I review Edward R. Carr’s book for SAIS Review. An excerpt: Underlying typical research is the assumption that a more intense integration into the global market economy is the solution to development problems, and that GDP growth brings an improvement in the well-being of a country’s citizens. Most existing development indicators have these same assumptions… Read More »
I was looking through my computer earlier today and I discovered a review I wrote during my first weeks as a Masters in Development Studies student at Uppsala in Sweden. The first thing those guys did was to encourage us to question the whole idea of development by making us read Gilbert Rist’s The History… Read More »
There has been much speculation recently about the role Facebook Credits could play in becoming a global virtual currency, and even the possibility of Facebook becoming a bank. In many ways, it already is becoming a bank – just not in the traditional sense. Facebook is harnessing the power of the social graph, and has… Read More »
Americans have been watching protests against oppressive regimes that concentrate massive wealth in the hands of an elite few. Yet in our own democracy, 1 percent of the people take nearly a quarter of the nation’s income—an inequality even the wealthy will come to regret. Joseph E. Stiglitz. “Of the 1%, by the 1%, for… Read More »
No less a thinker than Adam Smith suggested that the division of labor in society was dependent upon the existence of markets, or, as he puts it, upon man’s “propensity to barter, truck and exchange one thing for another.” This phrase was later to yield the concept of the Economic Man. In retrospect it can… Read More »
Delivered at Gresham College, London. The summary: Professor Niall Ferguson offers an evolutionary approach to financial history. He questions the impeding of ‘natural selection’ by keeping the financial dinosaurs alive through the life support of monetary injections: “without creative destruction, our economic system cannot be a healthy one.” The view that financial history could be… Read More »
From NEXT: Nigeria’s consumer inflation eased to 10.3 percent year-on-year in June from 11.0 percent the previous month, its lowest level for more than two years, the National Bureau of Statistics said on Friday. Growth in food prices, which form the bulk of the inflation index basket in Africa’s most populous country, also eased, to… Read More »
The idea is that standard economics is often too simplistic: But in most economic analysis, the decision makers’ point of view is quite narrow. It starts with what people like and don’t like. People may have a taste for oranges or bananas, or a preference for enjoying life today instead of saving for the future.… Read More »
Thinking Allowed: “Capital is the lifeblood that flows through the body politic of all those societies we call capitalist, spreading out, sometimes as a trickle and other times as a flood, into every nook and cranny of the inhabited world”, writes David Harvey, the world’s most cited academic geographer. He gives Laurie a radical critique… Read More »
From a BusinessDay Nigeria column: [O]ur trade policy has remained very inconsistent many years after independence. Recent reforms – particularly the NEEDS – have however tried to considerably minimize the unpredictability of the trade policy regime by establishing a schedule to fully adopt the Economic Community of West African States (ECOWAS) common external tariff (CET)… Read More »