By Charles Calomiris
The global development towards privatization, liberalization, and globalization has produced mammoth financial merits.
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Additional resources for A Globalist Manifesto for Public Policy (Occasional Paper, 124)
Africa has been in economic freefall, in some countries for decades. What, if anything, can the international financial institutions do to assist countries in building effective institutions, and which additional functions should be undertaken by the IFIs? Last year I served on the Meltzer Commission, a US Congressional Commission established to consider those questions. 0 Peak year Years since 1970 1986 1980 1983 1990 1971 1979 1973 1977 1977 1979 1974 1998 1980 28 12 18 15 8 27 19 25 21 21 19 24 0 18 Source: Angus Maddison, The World Economy: A Millennial Perspective, OECD, 2001, p.
Although undoubtedly the United States enjoyed some natural advantages (for example, the convenient placement of coal and iron resources, and the favourable climate for agriculture), and also was populated by residents of the home country in a more favourable way than in Latin America (that is, by permanent settlers in search of freedom and opportunity who initially became small landowners), such factors do not fully explain the difference. Spanish taxation was higher than British, and its restrictions on trade more severe.
Figure 3 shows that catching up has also been substantial for countries that enjoy high ratings for the presence of rule of law. Figure 4 presents Dollar’s estimates of the effects of a onestandard-deviation improvement in the rule-of-law score (that is, the difference between Bolivia and Chile) on participation in the global economy; better rule of law is associated with increased foreign trade, higher foreign direct investment, and reduced reliance on worker remittances. Figure 7 explores the question of whether higher growth tends to benefit the poorest quintile of the population.
A Globalist Manifesto for Public Policy (Occasional Paper, 124) by Charles Calomiris