Financial Globalization and Human Development
AbstractThis 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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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Journal of Human Development and Capabilities.
Volume (Year): 13 (2012)
Issue (Month): 1 (February)
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Web page: http://www.tandfonline.com/CJHD20
Other versions of this item:
- Singh, A., 2011. "Financial Globalisation and Human Development," ESRC Centre for Business Research - Working Papers wp421, ESRC Centre for Business Research.
- Singh, Ajit, 2011. "Financial globalisation and human development," MPRA Paper 53043, University Library of Munich, Germany.
- Singh, Ajit, 2011. "Financial globalisation and human development," MPRA Paper 39048, University Library of Munich, Germany.
- I0 - Health, Education, and Welfare - - General
- H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
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