Jump to ContentJump to Main Navigation
AftermathA New Global Economic Order?$
Users without a subscription are not able to see the full content.

Craig Calhoun and Georgi Derluguian

Print publication date: 2011

Print ISBN-13: 9780814772836

Published to NYU Press Scholarship Online: March 2016

DOI: 10.18574/nyu/9780814772836.001.0001

Show Summary Details
Page of

PRINTED FROM NYU Press SCHOLARSHIP ONLINE (www.nyu.universitypressscholarship.com). (c) Copyright University of NYU Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in NYSO for personal use.date: 05 July 2022



(p.7) Introduction

Craig Calhoun

Georgi Derluguian

NYU Press

This introductory chapter briefly explores how macroeconomic reforms helped developing nations during the global financial crisis. It notes how these reforms were important to the success of some developing countries like Brazil, and that macroeconomic failings were basic to the extreme suffering of some economies, like that of Greece. The long boom that preceded the 2008 crash was a period when economic orthodoxy was strong and centered on the building of models often expressed in elegant mathematics but with little purchase on real-world problems of economic development. Orthodox policy advice was flouted by some developing countries, perhaps most prominently and successfully by China. Distinguishing what actual policies helped those countries is crucial, for not everyone experienced development. Among many factors however, two stand out: the implementation by strong states of policies favoring national economic development, not just international capital, and the development of materially productive industries.

Keywords:   macroeconomic reforms, global financial crisis, developing countries, developed countries, economic orthodoxy, economic development, international capital, materially productive industries

NYU Press Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.