Great Controversies: Developing the Domestic Market

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Chapter 14 in Neoliberalism and the Road to Inequality and Stagnation, 2021, pp 217-231 from Edward Elgar Publishing

Abstract: The Washington consensus, with its emphasis on export-led growth, has failed. This chapter excavates that failure and presents a new development policy agenda that focuses on domestic demand-led growth. Domestic demand-led growth rests on four pillars: (1) improved income distribution, (2) good governance, (3) financial stability and space for counter-cyclical stabilization policy, and (4) an adequate fairly priced supply of development finance. The policies needed to put those pillars in place are (1) labor and democratic rights, (2) appropriate reform and regulation of the financial architecture, and (3) a combination of debt relief, increased foreign aid, and increased development assistance provided through expanded SDRs.

Keywords: Business and Management; Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2021
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