Reimagining Growth: Towards a Renewal of Development Theory - Softcover

`Reimagining Growth excavates and restores the rich traditions of Prebisch, Keynes, Minsky, Schumpeter and Veblen and applies them to problems of economic development in the rubble left by the Washington Consensus. These subtle papers find unity in commitment to robust institutions, anchored in democratic legitimacy and in respect for the diversity of needs, conditions, and policies arising around the world. In giving this commitment new theoretical form, Reimagining Growth goes far toward emancipating development economics from the straitjackets of neoclassical thought.' James K. Galbraith, University of Texas at Austin `This book is essential reading for those who care about the future of economic development. For the past quarter-century, development policy was put at the service of orthodox economic theory. The results have been poor: inequality has increased in a large number of countries, the rate of growth has been frustrating in most of the developing world and macroeconomic crises have been frequent. Now development theory must be put at the service of equity and development. Reimagining Growth takes up this challenge, addressing such major issues as national and intra-national power relations, social inequality and discrimination, innovation, and financial fragility. Some of the chapters introduce the reader to new ways of understanding democracy from below, while inviting the reader to find new arenas and ways of creating it. This book moves us closer to a new, broader conceptual basis for economic development.' Jose Antonio Ocampo, under-secretary-general of the United Nations for Economic and Social Affairs `Reimagining Growth is a collection of interesting and provocative pieces in that they renew development schemas, models and theories. Historical experience, political conflicts and other development perspectives are part of the analyses presented. This book's new visions, interpretations and language allow us to better understand development.' Dr Joao Sayad, vice president for finance and administration, Inter-American Development Bank

Neoclassical economic theory and development economics have failed to deliver the much higher rates of growth and overall development that they promised would result from the freeing up of markets. This book takes issue with the nostrums that underlie free market policies in both developing countries and the rich industrial nations. The contributors want to rethink economics as a discipline and development as a process. Economics needs to redefine many of its concepts to reflect the complex realities of functioning economies. And development needs to be reconceived as a process of social change, in which each country's particular history and institutional workings take centre stage. They point the way to a much more sophisticated understanding of economic development. The ultimate prize, if theory can be grounded in a more accurate analysis of social change, is policies that really will deliver higher economic growth and greater social justice worldwide.