By a "developed" economy, people roughly mean ones with a high, persistently-growing per-captia income which is not simply based on resource extraction (i.e., oil) or remittances or rentierism — an industrial (or, if there is such a thing, post-industrial) economy which makes most of its participants reasonably and increasingly prosperous. While there are of course differences among them --- the United States is not New Zealand, which is not Belgium, which is not Finland, which is not Japan --- they are (...) all more similar to each other than they are to the vast variety of "undeveloped", "under-developed", or (most optimistically) "developing" economies across the world. (Some people refer to the developed countries as "the North" and the others as "the South"; this drives me up the wall, if only from looking at where China and Australia are on the map.) Economies in the first category tend to stay there; so, sadly, do countries in the second. Development economics is the sub-discipline of economics which attempts to study how economies which have not attained this happy condition can be made to do so, and the factors which hold others back. (shrink)

A central feature of experimental development economics is the use of randomized controlled trials (RCTs) to evaluate the effectiveness of prospective socioeconomic interventions. The use of RCTs in development economics raises a host of ethical issues which are just beginning to be explored. In this article, I address one ethical issue in particular: the routine use of the status quo as a control when designing and conducting a development RCT. Drawing on the literature on the (...) principle of standard care in medical research ethics, as well as considerations of distributive justice in non-ideal circumstances, I argue that the practice of using the status quo as a control is ethically justifiable. However, I add an important qualification based on the natural duty of rescue to address the concern that my account is overly permissive. (shrink)

In this paper, we critically and constructively examine the methodology of evidence-based development economics, which deploys randomized field experiments as its main tool. We describe the...

The notion of economic violence has long been recognized in the work of Johan Galtung and others. The work of Thomas Pogge and the field of global justice have addressed the impact of economic disparities between the Global North and the Global South, and their impact on human well-being, and social and economic development more broadly. Patents, publication in scholarly journals, academic collaborations, access to academic journals, and so forth do not on their face seem to be closely tied (...) to indicators of human well-being. However, disparities in knowledge production, including access to academic resources and publication venues, are tied directly or indirectly to infrastructure, food security, health and mortality rates, employment, and gender equity. (shrink)

In ‘Field Experiments and Methodological Intolerance,’ Glenn Harrison develops a criticism of randomized field experiments and denounces ‘intolerance’ for lab experiments and a ‘disconnect from theory.’ We argue that lab experiments and RCTs are based on different methodological approaches and therefore fulfill different scientific objectives; key features of the RCT methodology make it highly relevant for policy-making, which accounts for a large part of its uptake; RCTs foster a convergence of interests between policy-makers and researchers around the study of economic (...) mechanisms, which makes it possible to challenge and improve economic theory based on real-world facts; and hybrid forms of experimentation are being increasingly used and open promising avenues. In sum, economic research based on RCTs is more and more connected to theory and other forms of experiment, while also helping policy-makers tackle daunting problems of poverty and exclusion. (shrink)

This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain (...) in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant. (shrink)

This work aims to study strategies used in Argentine local development experiences, focussing on industrial design, marketing and entrepreneurship. In order to this purpose, backgrounds are analysed with this approach adding the study of three strategic plans for national and provincial-level that are currently in force. With the analysis of the transport system in the last decade, an accelerated cost increase is evident, resulting in a relatively higher price of distributed products. This situation that was initially perceived as a (...) disadvantage finally set up an opportunity to produce locally. The goal of this paper is to provide tools that contribute to the work shipped by key institutions for local development (public, private and intermediary organisations), and the way these interact with the actors and the territory. In particular, the identification of productive sectors and the selection of goods that can be produced and consumed locally, as a key input for the formulation of projects. (shrink)

