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Great Controversies: Developing the Domestic Market

In: Neoliberalism and the Road to Inequality and Stagnation

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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.

Suggested Citation

  • ., 2021. "Great Controversies: Developing the Domestic Market," Chapters, in: Neoliberalism and the Road to Inequality and Stagnation, chapter 14, pages 217-231, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20890_14
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