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AftermathA New Global Economic Order?$
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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

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PRINTED FROM NYU Press SCHOLARSHIP ONLINE (www.nyu.universitypressscholarship.com). (c) Copyright University of NYU Press Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in NYSO for personal use.date: 24 January 2020

Growth after the Crisis

Growth after the Crisis

Chapter:
(p.65) Chapter 3 Growth after the Crisis
Source:
Aftermath
Author(s):

Dani Rodrik

Publisher:
NYU Press
DOI:10.18574/nyu/9780814772836.003.0004

This chapter assesses the future of economic growth after the crisis. On the one hand, global macroeconomic stability is important; defaults and other destabilizations have serious negative effects. On the other hand, growth in poor nations depends on their being able to produce and market growing quantities of goods. Too much macroeconomic restraint can undercut productive investment. This is a matter not just of capacity to produce, of course, but also of terms of trade and the existence of markets. For the most part, economic policymakers have focused on macroeconomic stability. They have insisted in a doctrinaire fashion on both macroeconomic prudence and extreme commitments to free trade. The chapter calls for a shift in approach. Exchange-rate discipline and limits to external debt or other imbalances make sense if offset by industrial policies that provide for growth and employment.

Keywords:   economic growth, global financial crisis, global macroeconomic stability, macroeconomic stability, free trade, exchange-rate discipline, limits to external debt

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