This paper discusses the economic, legal, moral, and political difficulties in developing drugs for the developing world. It argues that large, global pharmaceutical companies have social responsibilities to the developing world, and that they may exercise these responsibilities by investing in research and development related to diseases that affect developing nations, offering discounts on drug prices, and initiating drug giveaways. However, these social responsibilities are not absolute requirements and may be balanced against other obligations and commitments in light of (...) economic, social, legal, political, and other conditions. How a company decides to exercise its social responsibilities to the developing world depends on the prospects for a reasonable profit and the prospects for a productive business environment. Developing nations can either help or hinder the pharmaceutical industry’s efforts to exercise social responsibility through various policies and practices. To insure that companies can make a reasonable profit, developing nations should honor pharmaceutical product patents and adhere to international intellectual property treaties, such as the Trade‐Related Aspects of Intellectual Property Rights agreement. To insure the companies have a good business environment, developing nations should try to promote the rule of law, ethical business practices, stable currencies, reliable banking systems, free and open markets, democracy, and other conditions conducive to business. Overall, this paper advocates for reciprocity and cooperation between pharmaceutical companies and developing nations to address the problem of developing drugs for the developing world. In pursuing this cooperative approach, developing nations may use a variety of other techniques to encourage pharmaceutical companies to act responsibly, such as subsidizing pharmaceutical research, helping to design and implement research protocols, providing a guaranteed market, and bulk buying. (shrink)

This paper offers an economic rationale for compulsory licensing of needed medicines in developing countries. The patent system is based on a trade-off between the “deadweight losses” caused by market power and the incentive to innovate created by increased profits from monopoly pricing during the period of the patent. However, markets for essential medicines under patent in developing countries with high income inequality are characterized by highly convex demand curves, producing large deadweight losses relative to potential profits when monopoly firms (...) exercise profit-maximizing pricing strategies. As a result, these markets are systematically ill-suited to exclusive marketing rights, a problem which can be corrected through compulsory licensing. Open licenses that permit any qualified firm to supply the market on the same terms, such as may be available under licenses of right or essential facility legal standards, can be used to mitigate the negative effects of government-granted patents, thereby increasing overall social welfare. (shrink)

This book outlines and analyzes the economic development of China between 1949 and 2007. Rather than being narrowly economic, the book addresses many of the broader aspects of development, including literacy, morality, demographics and the environment. The distinctive features of this book are its sweep and that it does not shy away from controversial issues. For example, there is no question that aspects of Maoism were disastrous but Bramall argues that there was another side to the whole programme. (...) More recently, the current system of government has presided over three decades of very rapid economic growth. However, the author shows that this growth has come at a price. Bramall makes it clear that unless radical change takes place, Chinese growth will not be sustainable. This large, comprehensive text is relevant to all those studying the economic history of China as well as its contemporary economy. It is also useful more generally for students and researchers in the fields of international and development economics. (shrink)

This paper presents a systematic discussion, mainly for non-economists, on economic approaches to the concept of sustainable development. As a first step, the concept of sustainability is extensively discussed. As a second step, the argument that it is not possible to consider sustainability only from an economic or ecological point of view is defended; issues such as economic-ecological integration, inter-generational and intra-generational equity are considered of fundamental importance. Two different economic approaches to environmental issues, i.e. neo-classical environmental economics (...) and ecological economics, are compared. Some key differences such as weak versus strong sustainability, commensurability versus incommensurability and ethical neutrality versus different values acceptance are pointed out. (shrink)

There has always been a sub-group of established economists trying to convey an environmental critique of the mainstream. This paper traces their thinking into the late 20th century via the development of associations and journals in the USA and Europe. There is clearly a divergence between the conformity to neo-classical economics favoured by resource and environmental economists and the acceptance of more radical critiques apparent in ecological economics. Thus, the progressive elements of ecological economics are increasingly (...) incompatible with those practising neo-classical environmental economics who try to reduce all concepts to fit within the confines of their models. A group of people can be identified who teach that ecological economics is nothing more than a name for the link between mainstream economics and ecology. A new movement and paradigm are unnecessary for such ends. This viewpoint is argued to be inconsistent with the roots and ideas of the ecological economics movement. Ecological economics is seen here to be synthesising various types of economics and moving back to explicit inclusion of ethical issues in the mode of classical political economy. This inevitably means rediscovering neglected past works and exploring new ways of thinking about socio- economics and the environment. (shrink)

