Jan Kregel                                                                                

 WINTER 2007


Class Meets:–Selected dates Friday and Saturday  (see outline below for tentative dates) 

Room: TBA

Time: Fridays 1 - 3pm, Saturdays 9am - Noon

Best way to reach Professor Kregel: jankregel@yahoo.com


Assessment on the basis of a final term paper.


Given the renewed interest in economic development at the multilateral level as evidenced by the UN Millennium Summit and the Monterrey Conference on Financing for Development and the 2005 Global Summit the course will cover basic development theories and policies, the different approached to development taken in the United Nations and its Specialised Agencies, the historical and recent development experience of the major developing regions, Asia, Latin America and Africa, the recent episodes of financial instability in emerging market economies, and discussions of recent proposals for renewing support for development.


PRELIMINARY COURSE OUTLINE and suggestive list of readings that may be consulted for further investigation of the topics discussed)


 I.: Introduction: (January 12-13)

1.) Historical Background- Latin America: Since Latin American countries achieved independence from Colonial rule about a century before Africa and Asia, their development experience has been longer

Angus Maddison, Economic Progress and Policy in Developing Countries New York; Norton, 1970.

Keith Griffin, Underdevelopment in Spanish America, Cambridge Massachusetts, MIT Press, 1969.

Stanley J. Stein and Barbara H. Stein, The Colonial Heritage of Latin America: Essays on Economic Dependence in Perspective, New York: Oxford University Press, 1970;

Eduardo Galeano, Open Veins of Latin America, New York: Monthly Review Press, 1973, 1997.

Victor Bulmer-Thomas, The Economic History of Latin America Since Independence, New York: Cambridge University Press, 1994.

Rosemary Thorp, Progress, Poverty and Exclusion, Baltimore: Johns Hopkins University Press for the InterAmerican Development Bank, 1998.


2.) Historical Background –United Nations and Development

Louis Emmerij, Richard Jolly and Thomas G. Weiss, Ahead of the Curve: UN Ideas and Global Challenges, Bloomington:Indiana University Press, 2001.

John Toye and Richard Toye, The UN and Global Political Economy: Trade, Finance and Development, Bloomington:Indiana University Press, 2004.

 The Monterrey Consensus,

The Millenium Declaration http://www.un.org/millennium

In Larger Freedom http://www.un.org/largerfreedom/

2005 Global Summit Outcome http://www.un.org/summit2005//

A Better World for All Progress towards the international development goals, 2000 http://www.un.org/millennium


II. Development Theories (February 2-3):

1.)- The Evolution of Development Theories- Traditional

John Toye, Dilemmas of Development, Second Edition, Oxford: Blackwell, 1993.

Gerald Meier and Dudley Sears, Pioneers in Development, Washington: Oxford University Press for the World Bank1984.

Jomo KS, ed., The Pioneers of Development Economics, London: Zed Books 2005.

Albert O. Hirschman, The Strategy of Economic Development, New Haven: Yale University Press, 1958.

Cristobal Kay, Latin American Theories of Development and Underdevelopment, London: Routledge, 1989

Hla Myint, The Economics of Developing Countries: New York, Praeger, 1965

P.T. Bauer and B.S. Yamey, The Economics of Underdeveloped Countries, Cambridge University Press, 1957.

Jomo KS and Erik S. Reinert, (eds) The Origins of Development Eocnmics, London: Zed Books, 2005. 

2.) The Evolution of Development Theories - Alternatives

Celso Furtado, Development and Under-Development: A Structural View of the Problems of Developed & Under-developed Countries, Berkeley: University of California Press, 1964.

James D. Cockcroft, Andre Gunder Frank and Dale L. Johnson, eds.,  Development and Underdevelopment: Latin America’s Political Economy, Garden City, New York: Anchor Books, 1972

Charles K. Wilber, ed., The Political Economy of Development and Underdevelopment, New York: Random House, Third edition, 1983

Henry Bernstein, Underdevelopment and Development: The Third World Today, Harmondsworth: Penguin, 1973.

Erik S. Reinert, Globalisation, Economic Development and Inequality, Cheltenham: Elgar, 2004. 


