Markets, Morals and Development: Rethinking Economics from a Developing Country Perspective

This book presents, or rather “re-presents”, the intricacies of a developing economy in the light of recent theoretical developments in economics while also providing a fresh perspective on the perceived inadequacies of the discipline in addressing the discontents of the contemporary global economic order.

The book argues that there is scope for economics to be a more humane discipline and more relevant to contemporary economic problems by embracing new ideas, including those from other disciplines. It attempts to show how economic concepts and theories can be contextualised to help better understand real-life economic phenomena; how to rethink the ways in which the market economy can address the moral issues of human wellbeing and social justice; and, overall, how the study of economics and public discourses on economic issues can be made more engaging as well as more relevant to the problems of developing countries. Based on public lectures given by the author in Dhaka, and using illustrations from Bangladesh, India and other countries, the book offers an authoritative understanding of diverse economic realities by taking a fresh look at the familiar.

Comprehensive and accessible, the book will be of interest to students and researchers of economics, development economics and policy, sociology and business studies as well as to journalists, public intellectuals and policymakers in developing countries.

Wahiduddin Mahmud (PhD in economics, University of Cambridge) is a former Professor of Economics at the University of Dhaka and is currently Chairman, Economic Research Group, Dhaka. He is also affiliated with International Growth Centre at the London School of Economics and is on the Board of the Global Development Network. He was a member of the UN Committee for Development Policy and has held visiting research positions at the World Bank, UN Development Programme (UNDP), International Food Policy Research Institute (IFPRI) and Institute of Development Studies at the University of Sussex. He was a member of the caretaker government of Bangladesh in charge of the ministries of finance and planning.