This article seeks to establish the development of rural communities, with up to 500 inhabitants, with the creation of a Rural Tourism Development Forum and a Tourism Development Program with local identity. It is proposed to capitalize on cultural assets and local knowledge, to strengthen the profile and tourist circuits, local services and enterprises, agro-tourism and other related economic and social activities. The objective is to contribute to territorial tourism development from an innovative perspective, which, based (...) on the efficient use of local resources, generates employment and improves the quality of life of its inhabitants, capitalizing on the advantages of tourist activity. The methodology used consisted in analyzing the problems of local development, identifying the obstacles and conceiving tourism as a solution and sustenance that allowed the elaboration of the model. (shrink)

This research aims at establishing the impact of information and communication technologies (ICT) on e-commerce development of industrial enterprises by means of economic and mathematical modelling. The goal was achieved using the following methods: theoretical generalization, analysis and synthesis (to critically analyse the scientific approaches of scientists regarding the expediency of using mathematical models in the context of enterprises’ e-commerce development), target, comparison and grouping (to reveal innovative methodological approach to assessing ICT impact on e-commerce development of (...) industrial enterprises), tabular, analytical and integral method (for summarizing the analysis results of enterprises readiness to implement ICT, ICT use in the activities of industrial enterprises of Ukraine and the analysis of e-commerce development), mathematical modelling (to build a regression model determining impact of changes in ICT use on the market share occupied by industrial enterprises), generalization (to determine promising directions of e-commerce developing of industrial enterprises). The implementation of a comprehensive approach to understanding the importance of ICT influence on e-commerce development of industrial enterprises will ensure acceleration of the digitalization of business processes, will contribute to the speed increase of enterprises response to customer requests, and increase the market share occupied by enterprises. A new vision of directions for developing e-commerce of industrial enterprises is suggested, which are determined by the need for enterprise rebranding, the development of e-commerce tools and technologies, the importance of outsourcing service automation and promotion of subscription trade. ICT is considered as integration factor that determines prospects for e-commerce development of industrial enterprises and contributes to increasing efficiency of online business management. Research results demonstrate that the use of economic and mathematical modelling is an important tool for assessing ICT impact, and its absence can negatively affect the accuracy and validity of online business management. (shrink)

The prevailing economic paradigm, in which a closed circular flow of production and consumption can be described in terms of 'natural laws ' of the equilibrium of market forces, is being challenged by our growing knowledge of complex systems, particularly ecosystems. It is increasingly apparent that neo-classical economics does not reflect social, economic and environmental realities in a world of limited resources. The best way to understand the problems implicit in the concept of 'sustainable development ' is provided (...) by Ecological Economics – a new synthesis in which the traditional virtue of thrift is justified using modern ideas from systems theory and thermodynamics. (shrink)

_Cognitive Developments in Economics_ proposes an interdisciplinary approach to the study of human problem solving, choice, decision-making and change, to explain economic transactions, and the nature and evolution of organisations and institutions. The book contributes to a large spectrum of economic fields such as consumer theory, economics of the firm, economics of innovation, evolutionary economics and experimental economics.

_Cognitive Developments in Economics_ proposes an interdisciplinary approach to the study of human problem solving, choice, decision-making and change, to explain economic transactions, and the nature and evolution of organisations and institutions. The book contributes to a large spectrum of economic fields such as consumer theory, economics of the firm, economics of innovation, evolutionary economics and experimental economics.

With the rapid advancement of AI, there exists a possibility of rogue human actor(s) taking control of a potent AI system or an AI system redefining its objective function such that it presents an existential threat to mankind or severely curtails its freedom. Therefore, some suggest an outright ban on AI development while others profess international agreement on constraining specific types of AI. These approaches are untenable because countries will continue developing AI for national defense, regardless. Some suggest having (...) an all-powerful benevolent one-AI that will act as an AI nanny. However, such an approach relies on the everlasting benevolence of one-AI, an untenable proposition. Furthermore, such an AI is itself subject to capture by a rogue actor. We present an alternative approach that uses existing mechanisms and time-tested economic concepts of competition and marginal analysis to limit centralization and integration of AI, rather than AI itself. Instead of depending on international consensus it relies on countries working in their best interests. We recommend that through regulation and subsidies countries promote independent development of competing AI technologies, especially those with decentralized architecture. The Sherman Antitrust Act can be used to limit the domain of an AI system, training module, or any of its components. This will increase the segmentation of potent AI systems and force technological incompatibility across systems. Finally, cross-border communication between AI-enabled systems should be restricted, something countries like China and the US are already inclined to do to serve their national interests. Our approach can ensure the availability of numerous sufficiently powerful AI systems largely disconnected from each other that can be called upon to identify and neutralize rogue systems when needed. This setup can provide sufficient deterrence to any rational human or AI system from attempting to exert undue control. (shrink)

