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The Evolution of the G-7 and Economic
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Prioritizing Economic Growth: Enhancing Macroeconomic Policy ...
Source: www.g24.org
Topic: Economic Policy
Sort Desciption: Recent economic policy experience in developing countries has led many to conclude ... discussion debate and decision in economic policy-making. ...
Content Inside: 1 Prioritizing Economic Growth: Enhancing Macroeconomic Policy Choice Colin I. Bradford Jr. While the new policy direction has successfully uprooted the previous regime it has failed to establish a flourishing alternative. More worrying still in terms of future prospects has been the loss of policy autonomy at both the microeconomic and macroeconomic levels and the narrowing of the room for policy manoeuvre. Rubens Ricupero Secretary General of UNCTAD (UNCTAD 2003) Recent economic policy experience in developing countries has led many to conclude either that there is no policy space for economic policy alternatives and/or that mainstream economic policy practice is highly deflationary. The lack of choice would seem to weaken democratic process in developing countries limiting the role of public discussion debate and decision in economic policy-making. And the perceived priority of financial stability over real economy objectives of economic growth and greater employment feed a sense that there are biases in the globalization process and in the international financial institutions which appear to preside over it. As a result there are strong motivations for exploring the degree of macroeconomic policy choice both from internal political and economic perspectives and from the point of view of the international debate. This paper attempts to lay out a logic for the notion that macroeconomic policy can indeed play a role in stimulating economic growth and employment despite the many realistic constraints on its conduct. The soundness of the argument is important to the international economic agenda and the mechanisms for global governance for if there is indeed no room for macroeconomic policy choice then there is less reason to strengthen the voice of developing countries in the global governance. If one size fits all then the boundaries on both debate and decision are tightly drawn undermining the need to hear and accommodate differing perspectives on macr ...
what is prioritizing economic growth
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