DOCSLIB.ORG

Economic Development, Globalization, and Sustainability

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Economic Development, Globalization, and Sustainability From Ashford and Hall (2011). Technology, Globalization, and Sustainable Development (Yale II University Press) Economic Development, Globalization, and Sustainability In Part I of this book, we discussed the nature (Chap- and globalization have, or are expected to have, on ter 1) and evolution (Chapter 2) of the multidimen- the three pillars of sustainability (Chapter 5). sional concepts of sustainability and sustainable As we shall see, technological change is both a development. In Part II, we discuss economic devel- vehicle for the improvement of the workings of the opment within the context of (domestic supply and industrial state and a cause of unsustainability. There- demand) forces operating more or less within the fore, understanding the technological change pro cess nation- state (Chapter 3), how the nation- state devel- (Chapter 6) and the possible roles of the private sec- ops in an environment increasingly infl uenced by tor (Chapter 7) and the government (Chapter 8) in forces (for example, globalized trade, information, promoting economic development is essential to and fi nance) operating in the global economy (Chap- the design of industrial policy, which is the focus of ter 4), and the effects that both technological change Part III. —-1 —0 —+1 561-45401_ch01_8P.indd 143 6/23/11 9:50 AM -1— 0— +1— 561-45401_ch01_8P.indd 144 6/23/11 9:50 AM 3 Economic Development and Prosperity: Current Theory and Debate Coauthored with KYRIAKOS PIERRAKAKIS 3.1 The Meaning of Economic Development 145 3.4 Critiques of, and Alternatives to, the Northern Growth 3.1.1 Growth and Development Distinguished 145 Model 166 3.1.2 Factor Endowments and the Classifi cation of Capital 146 3.4.1 Growth in Developing Economies and the Washington 3.2 Theories and Perspectives on Economic Growth 147 Consensus 166 3.2.1 Rostow’s Stages- of- Growth Model 147 3.4.2 Sustainability in Practice: The Cases of Kerala and 3.2.2 Linear Stages- of- Growth Models: The Harrod- Domar Costa Rica 168 Model 148 3.5 What Lies Ahead for Economic Growth and Development in 3.2.3 Structural- Change Models 148 Industrialized and Developing Economies? 170 3.2.4 The International- Dependence Perspective 149 3.5.1 The End of Sustainable Growth? 170 3.2.5 Neoclassical Growth Theory: The Solow Model 150 3.5.2 The Impact of Economic Growth on Employment in the 3.2.6 New Growth Theory: Romer’s Model 151 Developed World 171 3.2.7 The Ayres- Warr Analysis 153 3.5.3 The Next Industrial Revolution? 172 3.2.8 Implicit Assumptions about Technological Innovation in 3.5.4 Broadening Capital Own ership and Its Effects on Neoclassical Environmental and Ecological Economics 154 Consumption- Led Growth, Sustainable Livelihoods, and the 3.2.9 Peak Oil and Economic Growth 155 Environment 173 3.3 Technological Development and Growth Theory 156 3.6 The New Economics 173 3.3.1 Technological Change 156 3.7 Notes 179 3.3.2 Joseph Schumpeter’s “Creative Destruction” 163 3.8 Additional Readings 179 3.3.3 Market Structure and Innovation 164 3.9 References 179 3.1 THE MEANING OF ECONOMIC fi ted or profi ted from the activity. Increased eco- DEVELOPMENT nomic activity (involving expenditures for goods and ser vices) necessitated by natural or human- made di- 3.1.1 Growth and Development Distinguished sasters are not part of any deliberate growth strategy n Chapter 1, we discussed fundamental concepts of government in its trusteeship role for its people. of economic growth and the metrics that might Thus there are “good GDP” and “bad GDP.” On the be used to mea sure that growth in terms of in- other hand, other positive attributes of development creased GNP and GDP. We also argued that not are not captured by GNP and GDP.* For this reason, all increases in these metrics were necessarily other indexes of human development† have also re- Igood. For example, the GDP of a region might go up as a result of activities related to digging out of a * See Section 3.3.1.2 for a deeper discussion of problems blizzard or rescuing people in a fl ood, but no one of mea sure ment in a postindustrial society. would argue that more of this kind of increase in † See Daly (1994) for a discussion of the distinction be- tween growth and development that applies to developed as well GDP was good, even if some fi rms and people bene- as developing countries. —-1 —0 —+1 561-45401_ch01_8P.indd 145 6/23/11 9:50 AM Technology, Globalization, and Sustainable Development 146 ceived attention (see Section 1.1.1 in Chapter 1). • To expand the range of economic and social choices Nonetheless, many contributions to GNP and GDP available to individuals and nations by freeing them growth are desirable and concern a government’s from dependence on other nations, but also from economic or industrial policy. In this chapter, we