Policy Matters

Policy Matters advances the analytical debate in elaborating relevant economic and social policies to achieve more sustainable and equitable development in our times. Early chapters underscore the importance of ensuring equity, not only as a desirable end in itself, but also to enhance economic growth and ensure social stability and political security. The following chapters suggest that the promises of trade and financial liberalization have not been realized. Trade liberalization may well have worsened unemployment as well as working conditions besides undermining existing productive capacities and reducing the ‘policy space’ for developing better and competitive new economic capacities. Meanwhile, financial liberalization does not seem to have contributed to economic growth while exacerbating economic volatility, instability and crises. The debates on ‘scaling up’ aid and aid-induced ‘welfare colonialism’ as well as appropriate monetary and exchange rate policies are engaged. The issue of poverty programme targeting efficiency and the social policy debate on universalism versus targeting conclude this rich and important volume.

Table of Contents

CONTENTS

Preface

1. Markets, social cohesion and democracy - José Antonio Ocampo

2. Dynamic links between the economy and human development - Frances Stewart and Gustav Ranis

3. Policy reform and income distribution - G. Andrea Cornia

4. Trade and employment: Stylized facts and research findings - Bernard Hoekman and L. Alan Winters

5. Trade liberalization and employment - Eddy Lee

6. International capital flows, financial stability and growth - Graciela Kaminsky

7. The economic and social effects of financial liberalization: A primer for developing countries - Jayati Ghosh

8. Development and social goals: Balancing aid and development to prevent 'welfare colonialism' - Erik Reinert

9. Constraints to achieving the MDGs with scaled up aid - Francois Bourguignon and Mark Sundberg

10. What is the most effective monetary policy for aid-receiving countries? - Alessandro Prati and Thierry Tressel

11. Real exchange rate, monetary policy and employment - Roberto Frenkel and Lance Taylor

12. Evaluating targeting efficiency of government programmes: International comparisons - Nanak Kakwani and Hyun H. Son

13. Targeting and universalism in poverty reduction - Thandika Mkandawire

About the Authors:

Sarbuland Khan is Director of the Office for Economic and Social Council Support and Coordination in the Department of Economic and Social Affairs (DESA) in the United Nations Secretariat.
Jose Antonio Ocampo is Under-Secretary General for the United Nations Department of Economic and Social Affairs
Jomo K.S is Assistant Secretary General for the United Nations Department of Economic and Social Affairs