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One Economics, Many Recipes: Globalization, Institutions, and Economic Growth

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In One Economics, Many Recipes, leading economist Dani Rodrik argues that neither globalizers nor antiglobalizers have got it right. While economic globalization can be a boon for countries that are trying to dig out of poverty, success usually requires following policies that are tailored to local economic and political realities rather than obeying the dictates of the in In One Economics, Many Recipes, leading economist Dani Rodrik argues that neither globalizers nor antiglobalizers have got it right. While economic globalization can be a boon for countries that are trying to dig out of poverty, success usually requires following policies that are tailored to local economic and political realities rather than obeying the dictates of the international globalization establishment. A definitive statement of Rodrik's original and influential perspective on economic growth and globalization, One Economics, Many Recipes shows how successful countries craft their own unique strategies--and what other countries can learn from them. To most proglobalizers, globalization is a source of economic salvation for developing nations, and to fully benefit from it nations must follow a universal set of rules designed by organizations such as the World Bank, the International Monetary Fund, and the World Trade Organization and enforced by international investors and capital markets. But to most antiglobalizers, such global rules spell nothing but trouble, and the more poor nations shield themselves from them, the better off they are. Rodrik rejects the simplifications of both sides, showing that poor countries get rich not by copying what Washington technocrats preach or what others have done, but by overcoming their own highly specific constraints. And, far from conflicting with economic science, this is exactly what good economics teaches.


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In One Economics, Many Recipes, leading economist Dani Rodrik argues that neither globalizers nor antiglobalizers have got it right. While economic globalization can be a boon for countries that are trying to dig out of poverty, success usually requires following policies that are tailored to local economic and political realities rather than obeying the dictates of the in In One Economics, Many Recipes, leading economist Dani Rodrik argues that neither globalizers nor antiglobalizers have got it right. While economic globalization can be a boon for countries that are trying to dig out of poverty, success usually requires following policies that are tailored to local economic and political realities rather than obeying the dictates of the international globalization establishment. A definitive statement of Rodrik's original and influential perspective on economic growth and globalization, One Economics, Many Recipes shows how successful countries craft their own unique strategies--and what other countries can learn from them. To most proglobalizers, globalization is a source of economic salvation for developing nations, and to fully benefit from it nations must follow a universal set of rules designed by organizations such as the World Bank, the International Monetary Fund, and the World Trade Organization and enforced by international investors and capital markets. But to most antiglobalizers, such global rules spell nothing but trouble, and the more poor nations shield themselves from them, the better off they are. Rodrik rejects the simplifications of both sides, showing that poor countries get rich not by copying what Washington technocrats preach or what others have done, but by overcoming their own highly specific constraints. And, far from conflicting with economic science, this is exactly what good economics teaches.

30 review for One Economics, Many Recipes: Globalization, Institutions, and Economic Growth

  1. 5 out of 5

    Byunghwan "Ben" Son

    The whole book might boil down to the notion that the 'good students' of neoclassical economic reforms did not really implemented orthodox policies. The whole book might boil down to the notion that the 'good students' of neoclassical economic reforms did not really implemented orthodox policies.

  2. 4 out of 5

    Ted Tyler

    Professor Rodrik does what very few in the academic community are willing to do: he critiques globalization. He examines things such as the Washington Consensus, the World Trade Organization, and economic development patterns and tools that are put forth by the Western World. Rodrik raises these questions not to say that Western principles have failed, but he thinks that problems arise when the domestic context is ignored. His case studies of Brazil, El Salvador, and the Dominican Republic are q Professor Rodrik does what very few in the academic community are willing to do: he critiques globalization. He examines things such as the Washington Consensus, the World Trade Organization, and economic development patterns and tools that are put forth by the Western World. Rodrik raises these questions not to say that Western principles have failed, but he thinks that problems arise when the domestic context is ignored. His case studies of Brazil, El Salvador, and the Dominican Republic are quite insightful. These contexts each had decisions to make about adopting classical economic practices as they opened up to globalization. Brazil and El Salvador started out with strong growth, but then sputtered because their domestic institutions (rules, norms that officially or unofficially govern behavior) were not strong. Brazil's public spending was too high, and El Salvador was not moving to higher value-added products. The Dominican Republic actually experienced significant growth before implementing the classical economic regime, but then slowed down in the late 1990s and early 2000s because investor confidence was not very strong. Rodrik says that the path advocated is not always wrong in principle, but that it is too cookie-cutter and does not talk about creating local institutions that will sustain growth and help mitigate the economic damage when recessions and depressions occur. His critic of international organizations such as the IMF, WTO, and World Bank is that these entities unfairly hurt developing countries because of their strict monetary, fiscal, and economic policies. Rodrik states that these organizations would be better served as a coordinating body that navigates the different regimes and norms that each country creates to build their own economies. My biggest question about his method is how does one create strong domestic institutions in countries plagued by poverty, corruption, and violence. I think he has a tendency to portray nation-states as the silver-bullet solution. It's a bit idealistic to view them so favorably, but his work serves a valuable purpose in reestablishing state sovereignty and local determinism as key principles of development.

