Get Free Ebook , by Erik S. Reinert
Get Free Ebook , by Erik S. Reinert
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, by Erik S. Reinert
Get Free Ebook , by Erik S. Reinert
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Product details
Print Length: 400 pages
Publisher: PublicAffairs; Reprint edition (September 10, 2019)
Publication Date: September 10, 2019
Language: English
ASIN: B07MBYQ96G
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"A product is no sooner created, than it, from that instant, affords a market for other products to the full extent of its own value." -- Jean-Baptiste Say, A Treatise on Political EconomyIn _How Rich Countries Got Rich and Why Poor Countries Stay Poor_, Norwegian economist Eric Reinert explains why how rich countries got rich and why poor countries stay poor. Rather than just looking at the facts and negatively criticizing free trade, he digs into the theory nations have used when succeeding with neo-mercantilist economic strategies. Lots of good stuff here: Tudor economic policy, mercantilism, Alexander Hamilton, Giovanni Botero, Antonio Serra, Friedrich List, Jean Baptiste Colbert, the German Historical School, Veblen and the Institutional School, Schumpeter, Sombart, Schmoller, and East Asian economics.A world devoid of context: the modernism of the 1900s. Neoclassical economics curiously resembles Marxism in having roots in David Ricardo, an economist who looked at labor in a qualitatively empty (and therefore interchangeable) way. Privatize, deregulate, remove barriers to trade, reduce government spending, and, like the spontaneous order of a Jackson Pollock painting, your nation should take off economically. Comparative advantage tells us to specialize! Empirically, we know many poor countries have been devastated by such policies, getting stuck in sectors with diminishing rather than increasing returns; industrial countries like the United States have seen their wages stagnate by blindly following the same ideology. Milton Friedman tells us it is good to auction off the tech base required for long-term innovation for short-term consumption if another country strategically incentivizes this at their own expense. It is an abstract, ahistorical mentality.Business is more than barter between interchangeable units -- many things are path-dependent, synergistic (e.g. if your city has tech incubators, your finance companies may tap into the talent pool and develop online mortgages), scale-dependent (i.e. have fixed costs), benefit from standardization, etc. etc. There is something out there similar to what Nietzsche called "capital of spirit and will" -- new knowledge, entrepreneurship, organizational ability. This makes me wonder if something called Say's Law, which most economists think is false, is true -- our ability to consume grows out of our ability to produce. This would explain why barber compensation has gone up in industrialized countries, and why a bus driver in Frankfurt makes 16x more than his counterpart in Lagos for doing identical work. We win and fail as our nations win and fail. This also explains why the Marshall Plan succeeded, while the Morgenthau plans the IMF and the World Bank force on other countries fail. And -- this also explains why palliative economics fails, since throwing money at countries does not by that fact alone make them more productive. Usually a state needs to artificially induce imperfect competition, through all sorts protective, artificial barriers, along with the state support of critical infrastructure and institutions, to kick off growth. That's what Hamilton recommended for the United States, and is the recipe every successful country has followed. Yet, rather than knowledge being cumulative, the neoclassical perspective too frequently views it as free, hitting everyone at the same time, a frictionless world.
I believe this book to be a very serious effort for understanding the realities of development. From a historical point of view, it is well researched and informative. Maybe repetitive at times, but I do not complain about this, as sometimes repetitions help to clarify some aspects. I agree with most of the arguments exposed in the book.Having the experience of working (years ago) in the coordination between my govt and the USAID for the implementation of projects, mainly infrastructure, but also projects with the private sector, I felt that the economists and staff working for the USAID were good intentioned people and really wanted to help our country. But that was the people directly involved with the projects and that was the years when, what we call "the Washington Consensus" today , was starting to develop as an economic world view to be imposed on us.That being said, my opinion is that the book is very accurate in its analysis and its conclusions. Reading this book is a must, if you are interested in the "problems" of development and want to compare alternatives different from the discourse of the neo-classical economists.I do not believe that the neo-classical (or the Washington Consensus) model failed. I think that the results they were getting, were exactly what the global elites wanted. They pursued a new kind of colonialism and they were on target. Terrible results for poor countries, but a success for the people behind the scheme.As a final comment, after this book was written a new crisis developed and the issue of inequality has taken the front row, as evidence that not only the poor countries are being harmed...We still have a lot to see...live and learn!
In "How Rich Countries Got Rich and Why Poor Countries Stay Poor," Erik Reinert resuscitates and refines the infant-industry argument for developing countries' protecting their industries. Rather than just accept what a poor country is (relatively) good at doing--often mining or subsistence agriculture--the nation should choose among activities that are likely to grow more productive in the future. Such industries are often manufacturing- and technology-based modern industries, which will help usher in a productive economy and reduce poverty. This is a very old argument which has simultaneously been rejected in the world policy community--in favor of free trade ("globalization")--and revived in academic economics (especially by Stanford's Paul Romer, sure to win the Nobel Prize within the next 5 years for his work).Reinert convinces us of his perspective via numerous examples--old and new, successful and unsuccessful--of economies whose best path involved protecting an industry it wants to develop and letting it mature. Post-1960 South Korea in steel and cars, post-1990 Ireland in information technology, etc.Reinert's focus on choosing industrial activity with great potential for productivity growth--rather than just any modernization--is key. Unfortunately, many development projects have failed exactly because they ushered in "modernization" through introduction of capital--dams, machinery--without any of the positive feedbacks ("synergies") that allow productivity to grow rapidly.As important and convincing as this work is, we should take Reinert's recommendations with a grain of salt: Choosing the right sectors in which to pour resources is easier said than done. Everyone attributed Japan's economic miracle to it--at least up until 1990 when the economy imploded. Should a very poor country try to jump all the way to modernity, or develop in a number of steps that are more manageable and more appropriate given the level of education in the country? How should the country coordinate education, intellectual property, and other policies with its industrial policy?These caveats aside, Reinert provides a great read, lots of examples of successful industrial policy based on increasing returns, and a good historical/theoretical background.
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