Growth and Development in the Global Political Economy

Abstract

Recent institutional changes have seen the increasing dominance of globalization and neoliberalism in the world economy. As markets have been deregulated, privatization and unproductive government spending have been promoted. Yet the greater volatility of capitals, the emergence of many financial crises, a decline in trust, and environmental problems have cast doubt on the effectiveness of neoliberal globalization.This book studies the impact of neoliberal globalization on growth and development in the world economy. It scrutinizes whether new social structures of accumulation or modes of regulation have emerged to promote long-term socioeconomic performance in the global economy during the early years of the twenty-first century. Special reference is given to the specific performance of neoliberal governance; transnational corporations; global institutions of money, trade, and production; international relations of war and terrorism; financial institutions; and the family-community environment.It is a comprehensive analysis of the degree to which institutional development has managed to promote socioeconomic performance in the global economy. It also presents a thorough policy program of action for long wave upswing in the world economy. It will be especially useful for those scholars and students concerned with issues of governance, global political economy, institutions, and macroeconomics.Phillip Anthony O'Hara is Professor of Global Political Economy and Governance and Director of the Global Political Economy Research Unit, at Curtin University, Perth, Australia. He won the European Association for Evolutionary Political Economy "2002 Gunnar Myrdal Prize" for Marx, Veblen and Contemporary Institutional Political Economy (Elgar, 2000); is the editor of Global Political Economy and the Wealth of Nations (Routledge, 2004) Reviews of Growth and Development in the Global Political Economy"I am delighted to endorse Phil O'Hara's new volume. Many years ago I examined his Honours dissertation at Murdoch University on Marx's theories of crisis. It was an outstanding piece of scholarship and I recognised then that a star had been born. His many contributions since show how right I was! Growth and Development in the Global Political Economy is the jewel in his crown. It contains a superb intertwining of historical, political, economic and institutional analysis of modern global capitalism, its successes and failures. It is also a critique of the claims of neoliberal analysis, and the provision of an alternative illuminating analysis; combined with detailed suggestions for the creation of institutions that will go some way towards ensuring that potential sustainable development will be achieved in a manner that helps all the world's citizens and preserves the physical environment for future generations. O'Hara has written a notable book which ought to be read by all serious economists, social scientists, concerned citizens, politicians and policy makers." Professor G.C.Harcourt, Cambridge University, UK. "In Growth...

Can the principles of heterodox political economy explain its own re‐emergence and development?

“…Some key books in this very broad area include Amin (1974), Wallerstein (1974), Cardoso and Faletto (1979), Warren (1980), Keohane (1984), Streeton (1995), Frank (1998), Sen (1999), de Soto (2000), Ahrens (2002), O'Hara (2006), and Kiely (2007).…”

United we stand, divided we fall: poder de clase, cadenas globales de valor y estrategias sindicales en el parque de proveedores de Mercedes-Benz Vitoria-Gasteiz

“…El crecimiento económico, el pleno empleo, y mayor redistribución de la riqueza fueron posibles debido al conjunto de instituciones políticas que atenuaron las contradicciones de una economía capitalista, permitiendo que existiera provisionalmente la «paz social» entre clases (Kotz et al 1994;O'Hara, 2006). La crisis de los ochenta y la posterior desindustrialización y globalización del proceso productivo pusieron de manifiesto las dificultades que un empoderamiento de la clase trabajadora suponía para el control económico y político de la clase capitalista (véase por ejemplo Kalecki, 1943).…”

Heterodox Political Economy and the Degrowth Perspective

“…Just like embedding the economy in a finite and non-growing biophysical system forces us to think about the limits of the primary system, embedding the functioning of markets within a broader social system forces us to think about the interaction of markets with the broader set of institutions. Phillip O'Hara summarizes this position succinctly when he states: "The system requires certain 'public goods' or systems functions' to promote accord, agreement, organization, communication and information to moderate conflict and instability that so-called 'free markets' would otherwise largely be without" [30]. Moreover, the institutions contain contradictory forces, which manifest themselves as class conflicts over time.…”