  3. 4 out of 5

    John Turlockton

    Very interesting, well argued theory about where to take the practice of Development Economics next (written around 2003). Mostly stays close to the evidence, though strays a bit at times, like in chapter 4 and in Part B. In my view talks too much about what should be done to fix international trade policy, and his recommendations are quite vague but that is by design. I would love to know if his ideas have been tried and if they worked, but he couldn't have known how the next 15 years of develop Very interesting, well argued theory about where to take the practice of Development Economics next (written around 2003). Mostly stays close to the evidence, though strays a bit at times, like in chapter 4 and in Part B. In my view talks too much about what should be done to fix international trade policy, and his recommendations are quite vague but that is by design. I would love to know if his ideas have been tried and if they worked, but he couldn't have known how the next 15 years of development would progress. I believe growth has been a bit better during the 00s and 10s than the 90s but I don't know why.

  4. 5 out of 5

    Matthew Tebbutt

    A good blend of tech and narrative. The statistics and tablets add intellectual heft, but it is the overriding arguments that make it a strong book worth reading. Still very relevant today

  5. 5 out of 5

    Diego

    Una Economía Muchas Recetas es un libro que se compone de papers escritos por Dani Rodrik y algunos coautores sobre el crecimiento económico como lograrlo y el rol de las instituciones y el comercio internacional en la agenda de desarrollo. Las personas familiares con su trabajo encontraran versiones ligeramente distintas de muchos de sus papers, es un trabajo magnifico sobre el cambio estructural en una economía. El libro es una critica al consenso de Washigton y a las políticas económicas de c Una Economía Muchas Recetas es un libro que se compone de papers escritos por Dani Rodrik y algunos coautores sobre el crecimiento económico como lograrlo y el rol de las instituciones y el comercio internacional en la agenda de desarrollo. Las personas familiares con su trabajo encontraran versiones ligeramente distintas de muchos de sus papers, es un trabajo magnifico sobre el cambio estructural en una economía. El libro es una critica al consenso de Washigton y a las políticas económicas de corte neoliberal empleando como herramienta a la misma economía neoclásica, hecho que hace al libro aun más brillante pues muestra como muchas de esas políticas son más dogma que teoría económica. Al mismo tiempo el libro ofrece muchas lecciones sobre como las agendas de reformas y ciertos tipos de política que pudieran ser bien intencionadas fallan por no considerar los efectos secundarios de las mismas o por no tomar en cuenta el pequeño detalle de que el mundo real muchas veces es subóptimo, particularmente en el mundo en vías de desarrollo, por lo que muchas veces lo que parecería la solución óptima en los hechos esta lejos de serlo. Los capítulos sobre diagnostico de crecimiento, política industrial para el siglo XXI y los capítulos sobre la globalización son excelentes reseñas de la literatura, llenas de ejemplos empíricos y criticas inteligentes a los programas de desarrollo. El libro es muy recomendable para todo público, para economistas para que aprendamos algo de humildad al momento de expresar nuestras recetas y para el publico general porque permite entender una critica sofisticada a las políticas económicas de muchos países sobre todo en América Latina sin caer en lugares comunes y con rigor. Es un libro que deberían leer todos los hacedores de política económica del país y los miembros de la oposición particularmente de izquierda, pues permite darle mucho peso a sus quejas tradicionales frente a la conducción de la economía. Sumamente recomendable y además en el contexto actual de la economía global muy revelador.

