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Using a sample of 500 large companies over a two-year period, we examine the impact of board characteristics on opportunistic earnings management in India, a large emerging economy. In addition to board independence, we analyze how characteristics that proxy for the ''quality'' of inside and outside directors affect the role of boards in curbing earnings management. Our results indicate that it is not board independence per se, but rather board quality that is important for earnings management. We find that diligent boards are associated with lower earnings management, while boards that have directors with multiple appointments exhibit higher earnings management. With respect to inside directors, our results indicate that chief executive officer (CEO) duality and presence of controlling shareholders on the board increases earnings management. We also find that domestic institutional owners, one of our key control variables, act as a compensating control mechanism to mitigate the detrimental influence of controlling shareholders on earnings management. Our results complement the existing literature by analyzing the role of the board in reducing earnings management in emerging economies such as India, where the structures of business organizations are different from those in developed markets. [ABSTRACT FROM AUTHOR]

The extensive literature on the employment impact of minimum wages has focused heavily on industrialized nations and very little on the developing world, despite the importance of minimum wages in many low-income countries. One such country, Indonesia, was the setting for an unusual quasi-natural experiment: not only did minimum wages in Indonesia increase sharply between 1990 and 1996, but the resultant increment in average wages varied markedly across different areas in Greater Jakarta. The authors use household-level labor market data to determine the extent of compliance with the legislation, then estimate the employment impact in the clothing, textiles, footwear, and leather industries based on a census of all large and medium-sized establishments. The evidence suggests that there was no negative employment impact for large establishments, either foreign or domestic, but that workers in smaller, domestic establishments may have suffered job losses as a result of minimum wage increases. [ABSTRACT FROM AUTHOR]

This article focuses on the nature of party systems to explain variations in foreign direct investment inflows within developing democracies. We hypothesize a positive relationship between the effective number of parliamentary parties and foreign direct investment inflows. Large effective number of parliamentary parties is indicative of the expropriation risks as well as stability of the political environment of host countries. We thus argue that expropriation risks are low when the presence of multiple parties makes drastic, impulsive changes in economic policies difficult. We also suggest that a larger number of parties represent diverse societal interests better, reducing the chances of underrepresented social groups driving political instability. The relationship between effective number of parliamentary party and foreign direct investment inflows is tested on a sample of 56 developing democracies from 1985 to 2011. The evidence presented lends strong support to the argument and is found robust to a number of alternative empirical scenarios. [ABSTRACT FROM AUTHOR]

In spite of the fact that the governments of many underdeveloped countries are sympathetic to organized labor and depend upon it for political support, relations between labor and government in these countries often are strained to the breaking point. Compulsory arbitration is widespread, strikes are sometimes forcibly broken, and union demands are denounced by government leaders. In exploring this apparent paradox, the author of this article predicts that labor and government in underdeveloped countries will continue to clash atoll the overriding goal of economic development has been achieved. Until that time, strikes and economic demands, no matter how justified, must he viewed even by sympathetic governments as potential threats to development. [ABSTRACT FROM AUTHOR]

Based on an original large-N dataset of individual Ukrainian oligarchs and qualitative evidence, this article tests competing perspectives on the political power of big capital. We find, surprisingly, that neither the assumption of direct power by the oligarchs nor the mobility of oligarchic assets helps tycoons protect their fortunes against shocks. Instead, the indirect strategies of party support and media ownership significantly enhance business wealth. Empirically, we profile postcommunist oligarchs by examining the political and economic activities of 177 oligarchs from 2006 to 2012. Theoretically, we contribute to the literatures on instrumental and structural power of capital, and on the interactions between extreme wealth, rule of law, and democracy. In doing so, we contrast the logic of flexibility, according to which oligarchs benefit from political adaptability and deniability, with the logic of commitment compensation, according to which oligarchs benefit from direct power when the rule of law is weak. [ABSTRACT FROM AUTHOR]

To encourage new research on the role of institutions in the entrepreneurial process in less developed countries (LDCs), the authors propose a conceptual framework to investigate concurrent institutional constraints. The authors define these constraints as geopolitical contexts that encounter simultaneous challenges to well functioning formal and informal institutions. Systems of stronger institutions compensating for weaker institutions are hampered in these settings and such systems weigh heavier on local entrepreneurs and further challenge their ability to mobilize resources and access market opportunities. By investigating the extreme operating conditions of these settings, scholars gain a deeper understanding of how entrepreneurs confront operational dilemmas and express agency through engaging with bricolage and cultural entrepreneurship. To animate these proposals, the authors consider a case illustration of a venture operating under such constraints. [ABSTRACT FROM AUTHOR]

