Anthem Frontiers of Global Political Economy and Development – serie

‘Africa and Economic Policy: Developing a Framework for Policymakers’ aims to fill an important gap in the current literature on economic policy in developing countries. Despite its richness and sophistication, the current economic literature has not yet succeeded in developing a framework for economic policy that is clear and intelligible to policymakers in developing countries, and which is capable of effectively delivering a sustained increase in citizens’ well-being. This ground-breaking study seeks to rectify this problem by suggesting a unique conceptual framework for designing and conducting economic policy in developing countries, particularly those in Africa.

Weighing up the costs and benefits of economic interdependence in a finance-driven world, this book argues that globalization, understood and promoted as absolute freedom for all forms of capital, has been oversold to the Global South, and that the South should be as selective about globalization as the North. ‘Liberalization, Financial Instability and Economic Development’ challenges the orthodoxy on the link between financial deepening and economic growth, as well as that between the efficiency of financial markets and the benefits of liberalization. Ultimately, the author urges developing countries to control capital flows and asset bubbles, preventing financial fragility and crises, and recommends regional policy options for managing capital flows and exchange rates.

Weighing up the costs and benefits of economic interdependence in a finance-driven world, this book argues that globalization, understood and promoted as absolute freedom for all forms of capital, has been oversold to the Global South, and that the South should be as selective about globalization as the North. ‘Liberalization, Financial Instability and Economic Development’ challenges the orthodoxy on the link between financial deepening and economic growth, as well as that between the efficiency of financial markets and the benefits of liberalization. Ultimately, the author urges developing countries to control capital flows and asset bubbles, preventing financial fragility and crises, and recommends regional policy options for managing capital flows and exchange rates.

Arab Development Denied examines how over the last three decades the Arab world has undergone a process of developmental descent, or de-development. As a result of defeat in wars, the loss of security and sovereignty, and even their own class proclivity, the Arab ruling classes have been transformed into fully compradorial classes that have relinquished autonomy over policy. The neoliberal policies adopted since the early eighties are not developmental policies, but the terms of surrender by which Arab resources, human or otherwise, are stifled or usurped. In this book, Ali Kadri attributes the Arab world’s developmental failure to imperialist hegemony over oil and the rising role of financialisation, which goes hand in hand with the wars of encroachment that strip the Arab world of its sovereignty and resources.

This book focuses on the retrogressive agrarian interventions by the Pakistani military in rural Punjab and explores the social resentment and resistance it triggered, potentially undermining the consensus on a security state in Pakistan. Set against the overbearing and socially unjust role of the military in Pakistan’s economy, this book documents a breakdown in the accepted function of the military beyond its constitutionally mandated role of defence. Accompanying earlier work on military involvement in industry, commerce, finance and real estate, the authors’ research contributes to a wider understanding of military intervention, revealing its hand in various sectors of the economy and, consequently, its gains in power and economic autonomy.

This book reflects on the innovations that central banks have introduced since the 2008 collapse of Lehman Brothers to improve their modes of intervention, regulation and resolution of financial markets and financial institutions. Authors from both academia and policy circles explore these innovations through four approaches: ‘Bank Capital Regulation’ examines the Basel III agreement; ‘Bank Resolution’ focuses on effective regimes for regulating and resolving ailing banks; ‘Central Banking with Collateral-Based Finance’ develops thought on the challenges that market-based finance pose for the conduct of central banking; and ‘Where Next for Central Banking’ examines the trajectory of central banking and its new, central role in sustaining capitalism.

Arab Development Denied examines how over the last three decades the Arab world has undergone a process of developmental descent, or de-development. As a result of defeat in wars, the loss of security and sovereignty, and even their own class proclivity, the Arab ruling classes have been transformed into fully compradorial classes that have relinquished autonomy over policy. The neoliberal policies adopted since the early eighties are not developmental policies, but the terms of surrender by which Arab resources, human or otherwise, are stifled or usurped. In this book, Ali Kadri attributes the Arab world’s developmental failure to imperialist hegemony over oil and the rising role of financialisation, which goes hand in hand with the wars of encroachment that strip the Arab world of its sovereignty and resources.

