Written by one of the leading authorities in the field, the Second Edition of this successful book:
Situates students in the expanding field of development theory; Provides an unrivalled guide to the strengths and weaknesses of competing theoretical approaches; Explains key concepts; Examines the shifts in theory; Offers an agenda for the future
In this book, the author brings a huge range of experience and knowledge about the relationship between the economically advanced and the emerging, developing nations.
Chapter 12: Twenty-First-Century Globalization and Development
Twenty-First-Century Globalization and Development
According to a recent headline, ‘China says west's lack of market oversight led to subprime crisis’. A senior Chinese banking regulator points out: ‘Western governments must strengthen their oversight of financial markets and improve cross-border regulatory cooperation if they are to avoid future global financial crises’.1
The tables are turning. The north used to lecture and discipline the south. In the twenty-first century not only has much of the south escaped this discipline – and repaid its debts to the IMF early – but some have started talking and acting back. These are not minor glitches. In the case of China it involves a $2 trillion question, which is approximately the size of its dollar holdings.
The first section of ...