Background: The coexistence of underweight and overweight (double burden) remains a major problem in many developing countries. Little is known about the factors associated with the double burden of malnutrition in Palestinian children.Objective: To assess factors associated with undernutrition and overnutrition in 1500 schoolchildren aged 5 to 16 years, in the West Bank.Methods: We surveyed a sample of 22 schools run by the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) and the Palestinian government. Binary logistic regression was used to examine the factors associated with malnutrition. The hunger index, a composite score from 8 questions, was used to measure food insecurity.Results: In the 1484 children enrolled in UNRWA and government schools in the West Bank, the prevalence of stunting was 7% and underweight 3%. Around 12% of students were overweight and 6% obese. The hunger index was negatively associated with height for age. Factors associated with being underweight were male sex, mother being unemployed, and households not having enough food to eat for at least 2 days in the previous month. Factors associated with obesity were older age and time spent watching television. When overweight and obesity were combined in the analysis, they were inversely associated with increasing number of days spent playing sports.Conclusion: Our results show that the important nutritional risks for school-age children in the West Bank would seem to be the simultaneous occurrence of undernutrition and obesity. The study highlights the need to balance obesity management and prevention with interventions to tackle undernutrition. [ABSTRACT FROM AUTHOR]

How are social protections evolving in the developing world, particularly as those nations confront the challenges of globalization? Scholars in this special issue examine the challenges, continuity, and changes in social protections across the developing world over the last few decades. The common theme that emerges from this informative group of papers is that developing nations are confronting unique politico-economic difficulties as well as opportunities for the development of their welfare programs. This is a vastly understudied topic. The studies in this issue tackle some of the unanswered questions of the globalization–social protection debate in developing economies, with a particular focus on how politics plays into the relationship. These articles hope to initiate a dialogue and offer suggestions for further research in this critical area of study. [ABSTRACT FROM AUTHOR]

Much research finds that human rights treaties fail to improve domestic practices unless governments are held accountable in some fashion. The implication is that noncompliance can be attributed to insincere commitments and willful disobedience. I challenge this claim for a core but overlooked treaty: the International Covenant on Economic, Social, and Cultural Rights (ICESCR). Few analysts have studied the ICESCR because its terms are difficult to implement and suitable measures for judging compliance are hard to find. I analyze its association with income inequality, using data for more than 100 countries (1981 to 2005) and methods that account for the possibility of reverse causality. ICESCR membership reduces inequality in both developed and developing countries, although the relationship is stronger for developed countries—precisely those with the greatest capacity to implement their obligations. Other key determinants of income inequality and treaty compliance—left partisanship, union density, workers’ rights, and democracy—do not systematically condition the effects of ICESCR membership. The ICESCR is therefore quite effective in reducing inequality, an outcome likely explained by renewed global attention to socioeconomic rights during the neoliberal era. [ABSTRACT FROM PUBLISHER]

The Commitment to Development Index has been developed to assess seven policy areas of rich countries that affect the development of poor countries and to rank the rich countries from this perspective. This article aims to analyze the environmental component of this index. The environmental dimension is a legitimate part of the concept behind the index because preserving global environmental resources is essential for the future development prospects of poorer countries. The operationalization of the dimension, however, gives rise to several issues, such as the combination of policy and practice indicators, data availability and credibility, and other specific aspects that affect the information value of individual indicators and the component as a whole. Acknowledging the difficulty of constructing such a component, we suggest several options for its modification. [ABSTRACT FROM AUTHOR]

The 2010 G-20 summit marked the transition to a new multipolar world with participation of rising powers from the Global South. This article explores the new hopes for a more equitable future with a focus on the tripartite alliance of India, Brazil, and South Africa (IBSA). In contrast to their BRICS counterparts China and Russia, the IBSA countries have democratic political systems and share major foreign policy objectives, including UN Security Council reform. Rejecting deterministic and neoliberal models, this article presents a broader conceptualization of inclusive development and examines the trenches of development as contentious constructions. The IBSA countries’ legacies of steep socio-economic inequalities are compared with their most recent development records and stated ambitions of policy discourse. The article uses scenario construction to highlight stakes and choices for democratic development at this critical geopolitical juncture. [ABSTRACT FROM PUBLISHER]