Not all intellectual property rights grant the right to exclude that is indicative of “property rules,” as that term was used by Guido Calabresi and A. Douglas Melamed in their seminal article. Some intellectual property rights are “liability rules,” in which the right holder has an entitlement to compensation for use of the protected invention, not a right to preclude the use. Although patent laws normally grant a right to exclude others from use of the protected invention as a default, (...) most countries’ laws allow the government to convert the patent property rule into a liability rule through a compulsory license. It has been noted, for example, that by the end of the 1950s, the U.S. had issued compulsory licenses covering 40 to 50 thousand patents, including substantial portions of the patent portfolios of AT&T, General Electric, IBM, and Xerox. The U.S. Supreme Court recently expressed a willingness to accept liability rules over injunctions in some patent infringement cases. (shrink)

Marx develops his economic theory in Capital in a rather peculiar way. This paper focuses on some of these peculiarities, especially his attempt to base his account of prices and derivative entities (profit, rate of profit, etc.) on the labour theory of value. Although he may be said to have failed in this, there is still some kind of Marxist theory of prices possible. This is due to both, the so-called fundamental theorem (linking profit and surplus-value) and the possibility, shown (...) by Sraffa and others, to determine prices from the physical parameters of production. By adding on an earlier paper of mine, in which the surplus-value theory has been reconstructed within the structuralistic framework, this paper sketches such a reconstruction for the basic parts of a full-blown Marxist economic theory of capitalistic production. (shrink)

Globalization is multifaceted and involves the interaction among businesses, services, governments, and societies beyond national borders. As a result, the flow of foreign direct investment, international trade in goods and services, and the economic interdependence of the nations of the world have been increasing. At the same time, much attention has been paid to the effect of corruption prevalent within many cultures and societies, and its impact on the economies, especially developing economies. This paper examines the relationship between human capital (...) investment, the level of national corruption, and the global economic integration of a nation in developing countries. Based on the data collected from over 60 countries, and building on the FDI and human capital theories, it was found that human capital investment and corruption are related to GEI. It was also found that the level of corruption moderates the relationship between human capital investment and GEI of developing economies. The findings of the study can help to deepen our understanding of GEI and have practical implications for developing countries in terms developing human capital, which plays a critical role in today’s knowledge-based economy. (shrink)

Reform of the economic structure is a profound revolution that not only affects every aspect of China's political and economic life but stimulates changes in the way of social life, the mode of thought, and the concepts of social ethics and morality. The relationship between people reflected by these changes is closely related to the basic issues, principles, and standards of morality. Ethically, the changes themselves contain moral issues. The current economic reforms are changing and enriching people's concepts of morality (...) and will doubtless enhance their development. (shrink)

Economic growth as we know it today cannot persist indefinitely if it entails continuous degradation of natural resources and the environment. While in a few countries around the world it appears that environmental degradation has been the result of rapid economic growth, in the vast majority of the developing countries the environment has been equally spoiled despite slow or even negative economic growth. This book provides new insights on the common roots of economic stagnation, poverty and environmental degradation which, unfortunately, (...) generally reside in misguided government policies and priorities. By doing this, the volume seeks to provide a broader policy option framework than those found in conventional policy analyses, mainly dominated by the "Washington Consensus". It shows that a major omission of the conventional view is that governments tend to allocate government expenditures in a biased way favouring subsidies to the economic elites to the detriment of investments in public goods, including human capital, R&D, as well as the development of institutions, which are vital for long run growth, poverty reduction and environmental sustainability. (shrink)

