid economic development of poor
countries. However, the contemporary reality and history seem to
tell a different story. The world economy has experienced an
unprecedented period of trade liberalisation in the last thirty
years, and yet international and global inequality is widening;
domestic poverty (outside of China) is increasing; poor countries'
exports have grown more slowly than their imports leading to
balance of payments crises, and the so-called globalising economies
of the world (excluding China and India) have fared no better, and
in some cases worse, than those countries that have not liberalised
so extensively. This book argues that orthodox theory is based on
many unreal assumptions, and that there are sound economic
arguments for selective protection of industrial activities in the
early stages of economic development. The historical evidence of
the now-developed countries also illustrates this fact. With
supporting empirical evidence, this book provides a powerful
theoretical critique of orthodox trade theory. It will be of great
interest to students taking courses in international trade and
development economics, as well as to professional economists and
policymakers in international development institutions.
This book is a synthesis of the author's ideas and research
concerning the monetary consequences of trade flows, and the
relevance of conventional balance of payments adjustment theory.
These ideas are considered mainly in the context of developing
countries, many of which suffer from deep structural difficulties
and severe foreign exchange shortages. Mainstream economic theory
regards the balance of payments to be self-adjusting, meaning that
the impact of the balance of payments on the growth and development
process is neither considered nor analysed. In contrast, the author
emphasises the importance of integrating monetary considerations
into trade theory and argues that the balance of payments
consequences of trade policy need to be carefully addressed. This
approach has a number of implications for important issues such as
the sequencing of trade liberalisation; the role of the exchange
rate in equilibrating the balance of payments; the case for
protection; and the way in which the importance of export growth is
articulated. Some of the ideas expressed have a long and
distinguished ancestry, but they are not part of the mainstream
orthodoxy and need airing in a world increasingly divided into rich
and poor countries. The author also considers the case for a new
international economic order which would better serve the needs of
developing countries, particularly by stabilising primary product
prices and controlling speculative capital flows. Trade and
development economists, and policymakers concerned with economic
growth and development, will appreciate the original and
illuminating research in this book.
Sir Roy Harrod was one of the foremost economists of the twentieth
century who made pioneering contributions in several branches of
economics including: trade cycle theory; growth theory; trade
theory; monetary economics; imperfect competition theory, and
methodology. This volume arises out of a conference to celebrate
the sixtieth anniversary of the publication of his book The Trade
Cycle in 1936. After an introductory essay by Walter Eltis, a
student of Harrod, this volume contains important essays on the
interpretation of Harrod's work in the field of economic dynamics
by Danial Besomi and Maurizio Pugno, and in the field of trade and
growth by Tony Thirlwall, John McCombie and Luca Bendictis.
Finally, Warren Young, in the process of writing Harrod's
biography, uses correspondence between Harrod and Haberler to
elucidate Harrod's views on trade theory, international monetary
reform and inflation.
This collection presents vivid experiences of drug policy-making at
city, regional, national, and Union levels.
'... a well written book ... covering ... a vast amount of material
... well balanced between the theoretical and applied works. The
authors are judicious and fair in providing a balanced treatment of
the two alternative theories of growth performance: supply-oriented
and demand-oriented. The book will serve as a guideline to
researchers and policymakers ... as a textbook for upperdivision
undergraduate and graduate courses.'- Kashi Nath Tiwari, Kennesaw
State College This is the first book of its kind to argue in a
consistent and comprehensive way the idea that a country's growth
performance cannot be properly understood without reference to the
performance of its tradeable goods sector and the strength of its
balance of payments. It puts forward a demand orientated theory of
why growth rates differ between countries where the major
constraint on demand is the balance of payments. The book is
critical of neoclassical growth analysis and provides an
alternative theory of growth performance to the supply orientated
approach of neoclassical theory. There are theoretical chapters
comparing and contrasting neoclassical growth analysis with the new
demand orientated approach, and empirical sections which apply the
new model to regions and countries, including two case studies of
the UK and Australia.
This volume contains the proceedings of the Tenth Keynes Seminar
held by Keynes College at the University of Kent at Canterbury in
1991. The purpose of the seminars is to examine for the student and
the layman, as well as for the professional economist, the varous
aspects of Keynes's life and work.
Contains a statement of the balance-of-payments accounting, and a
critical appraisal of balance-of-payments adjustment theory. The
book also features chapters on the capital account of the
balance-of-payments and on the new theory of exchange rate
determination (with discussion of the EMS). There is extensive and
extended coverage of the UK's balance of payments position with
chapters on the structural and non-price determinants of trade and
the balance-of-payments as well as the link between
de-industrialization and the balance-of-payments.
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