I challenge an influential analysis (the 'participation account') that attributes human rights violations to the global economic system, and attributes complicity with those violations to citizens of affluent countries. The participation account is shown to rest on a faulty account of wrongful action. An alternative, and superior, account of wrongful action (the 'agency account') is proposed, and used to analyse the rules of the global economic order. These include the 'foreground rules' of trade agreements and the 'background rules' of state privileges. The agency account identifies wrongful action with unreasonably imposing losses/risks. The systemic bad effects of the economic system and its rules are shown not to be due to agents in the system acting unreasonably in this sense. The metaphor that the economic system 'violates rights' and that we act in complicity with this are thus shown not to stand up to analysis. [ABSTRACT FROM AUTHOR]

The role of multinational corporations (MNCs) in fostering or undermining development within poor communities in developing countries has been a subject of intensive debate within academic and practitioner circles. MNCs are not only considered an obstacle to development but also as sources of solutions to some of the pressing social and environmental problems facing these communities. This article reviews the way in which companies frame (a) sustainable community development, and (b) their engagements in the community. It then considers the implications of both for sustainable community development and poverty alleviation in developing countries. The article then proposes an agenda for future research centering on how corporations innovate in their governance roles and the conditions in which community development innovations are created, take shape, and are put into practice. The article concludes with an introduction to the other articles presented in this special issue highlighting also their main contributions. [ABSTRACT FROM AUTHOR]

Climate change represents a serious threat to the economic growth potential in low income countries. Instead of investing in growth, they may be drawn into strife and conflict. Climate change and the global politics to deal with it, could however also present a number of interesting opportunities for developing countries. Such opportunities may arise in sustainable forestry, new forms of solar, wind or bioenergy and related industries, agriculture or in the programs for abatement and mitigation that are likely to be created. It is an important priority for low-income countries to develop local knowledge and understanding concerning climate change in order to better prepare for both the costs and challenges posed by climate change, as well as to defend their national interests and participate in international negotiations. Creating academic capacity is however a long and painstaking process. We discuss a number of existing initiatives but conclude that more is needed, particularly at the higher level of PhD studies. [ABSTRACT FROM AUTHOR]

An interview with Justin Yifu Lin, chief economist of the World Bank, is presented, focusing on global economic recovery and the role of the World Bank in developing nations. Topics include the applicability of Chinese economic models to other parts of the world, the role of central government in economic development, and gaps between the rich and the poor in China and elsewhere.

This article is to analyze the impact of Chinese enterprises on the local employment practices in Angola and the Democratic Republic of the Congo (DRC). Based on surveys of over 100 Chinese and local companies and extensive interviews with managers and policy-makers in both countries made from July to December 2007,the study aims not only to depict the current employment practices of Chinese companies in Africa, but also to analyze the factors which affect the localization of employment. Two major patterns, bulldozer-type and locomotive-type, are identified and their implications for the local communities are discussed. [ABSTRACT FROM AUTHOR]

This paper examines five issues: 1) Recent performance of developing countries in terms of growth, investment and integration with the world economy; 2) The impact of the crisis on these economies; 3) The response of policy makers in these economies to mitigate the adverse impact, in particular, the nature of the stimulus packages implemented in these economies; 4) The role developing countries can play in the recovery of the world economy; and 5) The role of China in the recovery, and, in particular, how to deal with the bilateral imbalance between the US and China. Special attention is paid to the behaviour of the economies of the developing country members of the G20 (DG20).1 Finally, the paper discusses what the crisis has revealed about the interests of Russia, India and China in the world economy and consequently a possible strategy for the G20 which would serve their interests. [ABSTRACT FROM PUBLISHER]

