Financial Globalisation and Human Development
AbstractThis paper is concerned essentially with the question, how does financial globalisation affect welfare? Orthodox theory suggests that because of greater risk-sharing between countries that financial liberalisation 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 liberalisation. 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- and micro-economic factors outlined here influence human development.
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Bibliographic InfoPaper provided by ESRC Centre for Business Research in its series ESRC Centre for Business Research - Working Papers with number wp421.
Date of creation: Jun 2011
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Financial globalisation; poverty; income distribution and employment; capital account liberalisation;
Other versions of this item:
- H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
- I0 - Health, Education, and Welfare - - General
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