Financial Globalization and Human Development

Ajit Singh

Journal of Human Development and Capabilities, 2012, vol. 13, issue 1, 135-151

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.

Date: 2012
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Working Paper: Financial Globalisation and Human Development (2011)
Working Paper: Financial globalisation and human development (2011)
Working Paper: Financial globalisation and human development (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:taf:jhudca:v:13:y:2012:i:1:p:135-151

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DOI: 10.1080/19452829.2011.637380

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