This manuscript departs strongly from conventional accounts that ascribe a central role to war and the threat of war in Third World state building. Similarly, it challenges the conventional wisdom that abundant exportable natural resource wealth is likely to provoke institutional atrophy. Instead, it argues that a set of logically prior conditions—the social relations that govern the principal economic sectors and the pattern or intraelite conflict or compromise—launch path-dependent processes that help determine when, and if, either strategic conflict or resource wealth contribute to, or impede, institutional development. The argument is tested in the comparative analysis of the state-building process in two Andean neighbors (Chile and Peru), both of which are situated in similar strategic and natural resource environments but which produced qualitatively different outcomes in terms of state capacity or "strength." [ABSTRACT FROM AUTHOR]

The article examines the growth of the middle class population in developing countries. Over 1.2 billion people have entered what economists define as the global middle class since 1990, and that increase is forecast to continue, likely at a more rapid pace. The self-perpetuating nature of such economic development is considered through examples of specific individuals in various countries. The political and social impact of middle class expansion is discussed. Nigeria is used as an example of a developing country where the lack of social and political infrastructure such as an equitable legal system and educational system, coupled with political corruption, have hampered the growth of a middle class. The environmental impact of a dramatic increase in consumption in the world's economy is considered.

This article examines primarily the social impacts of the 2001 economic crisis on small employers and workers and their evaluation of the crisis in Ankara, Turkey. Besides this basic aim, it also provides an overview of the macroeconomic policies that have been implemented since 1980 and discusses the results of these policies. The fieldwork for this study was carried out in selected sectors in Ankara from February to April, 2002. [ABSTRACT FROM AUTHOR]

Why do business communities in some developing countries support democratization whereas business communities in other developing countries continue to support authoritarian rule? In an effort to answer this question, the author compares the political behavior of entrepreneurs in one region where entrepreneurs have supported democratization, Latin America, with a region where entrepreneurs have not, the Arab world. Although Latin American business communities supported democratization during the 1980s and 1990s in an effort to reestablish their influence over economic policy making, restore competent management of the economy, and help bring about governments' enjoying greater popular legitimacy, entrepreneurs' continued support for authoritarian rule in the Middle East and North Africa is related to the high incidence of regional conflicts, entrepreneurs' fear that democratization will empower Islamist parties seeking to reverse economic liberalization, and the perceived potential for democratization to lead to increased civil strife. [ABSTRACT FROM AUTHOR]

After highlighting the failure of mainstream economic theory in dealing with the rising global inequality and economic struggles brought about by neoliberal economic policies, the paper presents the outline of an alternative policy proposal to create full employment and price stability, and to restore financial sovereignty to developing countries. Under the Employer of Last Resort (ELR) program, the government guarantees employment to all through a decentralized community-based job creation policy. Projects are selected by local community groups based on community needs and the availability of skills in the unemployment pool. Funding is provided by a central/federal fiscal authority and requires policy coordination with the central bank. [ABSTRACT FROM AUTHOR]

Does dismantling bathers to moving production offshore mean that jobs will actually flee to low-wage countries? The labor movement says yes, but many mainstream economists reject this "pauper labor argument," insisting that wages are low only where productivity is low, and so low wages do not motivate firms to relocate. We argue that this mainstream view is wrong both empirically and theoretically The available data strongly suggest that unit labor costs (ULCs) differ widely among countries, and ULCs appear on average to be lower in poor countries. We argue, further, that low wages are indeed an independent source of competitiveness, because firms often carry a significant portion of their productivity with them, allowing them to achieve ULCs in the host country below the existing average there. We also comment on Harrison and McMillan's (2006) paper on these issues, and sketch an alternative framework for analyzing relationships among wages, productivity, and the relocation of production. [ABSTRACT FROM AUTHOR]

This paper summarizes the findings of research in Bogotá, Colombia and Mexico City on the use of financial services by the urban population. The focus is on the majority of persons who have no relation whatever with a formal bank, cooperative or credit union. The paper identifies the characteristics of those who are "unbanked" and the range of reasons for their exclusion. It also discusses the multiple and considerable costs that this exclusion imposes on the unbanked population, as well as the loss in income that results for formal sector financial institutions. The paper concludes by describing some measures taken to extend financial services to the low-income population, and proposes the importance of linking "financial inclusion" to programmes of urban development and upgrading focused on the poor in developing countries. [ABSTRACT FROM AUTHOR]

