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From Liberalisation to Investment and Jobs: Lost in Translation (No. 8)

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USD 8.00 Publisher: TWN
ISBN: 983-2729-53-X
Year: 2006
No. of pages: 76
Size of book: 14.5cm x 21cm
Author: Yilmaz Akyüz

About the book

Unemployment is a global problem and its solution lies primarily in the acceleration of capital formation. Policy in recent years has sought the answer in rapid liberalisation and economic openness. However, increased international flows of goods and capital are serving more to redistribute investment and jobs among countries than to accelerate capital formation and employment generation.  International capital flows have been booming but a smaller proportion of world income is allocated to investment. International trade has been growing faster than ever but global income growth is slower. The record of developing countries which have adopted a strategy of reigniting capital accumulation and growth through a combination of rapid liberalisation, increased reliance on foreign capital and reduced public investment is particularly disappointing.

This paper reviews the recent record in capital formation and job creation and examines the role of macroeconomic policy and financial liberalisation. It argues that policy in developing countries has to refocus on three areas.  First, public investment has to be increased and fiscal policy needs to be used in a counter-cyclical manner. Second, a whole array of policy instruments should be deployed in order to reduce financial instability. Third, fiscal and industrial policy actions are needed to influence the volume and composition of investment. These should be complemented by a fundamental reform of the international financial system with a view to reducing instability and raising global demand.

About the Author

DR. YILMAZ AKYÜZ was the Director of the Division on Globalisation and Development Strategies and Chief Economist at UNCTAD until his retirement in August 2003. He was the principal author and head of the team preparing the UNCTAD Trade and Development Report, and UNCTAD coordinator of research support to developing countries (the Group of 24) in the IMF and the World Bank on international monetary and financial issues. Before joining UNCTAD in 1984 he taught at various universities in Turkey, England and elsewhere in Europe. He has published extensively in macroeconomics, finance, growth and development. Since retiring from UNCTAD, he has held the Tun Ismail Ali Chair in Monetary and Financial Economics, University of Malaya. His current activities include policy research for international organisations, and advising governments on development policy issues, and TWN on research in trade, finance and development.

CONTENTS
  1. GLOBAL ECONOMIC INTEGRATION AND THE LABOUR MARKET
  2. CAPITAL FORMATION, GROWTH AND EMPLOYMENT
  3. MANAGING PROFITS AND ACCUMULATION
  4. MACROECONOMIC POLICY: WHAT POLICY?
  5. FINANCIAL INSTABILITY, INVESTMENT AND EMPLOYMENT
  6. POLICY PRIORITIES
REFERENCES

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This product was added to our catalog on Monday 20 June, 2011.


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