ISBN 9782869781580
Pages 80
Dimensions 229 x 152 mm
Published 2006
Publisher CODESRIA, Senegal
Format Paperback

Potential Impacts of the New Global Financial Architecture on Poor Countries

edited by Charles Soludo, Musunuru Rao

This study argues that the market fundamentalist approach to economics, promoted by most of the industrialised countries and the Bretton Woods institutions, actually increases the vulnerabilities of small and poor countries, exposing them to financial crises. It argues that claims that global growth and equity would best be served through deeper financial integration are founded on weak theoretical and empirical premises. It shows how economic liberalisation in poor countries with weak and underdeveloped markets and institutions, with no welfare support systems, brings few benefits, and simply exacerbates poverty. The co- authors fear the impacts may be permanent, as current trends indicate deep poverty will be confined within defined geographical boundaries, leading to a ever-widening gap between rich and poor.
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About the Editors

Charles Soludo

Charles Soludo is a lecturer in economics, and Governor of the Central Bank of Nigeria.

Musunuru Rao

Musunuru Rao is an adviser to leading international development organizations and institutions.

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