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Alternative Development Strategies for the Post-2015 Era

image of Alternative Development Strategies for the Post-2015 Era
The global economic crisis of 2008-2009 exposed systemic failings at the core of economic policymaking worldwide. The crisis came on top of several other crises, including skyrocketing and highly volatile world food and energy prices and climate change. This book argues that new policy approaches are needed to address such devastating global development challenges and to avoid the potentially catastrophic consequences to livelihoods worldwide that are likely to result from present approaches. The contributors to the book are independent development experts brought together to identify a development strategy capable of promoting a broad-based economic recovery and at the same time guaranteeing social equity and environmental sustainability both within countries and internationally. This new development approach seeks to promote the reforms needed to improve global governance, providing a more equitable distribution of global public goods.

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Do we need new development models? The impact of neo-liberal policies

From 1982 onwards the neo-liberal model dominated the policies of most developing countries, led by the International Financial Institutions (IFIs). The debt crisis of the 1980s provided the opening that gave the IFIs the power to insist on their policy package in most African and Latin American countries. Asian countries managed to retain more autonomy, and although they moved in the direction of a more market-oriented system, generally speaking they retained an important role for the state. The fall of communism in the late 1980s provided a further opening, and the former socialist countries joined developing countries in adopt non-interventionist marketoriented policies. Consequently, the 1980s and 1990s saw a widespread and growing adoption of neo-liberal policies (figure 3.1).

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