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Financial Globalization and Human Development

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  • Ajit Singh

Abstract

This paper is concerned essentially with the question of how does financial globalization affect economic welfare? Orthodox theory suggests that because of the greater risk-sharing between countries that financial liberalization entails, there should be no welfare losses. Greater risk-sharing should lead to greater smoothing of consumption and/or growth trajectories for developing countries. Yet there is widespread evidence of crises following liberalization. Apart from these international macro-economic issues, it is argued here that financial globalization changes the very nature of capitalism from managerial to finance capitalism. This profoundly affects at the micro-economic level corporate governance, corporate finance and income distribution. Both macro-economic and micro-economic factors outlined here influence human development.

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File URL: http://hdl.handle.net/10.1080/19452829.2011.637380
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Article provided by Taylor & Francis Journals in its journal Journal of Human Development and Capabilities.

Volume (Year): 13 (2012)
Issue (Month): 1 (February)
Pages: 135-151

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Handle: RePEc:taf:jhudca:v:13:y:2012:i:1:p:135-151

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  1. Philip Arestis & Ajit Singh, 2010. "Financial globalisation and crisis, institutional transformation and equity," Cambridge Journal of Economics, Oxford University Press, vol. 34(2), pages 225-238, March.
  2. Hong, Harrison & Stein, Jeremy, 2007. "Disagreement and the Stock Market," Scholarly Articles 2894690, Harvard University Department of Economics.
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  14. Lawrence H. Summers, 2000. "International Financial Crises: Causes, Prevention, and Cures," American Economic Review, American Economic Association, vol. 90(2), pages 1-16, May.
  15. Alex Izurieta & Ajit Singh, 2010. "Does Fast Growth in India and China Help or Harm US Workers?," Journal of Human Development and Capabilities, Taylor & Francis Journals, vol. 11(1), pages 115-141.
  16. Palma, J.G., 2009. "The Revenge of the Market on the Rentiers: Why neo-liberal Reports of the end of history turned out to be premature (Updated 19 December 2011)," Cambridge Working Papers in Economics 0927, Faculty of Economics, University of Cambridge.
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