fi rst the forces of ignorance and human misery focus on understanding the historical patterns and The role of national governments in the context of determinants of economic growth in the positive economic development is essential. Contrary to the sense, ignoring for the moment the undesirable ex- view of many economists of the neoclassical main- ternalities that might fl ow from that growth. We then stream, we argue that this role should not be limited summarize critiques of what has come to be called to ensuring the proper functioning of markets and “the Northern model” of development. the correction of market failures. Long- run economic growth has been at the heart Traditional economics focuses on the effi cient, of economic analysis since the fi rst founding docu- least- cost allocation of scarce resources and the op- ments of economic theory. Economic growth was, in timal growth of these resources over time in order to essence, the topic of Adam Smith’s treatise The produce an expanding range of goods and ser vices Wealth of Nations. Growth, however, should not be (Todaro and Smith 2009). Furthermore, traditional considered as an end in itself. Economists have fo- economics also focuses on neoclassical economics as cused their efforts on analyzing the causes of growth taught in introductory and intermediate economics for centuries because it has the potential to decrease textbooks in universities (Söderbaum 2008). Mar- poverty, increase the standard of living, support goals kets, in that context, are considered to be “perfect,” such as education and health care, and substantially while the consumer is perceived as a rational utility affect the quality of life of the citizenry. maximizer. It is essential to note that as an area of study of On the other hand, development economics has a national economies, development is generally distin- more extensive scope. Apart from being concerned guished from economic growth. Economic growth is with the optimal allocation of scarce resources and mea sured in “economic” terms— for example, GNP, with their sustained growth over time, development GDP, and other economic metrics— and does not economics also deals with the economic, social, po- account for nontraded goods, ser vices, and cultural liti cal, and institutional mechanisms necessary to bring attributes. Development is not a purely economic phe- about rapid, large- scale improvements for develop- nomenon. According to Todaro and Smith (2009, p. ing countries (Todaro and Smith 2009). In this con- 16), “Development must . be conceived of as a multi- text, market imperfections are the rule rather than dimensional process involving major changes in social the exception, and limited consumer rationality is structures, pop ular attitudes, and national institutions, taken as a given, while disequilibriums often prevail as well as the acceleration of economic growth, the re- in the economy. duction of ine qual ity, and the eradication of poverty. Formal economic thinking remains essentially Development, in its essence, must represent the whole confi ned to static equilibrium instead of examining gamut of change by which an entire social system, the dynamics of the economy (Niehans 1990). The his- tuned to the diverse basic needs and desires of indi- torical perspective and the empirical observations of viduals and social groups within that system, moves the fi rst classical economists (Adam Smith, David away from a condition of life widely perceived as un- Ricardo, and Karl Marx, among others) led to some satisfactory toward a situation or condition of life re- key intuitions about the growth pro cess but not to garded as materially and spiritually better.” coherent theories of economic growth (ibid.). How- According to Todaro and Smith (2009, p. 22), eco- ever, this was something that was destined to change nomic and social development in all societies should in the era of model building, through the contribu- have at least the following three objectives:* tions of a series of scholars who dramatically shifted the way their contemporaries ended up viewing the • To increase the availability and widen the distribu- tion of basic life- sustaining goods such as food, pro cess of economic growth. shelter, health, and protection • To raise the quality of life (securing more mean- 3.1.2 Factor Endowments and the Classifi cation ingful jobs and enhancing cultural and human of Capital values) Economic historians speak in terms of “factor endow- -1— * See Section 3.4 for the contributions of Seers (1979) ments” that nations might possess to explain their 0— and Sen (1999) to the discussion of development. economic growth. Early lists included land, material +1— 561-45401_ch01_8P.indd 146 6/23/11 9:50 AM Economic Development and Prosperity: Current Theory and Debate 147 resources, energy, and a physically strong labor force.
Load more

Recommended publications
  • Should Europe Become a Fiscal Union?