Socio-economic life may differ in terms of cultures and beliefs. Today, it is seen that it is impossible for socio-economic life not to be affected by the rapidly developing digitalization. Digitalization proclaims its dominance in most areas of social life, but especially in economic fields its effect is thought to be more different because economic development is the basis of the digital development. Due to digital economic models based on informational, global and network organizations, people interact with more (...) people than in traditional society. Thus, people contribute to the creation of a real competitive environment by participating in economic processes on a more comprehensive and egalitarian basis. Economic models supported by technological communication tools, e-mails, networks and innovative software are getting stronger day by day and spread to most areas of social life. The effect of digitalization on the economic field prepares the ground for important discussions especially in the relationship between religion and economic life. New forms of shopping such as e-commerce and crypto money that emerged as a result of digital developments are closely related to the approach of religion to economic innovation. Should religion or religious people take a stand in the face of new economic models and crypto money developing in the digitalization environment? Has the sociological role of religion in socio-economic life changed with digitalization? What is the functional dimension of crypto money in the relationship between socio-economic life and religion? The answers to such questions are a matter of curiosity. In this study, research will be made within the framework of the problems whose answers are the subject of curiosity. The main purpose of this study is to reveal the equivalence of crypto money, one of the new economic models in social life, and its relationship with religion, which is human and social capital, in an environment where digitalization is rapidly developing. Methods used in this study are literature review, field research and interviews with people using cryptocurrency. According to the findings, it has been observed that people are exposed to religious concerns when using crypto money. There have even been those who think that the losses in cryptocurrencies are also related to ignoring religious sensitivities. As a result, crypto money will make its presence felt more and more in the new world order and this situation should be considered in terms of religious sociological dimensions. It is seen that it will be beneficial to develop the crypto money, which has emerged as a new generation money and has many types, in line with the general economic models and to be developed in a way that will eliminate the concerns of the religious in this context. (shrink)

By exploring the strengths and weaknesses of a Marxist approach to economic development, this book presents a balanced treatment of development issues within the area of 'rational choice Marxism'.

This is the sixth edition of a textbook that has been instrumental in introducing a generation of students to the history of economic thought. It charts the development of economics from its establishment as an analytical discipline in the eighteenth century through to the late twentieth century. The book discusses the work of, amongst others: Ricardo, Malthus, Marx, Walras, Marshall and Keynes as well as the institutionalists, the Chicago School and the emergence of econometrics. This edition has been (...) fully revised and updated and includes: * chronologies of the key dates in the development of economics * extracts from original texts * an examination of how the study of the history of economic thought impinges upon modern thinking. (shrink)

Now in its seventh edition, Ingrid Rima's classic textbook charts the development of the discipline from the classical age of Plato and Aristotle, through the middle ages to the first flowering of economics as a distinct discipline - the age of Petty, Quesnay and Smith - to the era of classical economics and the marginalist revolution. The book then goes on to offer extensive coverage of the twentieth century - the rise of Keynesianism, econometrics, the Chicago School (...) and the neoclassical paradigm. The concluding chapters analyze the birth of late twentieth century developments such as game theory, experimental economics and competing schools of economic thought. This text includes a number of practical features: a "family tree" at the beginning of each section, illustrating how the different developments within economics are interlinked the inclusion of readings from the original key texts a summary and questions to discuss, along with glossaries and suggestions for further reading This book provides the clearest, most readable guide to economic thought that exists and encourages students to examine the relevance of the discipline's history to contemporary theory. (shrink)

There is a growing perception among economists that their field is becoming increasingly irrelevant due to its disregard for reality. Critical realism addresses the failure of mainstream economics to explain economic reality and proposes an alternative approach. This book debates the relative strengths and weaknesses of critical realism, in the hopes of developing a more fruitful and relevant socio-economic ontology and methodology. With contributions from some of the leading authorities in economic philosophy, it includes the work of theorists critical (...) of this approach. In the first part, contributors develop and deepen economics as a realist social theory by considering the work of individuals, various schools of thought, socio- economic phenomena and methodology. In the second part, contributors weigh the strengths and weaknesses of critical realism. (shrink)

