Not by Growth Alone: the Challenge of Development in a Globalized World

This book is a collection of articles written during a period of six from 2010. Coming as it does after the financial, and later economic, crisis in the Western economies, the themes taken up are highly relevant. Following the best traditions in heterodox economics, the author argues in myriad ways that the single pursuit of aggregate economic growth is neither sustainable nor defensible. Employment has been primed as an overarching objective for both advanced and developing economies and shows how it is linked to economic growth in a sustainable and meaningful way. The unprecedented growth in the global economy since 1820 has been briefly surveyed to show the rise of the West and the decline of the Rest till the middle of the twentieth century. Since then, the developing countries are seen to be in a process of catching up although there is a long way to go. The contribution of the author is in identifying the leading countries which he names as the Next-14. Within this group, the role of the BRICS, with and without Russia, is analysed from the point of the potential for helping the other developing countries. Inequality, discrimination and exclusion that plague most developing countries are also addressed to stress the developmental dimension of the link between employment and growth.