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Keuschnigg, Christian Article Should Europe Become a Fiscal Union? CESifo Forum Provided in Cooperation with: Ifo Institute – Leibniz Institute for Economic Research at the University of Munich Suggested Citation: Keuschnigg, Christian (2012) : Should Europe Become a Fiscal Union?, CESifo Forum, ISSN 2190-717X, ifo Institut - Leibniz-Institut für Wirtschaftsforschung an der Universität München, München, Vol. 13, Iss. 1, pp. 35-43 This Version is available at: http://hdl.handle.net/10419/166470 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Focus SHOULD EUROPE BECOME A problems that have led to the current crisis. The final section offers some conclusions. FISCAL UNION? Economic and fiscal imbalances CHRISTIAN KEUSCHNIGG* Prior to monetary unification, the guiding principle of Introduction European unification was the notion of subsidiarity.
    [Show full text]
  • Investment Provisions in Economic Integration Agreements
    UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT INVESTMENT PROVISIONS IN ECONOMIC INTEGRATION AGREEMENTS UNITED NATIONS New York and Geneva, 2006 ii Investment Provisions in Economic Integration Agreements NOTE As the focal point in the United Nations system for investment and technology, and building on 30 years of experience in these areas, UNCTAD, through DITE, promotes understanding of key issues, particularly matters related to foreign direct investment and transfer of technology. DITE also assists developing countries in attracting and benefiting from FDI and in building their productive capacities and international competitiveness. The emphasis is on an integrated policy approach to investment, technological capacity building and enterprise development. The term “country” as used in this study also refers, as appropriate, to territories or areas; the designations employed and the presentation of the material do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. In addition, the designations of country groups are intended solely for statistical or analytical convenience and do not necessarily express a judgment about the stage of development reached by a particular country or area in the development process. The following symbols have been used in the tables: Two dots (..) indicate that data are not available or are not separately reported. Rows in tables have been omitted in those cases where no data are available for any of the elements in the row. A dash (-) indicates that the item is equal to zero or its value is negligible.
    [Show full text]
  • The London School of Economics and Political Science
    The London School of Economics and Political Science Emergency Safeguard; WTO and the feasibility of Emergency Safeguard Measures under the General Agreement on Trade in Services S Gulrez Yazdani Student ID: 200511888 A thesis submitted to the Department of Law of the London School of Economics for the degree of Doctor of Philosophy, London, October 2012 Declaration I certify that the thesis I have presented for examination for the MPhil/PhD degree of the London School of Economics and Political Science is solely my own work other than where I have clearly indicated that it is the work of others (in which case the extent of any work carried out jointly by me and any other person is clearly identified in it). The copyright of this thesis rests with the author. Quotation from it is permitted, provided that full acknowledgement is made. This thesis may not be reproduced without my prior written consent. I warrant that this authorisation does not, to the best of my belief, infringe the rights of any third party. I declare that my thesis consists of 87,180 words. [See Regulations for Research Degrees, paragraphs 25.5 or 27.3 on calculating the word count of your thesis] II Abstract The General Agreement on Trade in Services (GATS) along with other agreements was concluded in the Uruguay Round of Multilateral Trade Negotiations in 1994. However, negotiations continued within the WTO framework and are still a work in progress on some specific issues under the GATS including the question of Emergency Safeguard Measures, which has been raised in Article X of the GATS as part of its ‘built-in agenda’.
    [Show full text]
  • The International Trade Centre
    The International Trade Centre The International Trade Centre (ITC) is the joint agency of the United Nations and the World Trade Organization. Established in 1964, ITC is the only development agency that is fully dedicated to supporting the internationalization of small and medium-sized enterprises (SMEs) which are proven to be major job creators and engines of inclusive growth. ITC works with developing countries and economies in transition to achieve ‘trade impact for good’. It provides knowledge such as trade and market intelligence, technical support and practical capacity building to policy makers, the private sector and trade and investment support organizations (TISIs) as well as linkages to markets. Mission ITC’s mission is to foster inclusive and sustainable economic development in developing countries and transition economies, and contribute to achieving the United Nations Global Goals for Sustainable Development. It does this by making businesses in developing countries more competitive in regional and global markets and connecting them to the global trading system. ITC’s work focuses on areas where ITC can have the greatest impact: Strengthening the integration of developing country SMEs into the global economy; Improving TISIs for the benefit of SMEs; and Improving the international competitiveness of SMEs. Priorities ITC prioritizes support to least developed countries, landlocked developing countries, small island developing states, sub-Saharan Africa, post-conflict countries and small, vulnerable economies. Economic empowerment of women, young entrepreneurs and support of poor communities as well as fostering sustainable and green trade are priorities. Areas of work ITC’s work is structured under six focus areas: Providing trade and market intelligence; Building a conducive business environment; Strengthening trade and investment support institutions; Connecting to international value chains; Promoting and mainstreaming inclusive and green trade; and Supporting regional economic integration and South-South links.
