An epic history of money, trade and development since 1933 In 1933, Keynes reflected on the crisis of the Great Depression that arose from individualistic capitalism: It is not intelligent, it is not beautiful, it is not just, it is not virtuous – and it doesn’t deliver the goods … But when we wonder what to put in its place, we are extremely perplexed. We are now in a similar state of perplexity, wondering how to respond to the economic problems of the world. Martin Daunton examines the changing balance over ninety years between economic nationalism and globalization, explaining why one economic order breaks down and how another one is built, in a wide-ranging history of the institutions and individuals who have managed the global economy. In 1933, the World Monetary and Economic Conference brought together the nations of the world: it failed. Trade and currency warfare led to economic nationalism and a turn from globalization that culminated in war. During the Second World War, a new economic order emerged – the embedded liberalism of Bretton Woods, the International Monetary Fund and the International Bank for Reconstruction and Development – and the post-war General Agreement on Tariffs and Trade. These institutions and their rules created a balance between domestic welfare and globalization, complemented by a social contract between labour, capital and the state to share the benefits of economic growth. Yet this embedded liberalism reflected the interests of the west in the Cold War: in the 1970s, it faced collapse, caused by its internal weaknesses and the breakdown of the social contract, and was challenged by the Third World as a form of neo-colonialism. It was succeeded by neoliberalism, financialisation and hyper-globalization. In 2008, the global financial crash exposed the flaws of neoliberalism without leading to a fundamental change. Now, as leading nations are tackling the fall-out from Covid-19 and the threats of inflation, food security and the existential risk of climate change, Martin Daunton calls for a return to a globalization that benefits many of the world’s poor and a fairer capitalism that delivers domestic welfare and equality. The Economic Government of the World is the first history to show how trade, international monetary relations, capital mobility and development impacted on and influenced each other. Martin Daunton places these economic relations in the geo-political context of the twentieth century, and considers the importance of economic ideas and of political ideology, of electoral calculations and institutional design. The book rests on extensive archival research to provide a powerful analysis of the origins of our current global crisis, and suggests how we might build a fairer international order.
Author: MARTIN DAUNTON
ISBN: 9781846141713 ISBN: 9781846141713 Publisher: ALLEN LANE Subtitle: 1933-2023 Author: MARTIN DAUNTON
This book approaches the subject of tax reform from basic economic principles. The objectives are to develop guidelines for the design of tax policy; to show how the principles can structure systematic research into tax reform in terms of the consequences for households, producers and governments; and finally, to combine the guidelines and applied research into a practical tax package for Pakistan, where tax reform has become an urgent priority. The authors provide a coherent framework to show how principles can be formulated, applied research structured, and policies developed and appraised in a systematic manner.
The majority of developing countries are currently facing severe budgetary pressures with rising demands for expenditures and limited scope for raising extra government revenues. In addition, the revenue systems which are in place may themselves generate strong impediments to efficiency, the expansion of the economy, the growth of the tax base, equity and the achievement of development objectives. Tax reform should therefore be central to public policy and development planning and is seen as such by many governments. It has also moved to the forefront of discussion in international agencies.
This book will be useful to graduate students, academic economists, and professional economists in international organisations and governments interested in public policy and development planning. The careful application of the ideas presented here should lead to a real improvement in the development of policy and to further empirical and theoretical research. ISBN: C0643 Publisher: VANGUARD BOOKS Subtitle: A CASE STUDY OF PAKISTAN Author: EHTISHAM AHMAD