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Learning from the past: Which of the past/current development strategies are best suited to deal with the ‘quadruple crisis’?

Author

Listed:
  • Giovanni Andrea Cornia
  • Milica Uvalic

Abstract

During the last decade, the world economy has experienced a worsening in financial stability, food prices, income inequality and environmental conditions. Seven development strategies are evaluated to determine which could help solve ‘quadruple crisis’. These strategies are assessed using a common methodology which first documents the economic, social, environmental and food security policies adopted, and then assesses their outcomes using 11 performance indicators. The strategies are then ranked on the basis of their overall success score. While all strategies produced some positive results, the East Asian Miracle and the new Latin American development approach generated the greatest number of favourable outcomes.

Suggested Citation

  • Giovanni Andrea Cornia & Milica Uvalic, 2012. "Learning from the past: Which of the past/current development strategies are best suited to deal with the ‘quadruple crisis’?," Working Papers 116, United Nations, Department of Economics and Social Affairs.
  • Handle: RePEc:une:wpaper:116
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    File URL: http://www.un.org/en/development/desa/papers/2012
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    References listed on IDEAS

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    1. Ocampo, José Antonio, 2012. "The Development Implications of External Integration in Latin America," WIDER Working Paper Series 048, World Institute for Development Economic Research (UNU-WIDER).
    2. repec:idb:idbbks:356 is not listed on IDEAS
    3. repec:unu:wpaper:wp2012-04 is not listed on IDEAS
    4. Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "From Financial Crash to Debt Crisis," American Economic Review, American Economic Association, vol. 101(5), pages 1676-1706, August.
    5. Guillermo Perry & Luis Servén & Rodrigo Suescún, 2008. "Fiscal Policy, Stabilization, and Growth : Prudence or Abstinence," World Bank Publications, The World Bank, number 6818, September.
    6. repec:unu:wpaper:wp2012-48 is not listed on IDEAS
    7. Cornia, Giovanni Andrea & Martorano, Bruno, 2011. "A New Fiscal Pact, Tax Policy Changes and Income Inequality," WIDER Working Paper Series 070, World Institute for Development Economic Research (UNU-WIDER).
    8. Jayati Ghosh & C. P. Chandrasekhar, 2009. "The costs of 'coupling': the global crisis and the Indian economy," Cambridge Journal of Economics, Oxford University Press, vol. 33(4), pages 725-739, July.
    9. S. Narayan, 2009. "India," Chapters,in: The Political Economy of Trade Reform in Emerging Markets, chapter 7 Edward Elgar Publishing.
    10. Baer, Werner & Miles, William R. & Moran, Allen B., 1999. "The end of the Asian Myth: Why were the Experts Fooled?," World Development, Elsevier, vol. 27(10), pages 1735-1747, October.
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    Cited by:

    1. Léonce Ndikumana, 2013. "Overcoming Low Political Equilibrium in Africa: Institutional Changes for Inclusive Development," Working Papers wp331, Political Economy Research Institute, University of Massachusetts at Amherst.

    More about this item

    Keywords

    development strategies; quadruple crisis; financial instability; income inequality; food insecurity; environmental degradation; public policies;

    JEL classification:

    • E16 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Social Accounting Matrix
    • I38 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Government Programs; Provision and Effects of Welfare Programs
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics

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