Overview

This book is a major contribution exploring the policy options available for developing and emerging economies in response to the global economic crises. Written by a highly respected development economist, the book gives a clear-eyed account of the issues particular to these countries and critically evaluates different policy approaches, including reforms in financial, monetary and trade policies. Informed by deep scholarship as well as practical experience, Yilmaz Akyuz draws on empirical data, historical context and theoretical expertise, with special attention paid to issues such as the role of the International Monetary Fund and China. The Financial Crisis and the Global South is a landmark book that will be of interest to practitioners, scholars, theorists and students of economics and development studies.

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9780745333632

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Reviews

Certainly the best study of the ongoing economic crisis not only from a development perspective but from a balanced and holistic point of view. With realism and solid scholarship enriched by experience, Akyuz reminds us that economic interdependence is an inescapable condition of our times. This book is sure to become an indispensable reference. -- Rubens Ricupero, former Brazilian Finance Minister, former Secretary General of UNCTAD This book is a tour de force by one of the world's leading development economists. It is a must read for all those who are interested in the global economy North-South relations and the economic crisis. -- Ajit Singh, Emeritus Professor of Economics, University of Cambridge Most of the 'meltdown' books focus on the trajectory of crisis in Western economies and on the machinations of finance. Akyuz's contribution brings us into the company of one of the best development economists of our time, writing in clear, non-technical prose about the crisis in the context of the institutions governing the whole world economy -- and their malfunctions. -- Professor Robert Wade, Department of International Development, London School of Economics, winner of the Leontief Prize in Economics (2008) Akyuz is one of the best development economists around today, almost always a few steps ahead of the policy world in seeing the implication of current trends. This timely volume not only dissects the causes of the 2008 crisis, but provides a rich discussion of the development issues at stake in light of the slowdown in economic growth in the US and Europe. It deserves wide readership in these troubled times. -- William Milberg, Professor and Chair, Department of Economics, New School for Social Research This excellent book provides an expert analysis of global economic interdependence. Its arguments are presented briefly and persuasively with a wealth of supporting evidence. -- Emeritus Professor Robert Rowthorn, Faculty of Economics, University of Cambridge Once again, Akyuz provides us with a comprehensive overview of the major policy challenges that developing countries face in this new economic era following the 2008-9 financial crisis and subsequent global economic slowdown. Recent debates have been dominated by the problems of the North Atlantic zone, with scant regard for their global implications, especially for the South. -- Jomo Kwame Sundaram, Food and Agriculture Organization of the United Nations, former Assistant Secretary-General for Economic Development in the United Nations Department of Economic and Social Affairs A unique book and a very important antidote to the rose-tinted presentations about emerging economies as the new engines of growth and the great wealth shift. This work has important implications for rethinking development policy. A very timely volume. -- Richard Kozul-Wright, Head, Unit on Economic Cooperation and Integration Among Developing Countries at UNCTAD This book closely reflects current concerns and issues in international trade, finance, payments and monetary systems, and development. The coverage is adequate and appropriate; the tone is perfect. This will be of interest to economists, development theorists and practitioners, and policy intellectuals. -- Manuel Montes, Senior Advisor on Finance and Development, The South Centre, former Chief of Development Strategy and Policy Analysis in United Nations Department of Economic and Social Affairs (UNDESA)