Conditions of malnutrition, conflict, or a combination of both characterize many Arab countries, but this was not always so. As in much of the developing world, the immediate post-independence period represented an age of hope and relative prosperity. But imperialism did not sleep while these countries developed, and it soon intervened to destroy these post-independence achievements. The two principal defeats and losses of territory to Israel in 1967 and 1973, as well as the others that followed, left in their wake more than the destruction of assets and the loss of human lives: the Arab World lost its ideology of resistance. The Unmaking of Arab Socialism is an attempt to understand the reasons for Arab world's developmental descent from the pinnacle of Arab socialism to its present desolate conditions through an examination of the post-colonial histories of Egypt, Syria, and Iraq.

During Latin America’s China-led commodity boom, governments turned a blind eye to the inherent flaws in the region’s economic policy. Now that the commodity boom is coming to an end, those flaws cannot be ignored. High on the list of shortcomings is the fact that Latin American governments—and Chinese investors—largely fell short of mitigating the social and environmental impacts of commodity-led growth. The recent commodity boom exacerbated pressure on the region’s waterways and forests, accentuating threats to human health, biodiversity, global climate change and local livelihoods. China and Sustainable Development in Latin America documents the social and environmental impact of the China-led commodity boom in the region. It also highlights important areas of innovation, like Chile’s solar energy sector, in which governments, communities and investors worked together to harness the commodity boom for the benefit of the people and the planet.

During Latin America’s China-led commodity boom, governments turned a blind eye to the inherent flaws in the region’s economic policy. Now that the commodity boom is coming to an end, those flaws cannot be ignored. High on the list of shortcomings is the fact that Latin American governments—and Chinese investors—largely fell short of mitigating the social and environmental impacts of commodity-led growth. The recent commodity boom exacerbated pressure on the region’s waterways and forests, accentuating threats to human health, biodiversity, global climate change and local livelihoods. China and Sustainable Development in Latin America documents the social and environmental impact of the China-led commodity boom in the region. It also highlights important areas of innovation, like Chile’s solar energy sector, in which governments, communities and investors worked together to harness the commodity boom for the benefit of the people and the planet.

In the past, foreign shocks arrived to national economies mainly through trade channels, and transmissions of such shocks took time to come into effect. However, after capital globalization, shocks spread to markets almost immediately. Despite the increasing macroeconomic dangers that the situation generated at emerging markets in the South, nobody at the North was ready to acknowledge the pro-cyclicality of the financial system and the inner weakness of “decontrolled” financial innovations because they were enjoying from the “great moderation.” Monetary policy was primarily centered on price stability objectives, without considering the mounting credit and asset price booms being generated by market liquidity and the problems generated by this glut. Mainstream economists, in turn, were not majorly attracted in integrating financial factors in their models. External pressures on emerging market economies (EMEs) were not eliminated after 2008, but even increased as international capital flows augmented in relevance thereafter. Initially economic authorities accurately responded to the challenge, but unconventional monetary policies in the US began to create important spillovers in EMEs. Furthermore, in contrast to a previous surge in liquidity, funds were now transmitted to EMEs throughout the bond market. The perspective of an increase in US interest rates by the FED is generating a reversal of expectations and a sudden flight to quality. Emerging countries’ currencies began to experience higher volatility levels, and depreciation movements against a newly strong US dollar are also increasingly observed. Consequently, there are increasing doubts that the “unexpected” favorable outcome observed in most EMEs at the aftermath of the Global Financial Crisis (GFC) would remain.

Worst-case scenarios are all too real, and all too common. The financial crisis of 2008 was not the first or the last to destroy jobs, homeownership and the savings of millions of people. Hurricanes clobber communities from New York to Bangladesh. How bad will the next catastrophe be, and how soon will it happen?Climate and financial crises are serious events, requiring vigorous responses. Yet public policy is trapped in an obsolete framework, with a simplistic focus on average or likely outcomes rather than dangerous extremes. What would it take to create better analyses of extreme events in climate and finance, and an appropriate policy framework for worst-case risks? ‘Worst-Case Economics: Extreme Events in Climate and Finance’ offers accessible and surprising answers to these crucial questions.

