Stagflation, Savings, and the State: Perspectives on the Global Economy (A World Bank Research Publication)

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9780195204964: Stagflation, Savings, and the State: Perspectives on the Global Economy (A World Bank Research Publication)
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This book provides the intellectual and empirical underpinning for the view that the continuing crisis of the world economy is due to two deep-seated underlying causes, of which the stagflation and rising protectionism in industrial countries and the Third World's debt crisis are dramatic symptoms. The authors show that the roots of the problem lie in the microeconomic rigidities that were steadily built into many economies, and the management of public finances, itself a worldwide problem that portends a global "crowding out" of investment expenditures in developing countries caused by the persistence of transfer payment fueled fiscal deficits in major developed countries.

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About the Author:

Deepak Lal is at University College, London. Martin Wolf is at the Trade Policy Research Centre, London. Deepak Lal is at University College, London. Martin Wolf is at Trade Policy Research Centre, London.

Review:

"Because these essays are of such high quality, they should serve to raise the quality of the debate over neo-liberal diagnosis and policy prescriptions to a high level....A valuable book."--Journal of Developing Areas

"An interesting and useful volume...It portrays very nicely the turbulent years of the world economy since the early 1970s and deals with many of the policy issues involved relating to the impact of shocks, adjustment to shocks, and the debt crisis."--Journal of Development Studies

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