Equality The Third World And Economic Delusion

Even in impoverished countries lacking material and human resources, P. T. Bauer argues, economic growth is possible under the right conditions. These include a certain amount of thrift and enterprise among the people, social mores and traditions which sustain them, and a firm but limited government which permits market forces to work. Challenging many views about development that are widely held, Bauer takes on squarely the notion that egalitarianism is an appropriate goal. He goes on to argue that the population explosion of less-developed countries has on the whole been a voluntary phenomenon and that each new generation has lived better than its forebears. He also critically examines the notion that the policies and practices of Western nations have been responsible for third world poverty. In a major chapter, he reviews the rationalizations for foreign aid and finds them weak; while in another he shows that powerful political clienteles have developed in the Western nations supporting the foreign aid process and probably benefiting more from it than the alleged recipients. Another chapter explores the link between the issue of Special Drawing Rights by the International Monetary Fund on the one hand and the aid process on the other. Throughout the book, Bauer carefully examines the evidence and the light it throws on the propositions of development. Although the results of his analysis contradict the conventional wisdom of development economics, anyone who is seriously concerned with the subject must take them into account.

With style and imagination, this iconoclastic work covers the major issues in development economics. In eight carefully reasoned essays, P. T. Bauer challenges most of the accepted notions and supports his views with evidence drawn from a wide range of primary sources and direct experience. The essays were selected on the basis of their interest to students and general readers from Bauer's book, Dissent on Development: Studies and Debates in Development Economics. Reviewing the previous work, the Wall Street Journal wrote: "It could have a profound impact on our thinking about the entire development question... Quite simply, it is no longer possible to discuss development economics intelligently without coming to grips with the many arguments P. T. Bauer marshalled in this extraordinary work."

Reality and Rhetoric is the culmination of P. T. Bauer's observations and reflections on Third World economies over a period of thirty years. He critically examines the central issues of market versus centrally planned economies, industrial development, official direct and multinational resource transfers to the Third World, immigration policy in the Third World, and economic methodology. In addition, he has written a fascinating account of recent papal doctrine on income inequality and redistribution in the Third World. The major themes that emerge are the importance of non-economic variables, particularly people's aptitudes and mores, to economic growth; the unfortunate results of some current methods of economics; the subtle but important effects of the exchange economy on development; and the politicization of economic life in the Third World. As in Bauer's previous writings, this book is marked by elegant prose, apt examples, a broad economic-historical perspective, and the masterful use of informal reasoning.

Peter Bauer, a pioneer of development economics, is an incisive thinker whose work continues to influence fields from political science to history to anthropology. As Nobel Laureate Amartya Sen writes in the introduction to this book, "the originality, force, and extensive bearing of his writings have been quite astonishing." This collection of Bauer's essays reveals the full power and range of his thought as well as the central concern that underlies so much of his diverse work: the impact of people's conduct, their cultural institutions, and the policies of their governments on economic progress. The papers here cover pressing and controversial issues, including the process that transforms a subsistence economy into an exchange economy, the reputed correlation between poverty and population density, the alleged responsibility of the West for Third World poverty, the often counterproductive results of foreign aid, and the effects of egalitarian policies on individual freedoms. Bauer addresses these and other matters with clarity, verve, and wit, combining his deep understanding of economic theory and methodology with keen insights into human nature. The book is a penetrating account of how to develop a prosperous economy alongside a free and fair society and a stimulating introduction to the work of a man who has done so much to shape our modern understanding of developing economies and of the relationship of economics to the other social sciences. "This selection of essays will give readers a wonderful opportunity to learn about the rich world of cognizance and analysis erected by one of the great architects of political economy. I feel privileged to be able to offer this letter of invitation."--From the introduction by Amartya Sen, Nobel Laureate in economics

SHORTLISTED FOR THE ORWELL PRIZE FOR POLITICAL WRITING 2019 'A near miracle' Ha-Joon Chang, author of 23 Things They Don't Tell You About Capitalism According to the economy, we have never been wealthier or happier. So why doesn't it feel that way? The Growth Delusion explores how we prioritise growth maximisation without stopping to think about the costs. So much of what is important to our well-being, from safe streets to sound minds, lies outside the purview of statistics. In a book that is both thought-provoking and entertaining, David Pilling argues that our steadfast loyalty to growth is informing misguided policies, and proposes different criteria for measuring our success.

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