Sunanda Sen offers an analysis of the ongoing malaise in the world economy, which include the financial and real instability as well as economic recession and lack of development. Rejecting the explanations advanced by the orthodoxy, she deplores the retrograde steps in the interest of high finance. This calls for a change in policies, away from the contractionary monetarist devices and in the direction of demand expansion which will prove mutually beneficial for both advanced and developing countries.
Autorentext
SUNANDA SEN has been a Professor at the CESP, Jawaharlal Nahru University over a period of nearly three decades. She has also been a Visiting Professor as well as a Consultant at various international organisations. Her published work includes four books - Colonies and Empire, Trade and Dependence, Finance and Development, and Financial Fragility, Debt and Economic Reforms - as well as a number of articles in edited volumes and journals.
Zusammenfassung
This volume articulates a state of shock and concern with the unbridled pace of speculative finance in the global economy. Challenging the conventional wisdom of market efficiency in the context of today's 'high finance', the volume points at its limits in terms of generating real growth and development. Removed from the real sphere of production and employment, the high-risk high return portfolios of the financiers fail to achieve even the short-term target of an effective buffer against uncertainty. Instead there continues to be a regime of systemic instability in the financial markets, which create shocks and instability to the real sector.The volume offers a critique of the mainstream theory of de-regulated finance while drawing attention to the stagnation and instability at the heart of 'high finance'. The author examines how developing countries are drawn into the web of de-regulated finance of the speculative variety, with consequences which are even more severe as compared to the advanced countries. The book charts out an alternate route of global finance which is capable of generating real demand and activity. The change calls for national and international regulation of global finance in the interest of growth and development.
Inhalt
Introduction The Changing Pattern of International Capital Flows: A Few Theoretical Insights The Evolving Pattern on International Capital Flows: An Overview The Pattern of Global Finance and the Real Economy Global Finance and Development