Who really runs the global economy? Who benefits most from it? The answer is a triad of 'governance institutions' - The IMF, the World Bank and the WTO. Globalization massively increased the power of these institutions and they drastically affected the livelihoods of peoples across the world. Yet they operate undemocratically and aggressively promote a particular kind of neoliberal capitalism. Under the 'Washington Consensus' they proposed, poverty was to be ended by increasing inequality. This new edition of Unholy Trinity, completely updated and revised, argues that neoliberal global capitalism has now entered a period of crisis so severe that governance will become impossible. Huge incomes for a small number of super-rich people produced an unstable global economy, rife with speculation and structurally prone to crises. The IMF is in disgrace, the WTO can hardly meet anymore and the World Bank survives as a global philanthropist. Is this the end for the Unholy Trinity?
This work looks at how contemporary global economic policies are made: by which institutions, under what ideologies, and how they are enforced. The author reveals the central roles played by organizations such as the IMF and the World Bank in supervising the livelihoods of over 2.5 billion people. He shows that neoliberal economic policy is enforced by a few thousand unelected and unaccountable experts in the North and has failed to deliver tolerable living conditions for the poor. The book argues for a new geographic theory of power, exercised through dominant institutions, concentrated in hegemonic power centers. It seeks to transform the existing geography of policy-making power by exposing its structures, centers and mechanisms, critiquing its intellectual foundations, uncovering its un-democratic justifications, and passionately supporting its opponents. The conclusion makes a further positive contribution by exploring policy alternatives that point the way forward.
This widely adopted text starts with the fundamentals--what is economic growth, what is development, and what is the relationship between these two concepts? The authors examine orthodox theories of growth grounded in different schools of economics (classical, neoclassical, Keynesian, neoliberal) before considering critical alternatives (Marxist, socialist, poststructuralist, and feminist). The book elucidates the basic ideas that underpin contemporary controversies and debates surrounding economic growth, environmental crisis, and global inequality. It highlights points of contention among the various theories andÿlinks them to historical and current world events. New to This Edition *Reflects the latest data and global development trends, such as the effects on economies of extreme weather events and climate change. *New discussions throughout the chapters, including the work of Thomas Piketty, Richard Florida, William Easterly, Niall Ferguson, and Arturo Escobar. *Responds to current crises, including the global financial meltdown and its consequences and the rise of finance capitalism.
In Global Capitalism (originally published in 1991), Richard Peet surveys the various approaches made by social theory towards seeing history in terms of its regional dynamics. He reviews environmental determinism, modernization, dependency, and world systems theories, and argues that the most capacious and dynamic model continues to be historical materialism. The volume presents a broad outline of global development through time, analysing primitive communism, lineage societies and the various kinds of tributary modes, and providing a closer examination of capitalism in terms of the phases and forms of its past and present. The author defends the centrality of structural Marxism to theories of global development and argues that its ideas can be furthered by the partial synthesis of other perspectives, such as the feminist critique. This book assumes no previous knowledge of the theories surveyed. It introduces complex material in an understandable form and will be valuable both to development professionals and to anyone interested in societal change.
Widely adopted, this unique text critically evaluates the leading theories of international economic development, from classical economic and sociological models to Marxist, poststructuralist, and feminist perspectives. No other book provides such comprehensive coverage or links the theories as incisively to contemporary world events and policy debates. Reexamining neoliberal conceptions of economic growth, the authors show what a more just and democratic form of development might look like today. New to This Edition: Revised to reflect evolving global economic realities Updated with the latest concepts and empirical data Additional chapter on classical and neoclassical economics Increased coverage of real-world policy issues Now more accessible to undergraduates.
The stakes involved in development debates are enormous. While development can use the productive resources of society to improve the living conditions of the world's most vulnerable people, it can also form the basis of intense manipulative power on behalf of elites. This important new text surveys the leading theories and models of economic and social development. Chapters examine sociological, economic, neo-Marxist, poststructuralist, feminist, and radical democratic approaches, as well as an array of development models including modernization, dependency, and neoliberalism. Reaching conclusions at odds with much of the recent literature, this volume is critical of neoliberal, market-driven economic growth, arguing instead that an alternative, democratic form of development remains a viable possibility.
Widely adopted, this text critically evaluates the leading theories of international economic development, from classical economic and sociological models to Marxist, poststructuralist, and feminist perspectives. No other book provides such comprehensive coverage or links the theories as incisively to contemporary world events and policy debates. Reexamining neoliberal conceptions of economic growth, the authors show what a more just and democratic form of development might look like today.
Introduction : concepts for a geography of power -- Economic power -- Ideological power -- Political power -- Sub-hegemony : South Africa -- Counter-hegemony -- The three neos.
This book is an introduction to theories of the development of global society giving particular attention to Marxist and neo-Marxist theories. The early chapters of the book discuss the claims and counter-claims made for theories of various political persuasions, while the later chapters put radical theories into use by examining the broad outline of global development through time.
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