‘Judge Knot’ explores the biggest and the most controversial success story in international law: investor-state dispute settlement, or ISDS. Since 1990, investors have launched hundreds of claims against government regulation. This exclusive inside look explains what makes the system tick: its poorly understood centuries-old origins, why corporations demand investment law solutions to political problems, how arbitrators supply these solutions, and why the system lasts despite the many politicians and citizens unhappy with it. Building off of an unprecedented set of interviews with the arbitrators who actually decide the cases, ‘Judge Knot’ brings together the best of political science, law and development economics scholarship and offers a concrete alternative to ISDS that leverages what works about the system and discards what does not, so that international law can be more supportive of democracy and development goals.

‘Judge Knot’ explores the biggest and the most controversial success story in international law: investor-state dispute settlement, or ISDS. Since 1990, investors have launched hundreds of claims against government regulation. This exclusive inside look explains what makes the system tick: its poorly understood centuries-old origins, why corporations demand investment law solutions to political problems, how arbitrators supply these solutions, and why the system lasts despite the many politicians and citizens unhappy with it. Building off of an unprecedented set of interviews with the arbitrators who actually decide the cases, ‘Judge Knot’ brings together the best of political science, law and development economics scholarship and offers a concrete alternative to ISDS that leverages what works about the system and discards what does not, so that international law can be more supportive of democracy and development goals.

Economics for People and the Planet, a collection of essays by James K. Boyce on the environment, inequality and the economy, argues that there is not an inexorable trade-off between advancing human well-being and having a clean and safe environment. The goal of economic policy should be to grow the good things that improve our well-being and environmental quality and reduce the bad things that harm humans and nature. To reorient the economy for these ends, we will need to achieve a more egalitarian distribution of wealth and power. Global climate change – the most pressing environmental challenge of our time – adds urgency to this task and creates historic opportunities for moving towards a greener future. The audiobook version of Economics for People and the Planet features new chapters on the Green New Deal and the environmental costs of inequality. Foreword by Manuel Pastor.

‘Food Insecurity and Revolution in the Middle East and North Africa’ studies the political economy of agrarian transformation in the eponymous regions. Examining Egypt and Tunisia in detail as case studies, it critiques the dominant tropes of food security offered by the international financial institutions and promotes the importance of small-scale family farming in developing sustainable food sovereignty. Egypt and Tunisia are located in the context of the broader Middle East and broader processes of war, environmental transformation and economic reform.The book contributes to uncovering the historical backdrop and contemporary pressures in the Middle East and North Africa for the uprisings of 2010 and 2011. It also explores the continued failure of post-uprising counter-revolutionary governments to directly address issues of rural development that put the position and role of small farmers centre stage.

‘Food Insecurity and Revolution in the Middle East and North Africa’ studies the political economy of agrarian transformation in the eponymous regions. Examining Egypt and Tunisia in detail as case studies, it critiques the dominant tropes of food security offered by the international financial institutions and promotes the importance of small-scale family farming in developing sustainable food sovereignty. Egypt and Tunisia are located in the context of the broader Middle East and broader processes of war, environmental transformation and economic reform.The book contributes to uncovering the historical backdrop and contemporary pressures in the Middle East and North Africa for the uprisings of 2010 and 2011. It also explores the continued failure of post-uprising counter-revolutionary governments to directly address issues of rural development that put the position and role of small farmers centre stage.

Conditions of malnutrition, conflict, or a combination of both characterize many Arab countries, but this was not always so. As in much of the developing world, the immediate post-independence period represented an age of hope and relative prosperity. But imperialism did not sleep while these countries developed, and it soon intervened to destroy these post-independence achievements. The two principal defeats and losses of territory to Israel in 1967 and 1973, as well as the others that followed, left in their wake more than the destruction of assets and the loss of human lives: the Arab World lost its ideology of resistance. The Unmaking of Arab Socialism is an attempt to understand the reasons for Arab world's developmental descent from the pinnacle of Arab socialism to its present desolate conditions through an examination of the post-colonial histories of Egypt, Syria, and Iraq.

