Book contents
- Frontmatter
- Dedication
- Contents
- Illustrations
- Abbreviations
- Foreword
- Preface and Acknowledgments
- Executive Summary
- Chapter 1 What Is Inclusive Growth?
- Chapter 2 What Is the Main Constraint that Developing Countries Face?
- Chapter 3 Why Full Employment and Who Should Be Responsible for Trying to Achieve It?
- Chapter 4 Why Is Growth Unstable?
- Chapter 5 What Is the Role of Agriculture in the Process of Structural Change and in Delivering Full Employment? Full Employment I
- Chapter 6 What Is the Role of Investment in Delivering Full Employment? Full Employment II
- Chapter 7 Why Is “Planning Development” Necessary?
- Chapter 8 What Is Industrial Policy? Full Employment III
- Chapter 9 Structural Transformation, Industrialization, and Technological Change in Developing Asia: What Does the Empirical Evidence Show?
- Chapter 10 Why Do Export Diversification and Sophistication Matter?
- Chapter 11 Unemployment Versus Inflation: Which One Should Be the Public Enemy Number One?
- Chapter 12 What Should Be the Role of Fiscal and Monetary Policies for Development? Full Employment IV
- Chapter 13 Is It Possible to Achieve Full Employment in the Presence of Structural Transformation?
- Chapter 14 Should the Government (Public Sector) Intervene Directly and Become the Employer of Last Resort? Full Employment V
- Chapter 15 Can Competitiveness and Globalization Deliver Inclusiveness and Full Employment?
- Chapter 16 Export-Led Growth or Domestic Demand–Led Growth?
- Chapter 17 Is Education a Key Ingredient of Inclusive Growth?
- Chapter 18 Conclusions: How Can Developing Countries Implement an Inclusive-Growth and Full-Employment Strategy?
- References
- Author Index
- Subject Index
Preface and Acknowledgments
Published online by Cambridge University Press: 10 September 2020
- Frontmatter
- Dedication
- Contents
- Illustrations
- Abbreviations
- Foreword
- Preface and Acknowledgments
- Executive Summary
- Chapter 1 What Is Inclusive Growth?
- Chapter 2 What Is the Main Constraint that Developing Countries Face?
- Chapter 3 Why Full Employment and Who Should Be Responsible for Trying to Achieve It?
- Chapter 4 Why Is Growth Unstable?
- Chapter 5 What Is the Role of Agriculture in the Process of Structural Change and in Delivering Full Employment? Full Employment I
- Chapter 6 What Is the Role of Investment in Delivering Full Employment? Full Employment II
- Chapter 7 Why Is “Planning Development” Necessary?
- Chapter 8 What Is Industrial Policy? Full Employment III
- Chapter 9 Structural Transformation, Industrialization, and Technological Change in Developing Asia: What Does the Empirical Evidence Show?
- Chapter 10 Why Do Export Diversification and Sophistication Matter?
- Chapter 11 Unemployment Versus Inflation: Which One Should Be the Public Enemy Number One?
- Chapter 12 What Should Be the Role of Fiscal and Monetary Policies for Development? Full Employment IV
- Chapter 13 Is It Possible to Achieve Full Employment in the Presence of Structural Transformation?
- Chapter 14 Should the Government (Public Sector) Intervene Directly and Become the Employer of Last Resort? Full Employment V
- Chapter 15 Can Competitiveness and Globalization Deliver Inclusiveness and Full Employment?
- Chapter 16 Export-Led Growth or Domestic Demand–Led Growth?
- Chapter 17 Is Education a Key Ingredient of Inclusive Growth?
- Chapter 18 Conclusions: How Can Developing Countries Implement an Inclusive-Growth and Full-Employment Strategy?
- References
- Author Index
- Subject Index
Summary
The only thing we have to fear is fear itself.
—Franklin Delano RooseveltIn this book, I expand on my previous work (with Rana Hasan) on unemployment and underemployment in developing Asia, Labor Markets in Asia: Issues and Perspectives (2006). Here, I reiterate and stress my view that while economists and social scientists in general have praised developing Asia's unmatched growth record since the mid-1960s, they may have missed the important point that the region is failing to provide employment to its huge and still-growing labor force. Sooner or later this problem will become policy makers’ biggest headache. The attainment of full employment, understood amid the problems posed by structural change (or transformation), globalization, and fast technical progress, should be the ultimate goal of economic policy. Figure A reproduces the framework used in Labor Markets in Asia to understand and conceptualize full employment and the policies to achieve it. In this book, I move one step forward and analyze the policies to achieve full employment during fast structural change. I view my work as contributing to the concern among policy makers in the developing world that growth has to be inclusive, that is, that it has to provide equal opportunities. In my view, opportunities come through employment.
In early 2008, the International Labour Organization (ILO) announced that as a result of the expected global economic cooling following the turbulence in financial markets, world unemployment would increase. Policy makers have to be aware of this problem and start implementing policies to tackle unemployment as soon as possible. This will require substantial changes in policies and priorities. In my view, this is the biggest challenge that policy makers across much of the region will face in the coming decades. Growth will be useless if it is not accompanied by employment opportunities.
I concluded a few years ago that the “development problem,” from the point of view of development policy, is an embarrassment, a puzzle that economists have failed to complete and even understand (Felipe 2006). Growth theory adds more and more variables to the discussion, but at the end of the day we do not know how to put all the pieces together.
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- Inclusive Growth, Full Employment, and Structural ChangeImplications and Policies for Developing Asia, pp. xix - xxviiiPublisher: Anthem PressPrint publication year: 2010