  6. 5 out of 5

    Francesco

    Dani Rodrik is exploring some new ideas about economic development. Between anti-globalizer and globalizer he finds a comfortable rationale spot supported by strong data (too bad that not every thing is supported by data; for instance how has he found out the projection that removing agricultural subsidies in the rich countries will cause a GDP growth on just 1% in developing ones?). He attacks the orthodoxy of the WTO, IMF, WB, etc. (that he says is too heavily influenced by the big multination Dani Rodrik is exploring some new ideas about economic development. Between anti-globalizer and globalizer he finds a comfortable rationale spot supported by strong data (too bad that not every thing is supported by data; for instance how has he found out the projection that removing agricultural subsidies in the rich countries will cause a GDP growth on just 1% in developing ones?). He attacks the orthodoxy of the WTO, IMF, WB, etc. (that he says is too heavily influenced by the big multinational corporations) of the 'international trade is always good'. It is not true that liberalization and rapid integration with the world economy propel growth in the developing countries. China, South Korea, Chile, Vietnam are successful economies that did not privatize or abolish trade barriers in the first phase of their development. In fact, the US and other developed economies had followed exactly the same path. Therefore, better put things in the right order. What government in the less developed countries should do is to assign the right priorities. What are the most significant constraints that make the economy under-perform? There you have to intervene, but remembering to put in the equation the eventual negative effects that removing constraints can have on growth. Rodrik is a strong support of an adaptive economics. Economists in his words are too 'humble', and considering where we are he may be right. His idea is interesting but should mature. It is good in explaining what happened ex post, but still not really useful in indicating a path to development (OK, my math is bad so maybe I did miss the pointing finger). Moreover the model is too wide (like putting democracy in the development cauldron as a necessary meta-institution to sustain growth). Interesting and compelling; Yes. Practical? Not so sure.

  7. 4 out of 5

    Kevin Vejrup

    This review has been hidden because it contains spoilers. To view it, click here. Bogen er grundlæggende en kritik af Washington Consensus, sammensat af en række artikler han har skrevet. Hans argument er, at økonomisk vækst er stærkt afhængigt af country-specific faktorer, hvormed hvert land skal følge sin egen vækststrategi. I et kapitel fremføres en meget vag argumentation for at føre aktiv erhvervspolitik uden data på effekt af erhvervspolitik eller nærmere gennemgang af problematikker. Den empiriske baggrund består udelukkende af en undersøgelse, der viser, at der er en p Bogen er grundlæggende en kritik af Washington Consensus, sammensat af en række artikler han har skrevet. Hans argument er, at økonomisk vækst er stærkt afhængigt af country-specific faktorer, hvormed hvert land skal følge sin egen vækststrategi. I et kapitel fremføres en meget vag argumentation for at føre aktiv erhvervspolitik uden data på effekt af erhvervspolitik eller nærmere gennemgang af problematikker. Den empiriske baggrund består udelukkende af en undersøgelse, der viser, at der er en positiv sammenhæng mellem en diversificeret produktion og vækst. På trods af en klar anbefaling om, at hvert land skal følge deres egen udviklingsstrategi, argumenterer han alligevel for, at det bør være en demokratisk udviklingsstrategi. Argumentationen bærer kraftigt præg af, at konklusioner er taget før han fremfinder argmentation herfor.

  8. 4 out of 5

    Drake

    A very good overview of the Washington consensus and the roots of its failure, as well as a good summary of the state of thought in development economics and excellent recommendations on the way forward.

  9. 4 out of 5

    Kevin P.

    If you are really interested in poverty, globalization and the plight of developing countries, dis is it.

  10. 5 out of 5

    Uyanga

    Hopeful conclusions derived through solid analysis. A must-read for students of development economics and policy-makers from developing countries.

  11. 4 out of 5

    Elena Proffitt

  12. 5 out of 5

    Will Ambrosini

  13. 5 out of 5

    Jeff Davis

  14. 4 out of 5

    Ryan Medhaug

  15. 5 out of 5

    Afork

  16. 4 out of 5

    Matthieu Soupre

  17. 5 out of 5

    Karim Lara Ayub

  18. 4 out of 5

    Josh Lasker

  19. 4 out of 5

    Michael Taylor

  20. 4 out of 5

    Jakub Anusik

  21. 4 out of 5

    Graham Mazeine

  22. 4 out of 5

    Alex Segura

  23. 4 out of 5

    Charles Hankla

  24. 5 out of 5

    Faycal

  25. 5 out of 5

    David Garcia

  26. 5 out of 5

    Guadalupe Martínez

  27. 4 out of 5

    Rafa

  28. 5 out of 5

    Eric

  29. 5 out of 5

    Jon

  30. 4 out of 5

    Julie

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