Bridging the Gap
Bridging the Gap
A New World Economic Order for Development?
This chapter takes up the question of whether there is a plausible basis for hope that countries in all world regions and at all levels of wealth might agree to a new world order. Implicitly, the “old world order” refers to the era of more or less successful postwar development under the Bretton Woods system. During the Cold War many economies in the Global South were able to make significant gains through nationalization of resource industries and/or state-led development. The end of the Cold War reduced the leverage developing countries could exert. The countries that developed most were those, like the so-called Asian Tigers, that resisted the Washington Consensus. It also occasions growing trade and capital investment in the Global South. Taken together, these trends allow for cautious optimism that as the grip of free trade and other economic orthodoxies loosens, a longtime growth in inequality can be reversed.
Keywords: Bretton Woods system, Cold War, Global South, nationalization of resource industries, state-led development, developing countries, Asian Tigers, Washington Consensus, free trade, inequality
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