    [Show full text]
  • Regional Economic Community Building Amidst Rising Protectionism and Economic Nationalism in ASEAN
    Regional Economic Community Building amidst Rising Protectionism and Economic Nationalism in ASEAN Alexander Chandra The Habibie Center Abstract Despite its ambitious ASEAN Economic Community (AEC) project, protectionism, and economic nationalism are on the rise in ASEAN. Protectionism, however, is not new to Southeast Asia, with governments across the region employing an inward- looking economic policy when they enjoy economic stability, and pursuing economic reform when confronted with major economic challenges. Unfortunately, embryonic industries will always exist in the region, and governments will find excuses to safeguard their existence. Drawing on the Murdoch School of critical political economy approach, this article argues that the inclination towards protectionism in ASEAN be primarily rooted in the domestic political economy of member states. Apart from bringing about domestic regulatory changes, major economic liberalisation initiatives of ASEAN, such as AFTA and the AEC, significantly redistribute power and resources, and ignite struggles between competing for domestic economic influences, many of which are in favour of government’s protection. Whilst existing technical initiatives to address protectionism are useful, major crises that encourage structural adjustments in all ASEAN Member States might be needed to overcome protectionist inclinations in the region. Keywords: protectionism, economic nationalism, economic regionalism, ASEAN Introduction Association’s economic integration project. The rise of protectionism, as an The long-awaited ASEAN Economic expression of economic nationalism, in Community (AEC) was finally launched particular, has been seen by many experts on 1st January 2016. Despite the success of and practitioners alike as a key hindrance the Association of Southeast Asian to ASEAN’s effort to deepen its economic Nations (ASEAN) in officially launching integration project.
    [Show full text]
  • Monetary Union Begets Fiscal Union
    Monetary Union Begets Fiscal Union Adrien Auclert Matthew Rognlie∗ [email protected] [email protected] August 2014 Abstract We propose a mechanism through which monetary union between countries leads to a stronger fiscal union. Although fiscal risk-sharing is valuable under any monetary regime, given nominal rigidities it is more important within a monetary union, when exchange rates can no longer adjust to offset shocks. As a result, countries in a monetary union are capable of achieving better risk-sharing, partly overcoming their lack of commitment. Still, equilibria without fiscal cooperation remain possible and imply inefficient cross-country dispersion in output. A proactive central bank can encourage transfers by providing extra accommodation when fiscal union is under stress. Transfer criterion Countries that agree to compensate each other for adverse shocks form an optimum currency area. Baldwin and Wyplosz(2012), Chapter 15 1 Introduction A simplified narrative of the recent crisis in the Eurozone can be given as follows. Following the adoption of the single currency, a number of “periphery” countries progressively lost competitive- ness as their real unit labor costs grew faster than the union average. When the global financial crisis hit in 2008, the accumulated internal imbalances came into sharp focus. Given their fixed nominal exchange rate vis-à-vis other Eurozone members, the only way periphery countries could achieve the real depreciation needed to regain competitiveness was through a painful process of economic contraction bringing about falls in domestic prices. Indeed, this adjustment process was so damaging to periphery economies that there was mounting speculation that some of them might leave the Euro.
    [Show full text]
  • Effect of Economic Integration on Agricultural Export Performance In
    economies Article Effect of Economic Integration on Agricultural Export Performance in Selected West African Countries Olatunji Abdul Shobande Department of Economics, Business School, University of Aberdeen, Aberdeen AB24 3RX, UK; [email protected] Received: 10 June 2019; Accepted: 1 August 2019; Published: 6 August 2019 Abstract: The paper investigates the effect of economic integration on agricultural export performance in West African economies using the gravity model of bilateral trade on the annual time series data straddling the period 1970 to 2016. The empirical evidence is based on the pooled OLS and fixed effects estimator. We find that economic integration, as measured by trade openness, is a remarkably strong predictor of export performance in the region. We also examine the effect of geographical distance measured by effective nominal exchange rates and we find it has a negative effect on agricultural export performance. The paper recommends the adoption of a common currency to help mitigate exchange rate negativity that serves as resistance to trade in the region. Likewise, proactive agricultural research, extension and market driven strategies are strongly advocated for driven competition and economic efficiency within the regional agricultural sector. Keywords: economic integration; agricultural; export; West Africa JEL Classification: F12; Q14; Q17 1. Introduction Agriculture remains a huge aspect of any nation’s economy given its impact on the performance of other associated economic variables. Importantly, it contributes to the integration of the economy. This paper examines the effect of economic integration on agricultural export performance in Africa. It probes the potential of economic integration to resolve the incidence of underperformance of agricultural export in West Africa and suggests policy strategies to improve the performance of the sector within the West African region.
