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Tag Archives: Economic History

Yilmaz Akyüz — The Asian financial crisis: lessons learned and unlearned

Asian economies are commended for improving their external balances and building self-insurance by accumulating large amounts of reserves. However, whether these would be sufficient to provide adequate protection against a reversal of capital flows is contentious. After the Asian crisis external vulnerability came to be assessed in terms of adequacy of reserves to meet short-term external dollar debt. However, short-term debt is not always the most important source of drain on reserves....

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C. P. Chandrasekhar — The Indian Economy: 70 years after Independence

It would be interesting to compare India's development with that of China over this period, which is roughly equivalent to China's period of modernization. Arguably, China's rise under communism began in a worse position that India's at the end of the British Raj. Is there is a lesson about socio-economic systems to be gleaned from such a comparison? And political economy.Real-World Economics Review BlogThe Indian Economy: 70 years after Independence C. P. Chandrasekhar | Professor at the...

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A theory of economic policy and the role of institutions

Nicola Acocella published a paper in the Journal of Economic Surveys (a free, preliminary version is available here) a paper on the development of the theory of economic policy. Acocella is clearly fully aware of the differences between classical political economics and marginalism (neoclassical economics). And he dismisses the pre-margnialist views on economic policy as being unsystematic and devoid of general principles. In his words: Most classical writers and the marginalists had...

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The neoliberal road to autocracy – a response to criticism

In an article “The neoliberal road to autocracy”, published in April 2017 on the website of International Politics and Society, I wrote this:“Of all these promises, the one that globalisation’s advocates proclaim most strongly is the fall in poverty worldwide. But in fact the decline in absolute poverty is part of a longer trend that has been traced from 1820, according to World Bank data. And much of that fall is not due to open, global markets, but to scientific and...

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Brookings dance to Trump’s tune on US government interest payments

I was looking at my Tweetdeck this morning when I came across this tweet from the Brookings Institution: Now it is clearly a Good Thing in principle for the US Federal government’s budget to be explained in clear and simple ways, but why – I asked myself – do Brookings choose to concentrate today on interest payments (which form just 6% of outlays)...

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