III. Trade as an Engine of Growth and Development (February 16-17):

1.) Theory and Experience

Raul Prebisch, Introduction to UNCTAD I

UNCTAD, Trade and Development Reports, 1999, 2002, 2003

Statement by H.E. Mr. Carlos Lleras June 1964

Statement by Mr. Raul Prebisch, May 1964

John Spraos. "Deteriorating Terms of Trade and Beyond", UNCTAD Review, Winter 1982, 4, 97-117

Alice H. Amsden, “Import substitution in high-tech industries: Prebisch lives in Asia!”, CEPAL Review, No. 82, April 2004. 

Erik Reinert, “The Other Canon. -- Reconstructing the Theory of Uneven Economic Development. www.othercanon.org/papers/index.html   


IV.  Financial Flows, Financial Crisis and Development (March 9-10)

From the Southern Cone Crisis to the Tequila Crisis

1.)  The Asian Crisis 

(A good source of information is the Asian section of http://www.rgemonitor.com/)

UNCTAD, Trade and Development Report, 1998, 

Kregel, J. “East Asia Is Not Mexico: The Difference Between Balance of Payments Crises and Debt Deflations”, in Jomo, K.S. ed., Tigers in Trouble: Financial Governance, Liberalisation and Crises in East Asia, London: Zed Press, 1998.  

Kregel, J. "Derivative and Global Capital Flows: Application to Asia," Cambridge Journal of Economics, 22, 677-692.

Kregel, J.,  “Yes ‘IT’ Happened Again”: The Minsky Crisis in Asia,” in Riccardo Bellofiore and Piero Ferri (eds), Financial Keynesianism and Market Instability, Cheltenham: Edward Elgar, 2003.

2.) The Tequila Crisis, Brazilian Crisis, Argentina

Kregel, J.  “Alternative to the Brazilian Crisis,” Revista de Economia Política - Brazilian Journal of Political Economy, vol. 19, no. 3 (75) July-September, 1999.

Kregel, J. “An alternative view of the Argentine crisis: structural flaws in structural adjustment policy,investigación económica, # 243, enero-marzo, 2003.

3.) Financial Flows, Africa and the Less Developed Countries

 Trade and Development Report, 1998.

UNCTAD, Economic Development in Africa: From Adjustment to Poverty Reduction: What is New?

UNCTAD, Capital Flows and Growth In Africa

UNCTAD, Economic Development In Africa-- Doubling Aid: Making the “Big Push” work

UNCTAD, Economic Development In Africa--Rethinking the Role of Foreign Direct Investment

UNCTAD, Least Developed Countries Report, 2000: Aid, Private Capital Flows and External Debt

UNCTAD, Least Developed Countries Report, 2002: Escaping the Poverty Trap  

UNCTAD, Least Developed Countries Report, 2004- Linking International Trade with Poverty Reduction

UNCTAD, Least Developed Countries Report, 2006

UNCTAD African Development in a Comparative Perspective, 1999.

J.J, Teunissen and Age Akkerman, Africa in the World Economy, The Hague: Fondad, 2005


V. The Recent Performance and Future of Development Economics (April 6-7)

1.) Comparative Analysis of Alternative Development Strategie

UNCTAD, Trade and Development Report, 2003  

Lance Taylor, ed., External Liberalization, Economic Performance and Social Policy, New York: Oxford University Press, 2001

J. Kregel, External Financing for Development and International Financial Instability G-24 Discussion Paper Series, No, 32, October 2004.

J. Kregel, “Two views on the obstacles to development” Social research,

vol. 71, no2, 2004.

John Williamson, “An Agenda for Restarting Growth and Reform,” in Pedro-Pablo Kuczynski and John Williamson, eds., After the Washington Consensus: Restarting Growth and Reform in Latin America, Institute for International Economics, 2003.

J.A. Ocampo, J. A. Kregel and S. Griffith-Jones, International Finance and Development, New York: United Nations, 2007

J.A. Ocampo, ed., Beyond Reforms – Structural Dynamics and Macroeconomic Vulnerability Washington, D.C.: ECLAC, 2005.

Silvana De Paula and Gary Dymski, eds, Reimagining Growth – Towards a Renewal of Development Theory, London: Zed Books, 2005.

Jomo K.S. and Ben Fine (eds) The New Development Economics – After the Washington Consensus, London: Zed Books. 2006.