Introduction. At present, the issues of the Far East accelerated economic development remain in the focus of the state attention. Among the key mechanisms of state policy is the formation of advanced development territories (ADT). The article sets the task of studying the impact of the institutional measures taken on the welfare and the population’s life quality in the Far Eastern territories. Particular attention is paid to studying migration processes and analyzing the economic activity of the Far East (...) population. The purpose of the article is to study the effects of implementing mechanisms for accelerated economic growth, as well as assess their impact on the life quality in the Far East regions. Methods. The authors use the following methods: economic and mathematical modeling, computational and analytical methods, comparative and spatial analysis. Scientific novelty of the research. For a comprehensive assessment of the regional well-being, the authors propose to supplement the multiplicative model based on the A. Sen’s extended welfare function with a composite ecological index. It takes into account the ecological conditions of human life, which are an important aspect of well-being. The authors obtain ecologically adjusted indicators of well-being for the eastern regions of the Russian Federation and study their dynamics, as well as the relations with the data on the population’s migration activity during the formation of new institutions of advanced development in the East of the country. Results. The authors find out that most of the Far Eastern territories are still lagging behind the average Russian level in socio-economic development. The results of assessing the level of well-being of regions on the basis of a multiplicative model without taking into account the environmental factor show that the most prosperous areas are raw materials-based territories. It is shown that the role of environmental factors in the life quality in the Far Eastern territories of Russia is very significant - the ecologically adjusted level of well-being is noticeably lower than the indicator that does not take into account this aspect of well-being. The authors reveal that socio-economically disadvantaged regions with difficult natural and climatic living conditions have very high rates of migration outflow. Their coefficients of migration loss reflect the presence of a crisis in economic development, which has been increasing in recent years. An analysis of trends in economic activity shows a relationship between the dynamics of the number of employed and the implementation of ADT projects in the Far Eastern territories. Conclusions. The conclusion is that the measures taken by the state for the advanced economic development of the eastern territories of the country have not yet had a noticeable positive impact on the welfare and life quality in the Far East regions. (shrink)

A detailed analysis of psycho-pedagogical, methodological and linguistic sources in the article has allowed one to justify and build a holistic model of developing communicative professional competence in economics students. This author’s model includes the interrelated components of communicative professional activities, criteria for their assessment and levels of communicative professional competence in economics students. The following pedagogical conditions have been presented in the context of the research: modelling probable professional communicative situations in the educational process; ensuring communicative professional (...) orientation of information and communication technologies; strengthening the subjective position of students during communicative professional training. Their effective use in the educational process contributes to developing the motivational sphere of students, improving their knowledge of languages ​​and other academic courses, enhancing their abilities to apply the obtained knowledge in practice and adequately assess themselves as specialists. The international relevance of the article lies in offering guidelines for educational institutions that strive to enhance the educational processes in a postmodern society. (shrink)

In the 1960s Mancur Olson and Samuel Huntington suggested that the positive correlation between per capita income and the level of sociopolitical destabilization that they detected for low and middle income countries might be partly accounted for by the growth of the inequality associated with the economic and technological development in these countries. The empirical tests we perform generally support this hypothesis, but they also identify certain limits for such an explanation. Our tests reveal for low and middle income (...) countries a statistically significant correlation between GDP per capita and the economic inequality levels, but this correlation is not particularly strong. Earlier we found for the same countries significantly stronger positive correlations between GDP per capita and some important components of sociopolitical destabilization, such as the intensity of political assassinations, general strikes and anti-government demonstrations. It is quite clear that the strong association between the increase in the intensity of these components of sociopolitical destabilization and GDP per capita growth, can be explained by a much weaker tendency toward the growth of economic inequality only partly. In addition, our empirical tests suggest the presence of a certain threshold level of about 40 points on the Gini scale, after crossing which one can expect a radical increase in levels of sociopolitical destabilization in general, and the intensity of terrorist acts / guerrilla warfare and anti-government demonstrations in particular. According to the World Bank, the value of the Gini coefficient for Russia is now just in this zone, which suggests that the further growth of inequality in Russia could lead to an abrupt increase in political destabilization. (shrink)

The work we present has a double purpose: sketching some thinking guidelines to overcome the typical Sicilian Mafia mindset and, at the same time, helping to reinforce the theoretical–methodological paradigm of group analysis by means of a dialogue with the concept of relational good. In this framework of dialogue and confrontation, since psychical, social, and economic developments influence each other, they can determine a strong repercussion in the social context of individuals. Relational good thus becomes not only an interdisciplinary intersection, (...) but also a tool that can significantly help fulfilling suitable programs of local development. (shrink)

