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Using new theoretical insights and cumulative empirical evidence, editors Stephan Haggard and Chung H. Lee question the wisdom of a free-market system where financial markets are concentrated and lack prudent supervision.
The growing economic interdependence and the power of the international marketplace make it ever more necessary to understand the politics involved in financial sector reform. As the debate rages over the relative merits of a free-market financial system versus government intervention, the World Bank, the International Monetary Fund, and the Organisation for Economic Co-operation and Development must determine why active government involvement in the economy has worked so well in much of east and southeast Asia but been disastrous in parts of Latin America.
Advocates of a free-market system assert that liberalization would spur economic growth. The country specialists who contribute to this original collection challenge that claim and the premise behind it. The case studies—of Korea, Taiwan, Indonesia, Thailand, the Philippines, Chile, and Brazil—suggest that the success of government intervention in promoting economic development often depends on formidable institutional requirements that many developing countries cannot afford.
© Cornell University Press
Using new theoretical insights and cumulative empirical evidence, editors Stephan Haggard and Chung H. Lee question the wisdom of a free-market system where financial markets are concentrated and lack prudent supervision.
The growing economic interdependence and the power of the international marketplace make it ever more necessary to understand the politics involved in financial sector reform. As the debate rages over the relative merits of a free-market financial system versus government intervention, the World Bank, the International Monetary Fund, and the Organisation for Economic Co-operation and Development must determine why active government involvement in the economy has worked so well in much of east and southeast Asia but been disastrous in parts of Latin America.
Advocates of a free-market system assert that liberalization would spur economic growth. The country specialists who contribute to this original collection challenge that claim and the premise behind it. The case studies—of Korea, Taiwan, Indonesia, Thailand, the Philippines, Chile, and Brazil—suggest that the success of government intervention in promoting economic development often depends on formidable institutional requirements that many developing countries cannot afford.
© Cornell University Press