A unique book and a very important antidote to the rose-tinted presentations about emerging economies as the new engines of growth and the great wealth shift. This work has important implications for rethinking development policy. A very timely volume. -- Richard Kozul-Wright, Head, Unit on Economic Cooperation and Integration Among Developing Countries at UNCTAD This excellent book provides an expert analysis of global economic interdependence. Its arguments are presented briefly and persuasively with a wealth of supporting evidence. -- Emeritus Professor Robert Rowthorn, Faculty of Economics, University of Cambridge This book is a tour de force by one of the world's leading development economists. It is a must read for all those who are interested in the global economy North-South relations and the economic crisis. -- Ajit Singh, Emeritus Professor of Economics, University of Cambridge Akyuz is one of the best development economists around today, almost always a few steps ahead of the policy world in seeing the implication of current trends. This timely volume not only dissects the causes of the 2008 crisis, but provides a rich discussion of the development issues at stake in light of the slowdown in economic growth in the US and Europe. It deserves wide readership in these troubled times. -- William Milberg, Professor and Chair, Department of Economics, New School for Social Research This book closely reflects current concerns and issues in international trade, finance, payments and monetary systems, and development. The coverage is adequate and appropriate; the tone is perfect. This will be of interest to economists, development theorists and practitioners, and policy intellectuals. -- Manuel Montes, Senior Advisor on Finance and Development, The South Centre, former Chief of Development Strategy and Policy Analysis in United Nations Department of Economic and Social Affairs (UNDESA) Once again, Akyuz provides us with a comprehensive overview of the major policy challenges that developing countries face in this new economic era following the 2008-9 financial crisis and subsequent global economic slowdown. Recent debates have been dominated by the problems of the North Atlantic zone, with scant regard for their global implications, especially for the South. -- Jomo Kwame Sundaram, Food and Agriculture Organization of the United Nations, former Assistant Secretary-General for Economic Development in the United Nations Department of Economic and Social Affairs Certainly the best study of the ongoing economic crisis not only from a development perspective but from a balanced and holistic point of view. With realism and solid scholarship enriched by experience, Akyuz reminds us that economic interdependence is an inescapable condition of our times. This book is sure to become an indispensable reference. -- Rubens Ricupero, former Brazilian Finance Minister, former Secretary General of UNCTAD

This book closely reflects current concerns and issues in international trade, finance, payments and monetary systems, and development. The coverage is adequate and appropriate; the tone is perfect. This will be of interest to economists, development theorists and practitioners, and policy intellectuals. -- Manuel Montes, Senior Advisor on Finance and Development, The South Centre, former Chief of Development Strategy and Policy Analysis in United Nations Department of Economic and Social Affairs (UNDESA) A unique book and a very important antidote to the rose-tinted presentations about emerging economies as the new engines of growth and the great wealth shift. This work has important implications for rethinking development policy. A very timely volume. -- Richard Kozul-Wright, Head, Unit on Economic Cooperation and Integration Among Developing Countries at UNCTAD Once again, Akyuz provides us with a comprehensive overview of the major policy challenges that developing countries face in this new economic era following the 2008-9 financial crisis and subsequent global economic slowdown. Recent debates have been dominated by the problems of the North Atlantic zone, with scant regard for their global implications, especially for the South. -- Jomo Kwame Sundaram, Food and Agriculture Organization of the United Nations, former Assistant Secretary-General for Economic Development in the United Nations Department of Economic and Social Affairs This excellent book provides an expert analysis of global economic interdependence. Its arguments are presented briefly and persuasively with a wealth of supporting evidence. -- Emeritus Professor Robert Rowthorn, Faculty of Economics, University of Cambridge Akyuz is one of the best development economists around today, almost always a few steps ahead of the policy world in seeing the implication of current trends. This timely volume not only dissects the causes of the 2008 crisis, but provides a rich discussion of the development issues at stake in light of the slowdown in economic growth in the US and Europe. It deserves wide readership in these troubled times. -- William Milberg, Professor and Chair, Department of Economics, New School for Social Research Most of the `meltdown' books focus on the trajectory of crisis in Western economies and on the machinations of finance. Akyuz's contribution brings us into the company of one of the best development economists of our time, writing in clear, non-technical prose about the crisis in the context of the institutions governing the whole world economy -- and their malfunctions. -- Professor Robert Wade, Department of International Development, London School of Economics, winner of the Leontief Prize in Economics (2008) This book is a tour de force by one of the world's leading development economists. It is a must read for all those who are interested in the global economy North-South relations and the economic crisis. -- Ajit Singh, Emeritus Professor of Economics, University of Cambridge Certainly the best study of the ongoing economic crisis not only from a development perspective but from a balanced and holistic point of view. With realism and solid scholarship enriched by experience, Akyuz reminds us that economic interdependence is an inescapable condition of our times. This book is sure to become an indispensable reference. -- Rubens Ricupero, former Brazilian Finance Minister, former Secretary General of UNCTAD

Author Information

Yilmaz Akyuz is Chief Economist at the South Centre and Former Director and Chief Economist of the United Nations Conference on Trade and Development. He is the author of The Financial Crisis and the Global South (Pluto, 2013).

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