The New Global Economy and Developing Countries

Foreword vii Executive Summary 1(4) Chapter 1. Introduction 5(18) A Day in the Life of a Finance Minister 6(1) The New Global Environment for Development 7(5) Making Openness Work 12(6) Importance of a Domestic Investment Strategy 15(2) Importance of Strengthening Domestic Institutions of Conflict Management 17(1) Implications for International Governance 18(1) Conclusion 18(5) Chapter 2. Openness in Perspective 23(20) Why is Openness Important? 24(8) Importing Ideas 25(1) Importing Goods and Services 26(3) Importing Capital 29(2) Importing Institutions 31(1) Export Fallacies 32(8) Export (and DFI) Fetishism 33(5) Export Pessimism 38(1) Two Unlikely Cases of Export Success 38(2) Conclusion 40(3) Chapter 3. Investment Strategies 43(24) Two Country Vignettes 44(1) Heterodox Opening in Mauritius 45(3) Investment Policies in East Asia 48(10) Export-Led Growth? 49(3) Investment Incentives 52(4) What About Hong Kong? 56(2) Investment Transitions 58(4) Conclusion 62(5) Chapter 4. Managing Turbulence in the World Economy 67(36) Getting Recent Economic History Straight 68(9) The Golden Period of Growth 68(6) Oil Shocks and Debt Crises: The Watershed Years 74(3) Where Does the Ability to Adjust Macropolicies Come From? 77(12) Shocks, Macropolicies, and Social Conflicts 78(4) Cross-National Evidence 82(7) Shocks Redux: Managing the Asian Financial Crisis and the Virtues of Democracy 89(7) Three Lessons of the Asian Crisis 90(1) Why Thailand and South Korea Coped Well 91(2) Why Indonesia Coped Poorly 93(1) Discussion 94(2) Improving Institutions of Conflict Management 96(3) Improving the Credibility of the State Apparatus 97(1) Improving Mechanisms of Voice 97(1) Improving Social Safety Nets and Social Insurance 98(1) Conclusion 99(4) Chapter 5. Is Africa Different? 103(32) Introduction 104(1) An Overview of African Economic Performance 105(5) Why Is Africa "Marginalized in World Trade? 110(4) What Determines Trade Performance in Africa? 114(5) The Determinants of Economic Growth Within Africa 119(4) Country Experiences 123(6) The Benefits of Openness: Botswana 123(4) Reform and Recovery: Ghana and Uganda 127(1) Reform Without Growth: Mali and Gambia 128(1) Conclusion 129(6) Chapter 6. Summary and Implications 135(19) A Modern-Day Fable 136(1) The Promise and Perils of Openness 136(7) How Much Is Really Known about Economic Policies for Sustainable Growth? 143(4) International Constraints on National Policy 147(3) A Question of Accountability 150(4) Appendix 154(3) References 157(9) About the Author 166(1) About the ODC 167(1) Board of Directors 168