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About 10 years ago, the first very small steps towards this book
were taken. The starting point was marked by the deep and sudden
slump of the Swiss economy in the mid-seventies: a crisis wiping
out about 10 percentage points of GNP and employment within just
two years. To this writer, it was clear from the beginning that
neither the exogenous shocks nor the struc tural changes were in
fact exogenous or structural. They were given and sha ped by global
forces. They were part and parcel of capitalist development. There
is no other highly developed country in the world which is so ex
tremely and integrally exposed to world-wide currents of financial
and economic changes as Switzerland. The degree and dimensions of
open ness ofthe Swiss economy led to the formulation of our
research approach for studying the internationalization of the
economy, a topic theoretically and politically developed in this
book. Empirical evidence relates to our study of Swiss experience.
A well-known Swiss-American economist offered the following com
ment on our previous work on the internationalization of industry:
"You are very good in raising interesting questions ..." What was
undoubtedly meant as a criticism was received as a compliment. Too
much talent and too many research efforts are, in my opinion,
wasted by research programs which place technique over substance.
This unfortunate development in our profession has already greatly
reduced the social utility of economists."
The state and its institutions are crucial for economic
development: for better and for worse. This insight informs this
important, up-to-date and authoritative survey of new trends in
growth economics and the widely divergent economic performance of
developing countries - for example, between Latin America and
South-east Asia - which seemed to be similarly placed just a
generation ago. The decisive role of the political dimension in
economic growth seems clear but there are many challenges to be met
in getting an analytical handle on the precise determinants and in
testing empirically for this. This is the challenge taken up by the
international team of contributors.
Why have the economies of some developing countries fallen back
while others have advanced? Why have so many stabilization and
structural adjustment programs failed to deliver growth dividends?
This book shows that there is a common and valid answer: political
credibility defined as the predictability of the institutional
rules of the game. This case is not only argued theoretically but
also found to be confirmed by empirical analysis. Ten case studies
pitting Latin American countries against Southeast Asian ones
reveal the sources of political credibility. Economic openness is
the necessary precondition, long-term reputation or democratic
participation the sufficient one. Despite the seemingly superior
strength of authoritarian reputation democratic control is the more
successful road.
The liberalization of trade and factor movements and the adoption
of a common currency proposed for the EEC in 1992 have important
implications for the rest of the world. Nineteen experts from
academia, different countries and regions and international
organizations analyze these implications theoretically and
empirically. In general, the authors expect Europe 1992 to generate
positive effects on trade and welfare, although concerns are raised
over possible, inward looking policies by the Community. For many
small and distant countries the effects are shown likely to be
insignificant in any case.
The liberalization of trade and factor movements and the adoption
of a common currency proposed for the EEC in 1992 have important
implications for the rest of the world. Nineteen experts from
academia, different countries and regions and international
organizations analyze these implications theoretically and
empirically. In general, the authors expect Europe 1992 to generate
positive effects on trade and welfare, although concerns are raised
over possible, inward looking policies by the Community. For many
small and distant countries the effects are shown likely to be
insignificant in any case.
Die hier abgedruckten Aufsatze aus fast vier Jahrzehnten spiegeln
ein Segment des Aufholprozesses im Bereich der Wirtschaftstheorie
nach der Dominanz der Historischen Schule und dem Kriege wider,
wobei auch die demografischen Aspekte des Entwicklungsprozesses
gebuhrend berucksichtigt werden. Es kann nachvollzogen werden, wie
sich der Autor als Wissenschaftler fur die jeweils aktuellen
wirtschafts- und gesellschaftspolitischen Probleme eingesetzt hat.
Die in den 50er und 60er Jahren gefuhrten Diskussionen uber Fragen
der Lohnpolitik, Vermogenskonzentration und Einkommensverteilung
verband Bombach mit einem personlichen Engagement fur die Forderung
der Vermogensbildung, die er zugleich als Waffe gegen die
Beschleunigung der Inflation verstand. Uberwiegend wurden jene
Publikationen ausgewahlt, die die strittigen Fragen auf dem
theoretisch einfachsten Wege zu beantworten versuchen. Einige
Arbeiten zeugen vom Einsatz der "Basler Schule" fur
bildungspolitische Fragen. Der letzte Komplex ist dem Arbeitsmarkt
angesichts der zunehmenden Arbeitslosigkeit nach den Turbulenzen
der fruhen 70er Jahre und der Rezession zu Beginn der 80er Jahre
gewidmet, wobei vor allem auch dem Zusammenhang zwischen
Beschaftigung und Lohnstruktur Rechnung getragen wird.
Preface - List of Contributors - Abbreviations and Acronyms -
Acknowledgements - Scientific Programme Committee - Introduction -
PART 1 NATURAL RESOURCES AND ENVIRONMENT; T.S.Khachaturov,
C.Pearson, M.Hufschmidt & A.Lukaszewicz - PART 2 THE WORLD FOOD
SITUATION AND PROSPECTS; N.Islam, G.E.Schuh, H.Linnemann &
A.Vald s - PART 3 ECONOMIC ASPECTS OF INTERNATIONAL MIGRATION;
R.Tabbarah, M.Kritz & T.A.Kjurciev - PART 4 ECONOMIC IMPACT OF
THE ARMS INDUSTRY; C.Schmidt, K.Hartley, H.Wulf, M.O.Intriligator,
D.L.Brito, S.Deger & S.Sen - PART 5 CAPITAL NEEDS AND CAPITAL
MARKETS; J.B.Donges, H.Hughes, C.Luft & L.Maier - PART 6
FOREIGN INDEBTEDNESS, EXCHANGE RATES AND THE MONETARY SYSTEM;
A.Taylor, G.O.Nwanko, M.Panic, M.S.Kumar, A.Ferrer & J.Ahmad -
PART 7 INTERNATIONAL FINANCING FOR DEVELOPMENT; S.Borner,
H.W.Mayer, C.F.Diaz-Alejandro & G.K.Helleiner - Index
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