    [Show full text]
  • Lessons for Eu Integration from Us History
    LESSONS FOR EU INTEGRATION FROM US HISTORY Jacob Funk Kirkegaard and Adam S. Posen, editors Report to the European Commission under Tender Reference 2016: ECFIN 004/A Washington, DC January 2018 © 2018 European Commission. All rights reserved. The Peterson Institute for International Economics is a private nonpartisan, nonprofit institution for rigorous, intellectually open, and indepth study and discussion of international economic policy. Its purpose is to identify and analyze important issues to make globalization beneficial and sustainable for the people of the United States and the world, and then to develop and communicate practical new approaches for dealing with them. Its work is funded by a highly diverse group of philanthropic foundations, private corporations, and interested individuals, as well as income on its capital fund. About 35 percent of the Institute’s resources in its latest fiscal year were provided by contributors from outside the United States. Funders are not given the right to final review of a publication prior to its release. A list of all financial supporters is posted at https://piie.com/sites/default/files/supporters.pdf. Table of Contents 1 Realistic European Integration in Light of US Economic History 2 Jacob Funk Kirkegaard and Adam S. Posen 2 A More Perfect (Fiscal) Union: US Experience in Establishing a 16 Continent‐Sized Fiscal Union and Its Key Elements Most Relevant to the Euro Area Jacob Funk Kirkegaard 3 Federalizing a Central Bank: A Comparative Study of the Early 108 Years of the Federal Reserve and the European Central Bank Jérémie Cohen‐Setton and Shahin Vallée 4 The Long Road to a US Banking Union: Lessons for Europe 143 Anna Gelpern and Nicolas Véron 5 The Synchronization of US Regional Business Cycles: Evidence 185 from Retail Sales, 1919–62 Jérémie Cohen‐Setton and Egor Gornostay 1 Realistic European Integration in Light of US Economic History Jacob Funk Kirkegaard and Adam S.
    [Show full text]
  • WHAT LOUIS KELSO KNEW Patricia Hetter Kelso**
    Reprinted with permission from Employee Stock Ownership Plans—ESOP Planning, Financing, Im- plementation, Law and Taxation, Afterword II; published by the Beyster Institute at the Rady School of Management, University of California, San Diego. © 2006 through 2009 by ESOP Book, Inc. http://www.esopbook.org/ AFTERWORD II WHAT LOUIS KELSO KNEW Patricia Hetter Kelso** The ancient Greek poet Archilochus observed: “The fox knows many things, but the hedgehog knows one big thing.” Although the meaning of this enigmatic fragment has been lost in time, the late British philosopher Isaiah Berlin, in a celebrated essay,1 made the fox and the hedgehog symbols of a deep temperamental divide between thinkers and writers, and perhaps human beings in general. Berlin thought that a great chasm exists between “those, on one side, who relate everything to a single central vision, one system … a single, universal organizing principle … and, on the other side, those who pursue many ends, often unrelated and even contradictory, connected, if at all, only in some de facto way … related by no moral or aesthetic principle.” The hedgehog, then, is holistic, the fox pragmatic. In Berlin’s taxonomy, Plato is a hedgehog, Ar- istotle a fox, and Tolstoi a fox who wants to be a hedgehog. As the author of an important biography of Karl Marx, an arch-hedgehog if ever there was one, Berlin might well have extended his analysis to economists. Their thinking reflects the same temperamental split. Louis Kelso was a hedgehog. As a political economist and visionary social thinker, he knew one big thing—an overarchingly momentous thing that illuminates the social landscape like flashes of summer lightning, a transformational big thing that generations of economists, with one possible ex- ception, Jean Baptiste Say, had inexplicably overlooked.