Underdevelopment increases unemployment, which further worsens poverty levels among people in rural communities and inequality in the country at large. At present, government financial institutions are failing to reach rural communities which they are meant to develop. The inability of such communities to access capital from formal financial institutions drives them to devise alternative means through which they can survive and improve their livelihoods. Stokvels are effective self-help economic development strategies in rural South Africa which do not depend on (...) external forces but rely totally on the determination of members of the community to improve their lives themselves. The creation of self-help projects such as stokvels are founded on the principle of ubuntu, which goes beyond the enrichment of the individual. Stokvels constitute an ethical framework that could improve the economic distribution in modern-day society. Adopting indigenous African ways of dealing with African problems could therefore prove an effective tool for helping to alleviate poverty in rural areas. Keywords : South Africa, development, unemployment, rural communities, unmasking, social capital, stokvels, ubuntu. (shrink)

During the 1980s many communities turned to grassroots activities to promote economic development, rather than relying on industrial recruitment strategies. We evaluate the characteristics of these projects, their benefits and costs, and obstacles they face in the development process. The data are drawn from a survey of more than one hundred communities in the United States. Self-development efforts do not appear to replace traditional rural economic development activities, but may complement them. Self-development activities produce a (...) wide variety of jobs that are taken primarily by local residents. The cost and availability of credit are major obstacles for self-development projects. Although self-development strategies should not be considered the primary economic development strategy for most rural communities, they do enable communities to build a more viable local economy. (shrink)

This article focuses on the latest developments in mainstream economic theory as of 1999. Changes in economic theory are particularly significant in a period when the Stalinist version of Marxian theory is also in disarray, and the whole question of markets and economic coordination in socialist economies is in practical and theoretical flux. The most important abstract results in the finite-commodity space general-equilibrium theory are that equilibria are locally unique, that is, prices close to but different from the equilibrium prices (...) leave an imbalance between supply and demand, and that a logical link exists between competitive equilibrium allocations and an efficient allocation of resources. A stronger theory of the productive unit can now develop to balance the so far one-sided concentration of theory on market interactions. (shrink)

This paper examines the association between level of economic development and corporate social responsibility (CSR) in a country, with speculations on howadvances in economic development may alter the scope and application of CSR activities. Through the empowerment of local communities and the intersection of ethical leadership approaches of business, local governments and civil society, remedies are suggested for improved economic development management.

Neo-liberal economics is built upon the claim that the freedom to pursue one's self-interest and rational choice leads to economic growth and development. Against this background neo-liberal economists and policymakers endeavoured to universalise this claim, and insistently argue that appropriate economic policies produce the same results regardless of cultural values. Accordingly, developing countries are often advised to embrace the neo-liberal economic credo for them to escape from the trap of underdevelopment. However, the economic success of South East Asia (...) on the one hand and the failure of economic development in sub-Saharan Africa on the other, are increasingly proving that the 'economic' argument cannot be taken dogmatically: self-interest and rationality do not seem to be the sufficient explanations for economic development. One other avenue to be taken seriously is the link between cultural values and economic development. After viewing the principle of self-interest against its historico-cultural background, I consider this link in the African context, and argue that, although they cannot be taken as the sole factor, people's cultural beliefs and values are crucial for economic development. Economic growth and development need to be a substantiation of a people's beliefs and values. In African value system, this substantiation could lead to what one would call 'ubuntu economy' in which the state, the markets and the people are all agents, and not patients, in the process of economic growth and development. (shrink)

Scholarly focus on the political relationship between monasteries and the state has obscured other dynamics in the post-Mao revival and development of dGe-lugs-pa monasticism in China and led to its marginalization in wider discussions about Buddhism in the contemporary world. The present article seeks to broaden our understanding by examining economic reforms at a monastery in A-mdo. Based on fieldwork conducted 2008-2009, it argues that while recent monastic economic developments converge with state policies, monks’ narratives place agency for reforms (...) within the monastic community and present impetus for reform as a moral issue. Consideration of the moral dimension of reforms, drawing on Sayer’s conception of moral economy, allows for a thicker understanding of contemporary monastic development which takes into account dynamics that extend beyond monastic interactions with the political and hegemonic power of the Chinese state. (shrink)