Economics for People and the Planet, a collection of essays by James K. Boyce on the environment, inequality and the economy, argues that there is not an inexorable trade-off between advancing human well-being and having a clean and safe environment. The goal of economic policy should be to grow the good things that improve our well-being and environmental quality and reduce the bad things that harm humans and nature. To reorient the economy for these ends, we will need to achieve a more egalitarian distribution of wealth and power. Global climate change – the most pressing environmental challenge of our time – adds urgency to this task and creates historic opportunities for moving towards a greener future. The audiobook version of Economics for People and the Planet features new chapters on the Green New Deal and the environmental costs of inequality. Foreword by Manuel Pastor.

Marx in the Field is a unique edited collection illustrating the relevance of the Marxian method to study contemporary capitalism and the global development process. Essays in the collection bring Marx ‘to the field’ in three ways. They illustrate how Marxian categories can be concretely deployed for field research in the global economy; they analyse how these categories may be adapted during fieldwork; and they discuss data collection methods supporting Marxian analysis. Crucially, many of the contributions expand the scope of Marxian analysis by combining its insights with those of other intellectual traditions, including radical feminisms, critical realism and postcolonial studies. The volume defines the possibilities and challenges of fieldwork guided by Marxian analysis, including those emerging from the COVID-19 pandemic. The collection takes a global approach to the study of development and of contemporary capitalism. While some essays focus on themes and geographical areas of long-term concern for international development – like informal or rural poverty and work across South Asia, Southern and West Africa, or South America – others focus instead on actors benefitting from the development process – like regional exporters, larger farmers, and traders – or on unequal socio-economic outcomes across richer and emerging economies and regions – including Gulf countries, North America, Southern Europe, or Post-Soviet Central Asia and Eastern Europe. Some essays explore global processes cutting across the world economy, connecting multiple regions, actors and inequalities. While some of the contributions focus on classic Marxian tropes in the study of contemporary capitalism – like class, labour and working conditions, agrarian change, or global commodity chains and prices – others aim at demonstrating the relevance of the Marxian method beyond its traditional boundaries – for instance, for exploring the interplays between food, nutrition and poverty; the links between social reproduction, gender and homework; the features of migration and refugees regimes, tribal chieftaincy structures or prison labour; or the dynamics structuring global surrogacy. Overall, through the analysis of an extremely varied set of concrete settings and cases, this volume illustrates the extraordinary insights we can gain by bringing Marx in the field.

The book examines the impact of aid to the Palestinian population in the Gaza Strip from the 1993 Oslo Agreement up to 2013. It attempts to go beyond the general notion that the Israeli occupation is the main instrument of control and de-development and rather tries to investigate these aspects and the dynamics that have surrounded foreign aid delivery in the Territory. At the socio-economic level, the book explores how donors’ definition of partner for peace has exacerbated socio-economic inequalities within the Palestinian population in the Gaza Strip. The book also looks at how foreign aid has been used as an instrument for particular groups to advance politically, and through this socially and economically. Hence, the book attempts to investigate the resultant socio-economic imbalances within Palestinian society in the Gaza Strip.

‘Africa and Economic Policy: Developing a Framework for Policymakers’ aims to fill an important gap in the current literature on economic policy in developing countries. Despite its richness and sophistication, the current economic literature has not yet succeeded in developing a framework for economic policy that is clear and intelligible to policymakers in developing countries, and which is capable of effectively delivering a sustained increase in citizens’ well-being. This ground-breaking study seeks to rectify this problem by suggesting a unique conceptual framework for designing and conducting economic policy in developing countries, particularly those in Africa.

The mission, relevance and intellectual orientation of development studies is increasingly challenged from various fronts such as decoloniality, ‘global development’ and randomized control trials. The essays featured in this collection together argue for the need of the field to reclaim its critical political economy tradition. Building on the contributions of Ashwani Saith, the contributions touch upon many of the central questions of development studies centred around structural change, labour and inequality.