    [Show full text]
  • An Overview of Arab Economic Integration Ahmed Galal Bernard Hoekman
    01-3031-CH 1 3/21/03 2:24 PM Page 1 1 Between Hope and Reality: An Overview of Arab Economic Integration ahmed galal bernard hoekman rab economic integration (AEI) has been on the agenda of Arab A politicians and intellectuals and of interest to the Arab public at large for some fifty years. The force behind AEI has been the widely held belief that the formation of a united Arab economic bloc would strengthen the bargaining power of the region in an increasingly polarized world and offer its people the opportunity to achieve a better standard of living. During this period, several attempts at economic integration have been made. The Arab League, for example, was created in 1945, providing a potential institutional means of carrying out such a project. Fifty years later, however, AEI remains elusive, in contrast with the Euro- pean economic integration experiment, which began around the same time. European Community members succeeded in converting their vision into reality, while supporters of AEI remain hopeful. The divergence in the out- comes of the two experiments raises a host of questions. Were the expected economic gains from AEI so small as to preclude taking concrete and sys- tematic actions toward integration, or was it the absence of political incen- tives? Did the region lack the institutional mechanisms to carry out the pro- ject, or was it opposition from interest groups within individual countries 1 01-3031-CH 1 3/21/03 2:24 PM Page 2 that has prevented real progress to date? Looking ahead, what is the possi- ble impact of AEI on the welfare of the Arab countries involved? Are there any lessons to be drawn from the European Union (EU) experience for the Arab region, or are the two experiments so different that AEI must follow a unique path? These are the broad questions addressed in this volume.
    [Show full text]
  • Using Socio-Economics and Binary Economics to Serve the Interests of Poor and Working People: What Critical Scholars Can Do to Help
    Page 1 Seattle Journal for Social Justice Fall / Winter, 2009 8 Seattle J. Soc. Just. 173 LENGTH: 19097 words SYMPOSIUM ISSUE: PRESENTED BY LATINA/O CRITICAL LEGAL THEORY, INC.: EDUCATION & PEDA- GOGY: Using Socio-Economics and Binary Economics to Serve the Interests of Poor and Working People: What Critical Scholars Can Do To Help NAME: Robert Ashford SUMMARY: ... By learning, teaching, employing, and promoting the principles of socio-economics as a foundationally holistic, value-conscious, factually accurate method of analyzing law-related economic issues and by teaching it to others and promoting its acceptance ever more broadly in legal education, LatCrit scholars can better serve the interests of poor and working people by hastening the time when socio-economics entirely supplants the prevailing law and neoclassical economics approach to such issues. ... Part V concludes with a brief consideration of how critical scholars can better serve the interests of poor and working people by assisting in the growing movements: to replace the law and neoclassi- cal economics approach with the socio-economic approach, and to include within teaching, scholarship, advocacy and other service, the binary economic analysis of the dynamics of wealth distribution, wealth maximization, and the com- petitive right to acquire capital with earnings of capital. ... Other approaches include "institutional law and economics," "behavioral law and economics," "new institutional economics," "feminist law and economics," "left-wing law and eco- nomics," and a much earlier approach to law and economics (by means limited to neoclassical economics) sometimes called "the first law and economics" and "the first great law and economics movement." ..
    [Show full text]
  • 4. Economic Integration Theory and Practice
    4.4. EconomicEconomic IntegrationIntegration TheoryTheory andand PracticePractice DefinitionDefinition ofof economiceconomic integrationintegration The combination of several national economies into a larger territorial unit. It implies the elimination of economic boarders between countries. Economic borders : any obstacle which limits the mobility of goods services and factors of production between countries. DefinitionDefinition ofof economiceconomic integrationintegration • Jan Tinbergen: all processes of economic integration include two aspects: – Negative integration: the elimination of obstacles. – Positive integration: harmonization, coordination of existing instruments. Number of regional trade agreements, 1948-2002 Source: WTO (2003) LevelsLevels ofof economiceconomic integrationintegration • There are several levels of economic integration: – A. Free trade area – B. Customs union – C. Common or single market – D. Economic and monetary union TypesTypes ofof RegionalRegional TradeTrade AgreementsAgreements The EU FECHA PAIS FECHA AMPLIACIONES FECHA AMPLIACIONES Alemania Dinamarca 2004 Hungría Francia1973 Irlanda 2004 Polonia Italia Reino Unido 2004 República Checa 1958 Bélgica 1981 Grecia 2004 Eslovenia Holanda España 2004 Estonia 1986 Luxemburgo Portugal 2004 Chipre Austria - Turquía 1995 Suecia 2004 Malta Finlandia 2007 Rumanía 2007 Bulgaria 2004 Letonia 2004 Lituania 2004 Eslovaquia TypesTypes ofof RegionalRegional TradeTrade AgreementsAgreements EFTA FECHA PAÍS FECHA PAÍS FECHA PAÍS FECHA PAÍS Reino Unido Austria Austria
    [Show full text]