The book provides an assessment of BRICS cooperation, focusing on the new financing mechanisms created by the BRICS, the monetary fund and the development bank. It is shown that Brazil, Russia, India and China, joined later by South Africa, share common traits that led them to cooperate in the reform of the international financial architecture, especially the G20 and the IMF. After 2012, in light of the difficulty of having advanced countries agree to move from “tinkering at the margins” to fundamental reform of the Bretton Woods institutions, the BRICS decided to establish their own monetary fund, named the BRICS Contingent Reserve Arrangement (CRA), and their own development bank, named the New Development Bank (NDB). The book describes the difficult negotiations among the BRICS between 2012 and 2014. Some of these difficulties revealed the weaknesses that would lead the CRA and the NDB to make slow progress in the first years of their existence. The book provides an overview of the strong points and weaknesses of the initial phase of these financing mechanisms. It ends with a discussion of the future of the BRICS, highlighting that joint action by the five countries is likely to remain an important feature of the international landscape in the decades to come.

This monograph treats modes of fictionality in contemporary auto/biography, memoir and autofiction. Adopting a case study approach, it demonstrates the extent to which contexts of production and reception are important in framing generic expectations with respect to the representation of lived experience and in helping to determine the status of the narrator as (fictional) persona or (implied) author.

The book examines the impact of aid to the Palestinian population in the Gaza Strip from the 1993 Oslo Agreement up to 2013. It attempts to go beyond the general notion that the Israeli occupation is the main instrument of control and de-development and rather tries to investigate these aspects and the dynamics that have surrounded foreign aid delivery in the Territory. At the socio-economic level, the book explores how donors’ definition of partner for peace has exacerbated socio-economic inequalities within the Palestinian population in the Gaza Strip. The book also looks at how foreign aid has been used as an instrument for particular groups to advance politically, and through this socially and economically. Hence, the book attempts to investigate the resultant socio-economic imbalances within Palestinian society in the Gaza Strip.

Marx in the Field is a unique edited collection illustrating the relevance of the Marxian method to study contemporary capitalism and the global development process. Essays in the collection bring Marx ‘to the field’ in three ways. They illustrate how Marxian categories can be concretely deployed for field research in the global economy; they analyse how these categories may be adapted during fieldwork; and they discuss data collection methods supporting Marxian analysis. Crucially, many of the contributions expand the scope of Marxian analysis by combining its insights with those of other intellectual traditions, including radical feminisms, critical realism and postcolonial studies. The volume defines the possibilities and challenges of fieldwork guided by Marxian analysis, including those emerging from the COVID-19 pandemic. The collection takes a global approach to the study of development and of contemporary capitalism. While some essays focus on themes and geographical areas of long-term concern for international development – like informal or rural poverty and work across South Asia, Southern and West Africa, or South America – others focus instead on actors benefitting from the development process – like regional exporters, larger farmers, and traders – or on unequal socio-economic outcomes across richer and emerging economies and regions – including Gulf countries, North America, Southern Europe, or Post-Soviet Central Asia and Eastern Europe. Some essays explore global processes cutting across the world economy, connecting multiple regions, actors and inequalities. While some of the contributions focus on classic Marxian tropes in the study of contemporary capitalism – like class, labour and working conditions, agrarian change, or global commodity chains and prices – others aim at demonstrating the relevance of the Marxian method beyond its traditional boundaries – for instance, for exploring the interplays between food, nutrition and poverty; the links between social reproduction, gender and homework; the features of migration and refugees regimes, tribal chieftaincy structures or prison labour; or the dynamics structuring global surrogacy. Overall, through the analysis of an extremely varied set of concrete settings and cases, this volume illustrates the extraordinary insights we can gain by bringing Marx in the field.

This monograph treats modes of fictionality in contemporary auto/biography, memoir and autofiction. Adopting a case study approach, it demonstrates the extent to which contexts of production and reception are important in framing generic expectations with respect to the representation of lived experience and in helping to determine the status of the narrator as (fictional) persona or (implied) author.

This book provides a historical background to the formation of the Indian capitalist class from before British colonial rule in India. It analyses the nature of that class, the ways in which it changed under colonial rule, and the state of independent India; it also sets some of the peculiarities of capitalist organization in India and the ideology of big capital in their historical context.