This paper reviews several themes from the writings of W. Arthur Lewis, both the first black Nobel Laureate in Economics and the first from a developing country, and examines them from the perspective of two to five decades of hindsight. The paper emphasizes three main interrelated aspects; economic growth, economic dualism, and “the evolution of the economic order”—the forces that drive the prices of goods and relative incomes across countries. Lewis’s messages still resonate today, as he foresaw the rise of industrial exports from developing countries—and also that it would not end the large gaps among nations’ standards of living. The paper both documents these rises and asks whether one could have predicted it from information available in the 1960s, or whether additional prescience was necessary. [ABSTRACT FROM AUTHOR]

Although the need to organize workers at the global level has become widely accepted, there are to date few concrete studies of global organizing campaigns. Four staff members from the International Union of Foodworkers (IUF) analyze the IUF's Nestlé/Coca-Cola Global Organizing Project in the light of the emerging literature on this topic. The IUF launched this ambitious organizing campaign in response to institutional demands and opportunities. Resources were identified to hire organizers working in the Global South to coordinate and support unions organizing at major global companies. Several case studies illustrate how a complex multilayered strategic organizing approach has succeeded in making headway against fierce antiunion resistance in some developing countries. The analysis also suggests that long-term sustainability of strategic global organizing efforts requires their successful application to organizing workers at global companies in industrialized countries as well as in the Global South. [ABSTRACT FROM AUTHOR]

Economic globalization has loomed, at least for some, as the world system's next crisis carrier. Globalization is said to accelerate economic growth rates, compel closer economic interactions throughout the globe, and trample on the distinctiveness of local cultures and sovereignty. While we accept the existence of economic globalization, our question in this article is whether it, or at least one important dimension of it, is truly a 'global' process. A number of cleavages that have characterized the global North and South in the past appear to be growing more acute. Globalization, predicated on a motor of global economic growth, should be expected to be less than universal if the pulsations and effects of global economic growth are less than universal across the global South and North. That being the case, our theory anticipates that one aspect of economic globalization, conceptualized here as economic openness to exports, and measured by the ratio of export value to economic output, will be more discernible in the global North, than in the global South. Moreover, trade globalization in the North should be positively affected by a rise in world economic growth and systemic leadership, whereas trade globalization in the South should be driven largely by Southern autonomous inertia and periodic economic crises. The empirical results largely support our theoretical expectations. [ABSTRACT FROM AUTHOR]

We discuss and elaborate upon the theory of cross-national ecological unequal exchange. Drawing upon world-systems theoretical propositions, ecological unequal exchange refers to the increasingly disproportionate utilization of ecological systems and externalization of negative environmental costs by core industrialized countries and, consequentially, declining utilization opportunities and imposition of exogenous environmental burdens within the periphery. We provide a descriptive overview of theoretical and empirical efforts to date examining this issue. Ecological unequal exchange provides a framework for conceptualizing how the socioeconomic metabolism or material throughput of core countries may negatively impact more marginalized countries in the global economy. It focuses attention upon the global uneven flow of energy, natural resources, and waste products of industrial activity. Further, the recognition of the distributional processes of ecological unequal exchange is relevant to considerations of both the socioeconomic and environmental imperatives underlying the pursuit of sustainable development, as it contributes to underdevelopment within the periphery of the world-system. We conclude by highlighting the interconnections between uneven natural resource flows, global environmental change, and the challenge of broad-based sustainable development. [ABSTRACT FROM AUTHOR]

By reviewing changes in relationships during the past 50 years among cities in the Yangtze River Delta region of China, the author explores underlying forces affecting the relationship between a service center (Shanghai) and manufacturing bases (cities in the region surrounding Shanghai). Key internal factors, such as the development stage of cities and the government's promotion policies, together with external factors, including national politics and policy shifts and the strategy of foreign direct investment, are found to be influential in the dynamic relationship. Suggestions based on the Chinese case are offered for a regional alliance. [ABSTRACT FROM AUTHOR]

Examines the role of the Non-Aligned Movement (NAM) in pursuing the economic agenda of third world countries for a more equitable economic world order. Cultural imperialism; NAM as a foreign policy goal of pursuing enlightened natioanl interest; Principles on which NAM was founded.

This note is a final response to the debate raised by Mr. Castles and Mr. Henderson (for brevity, we refer here to the two authors simply as C&H) in this Journal (vol 14, no 2&3, and no 4) on the issue of economic growth in developing countries in some of the emissions scenarios published in the IPCC Special Report on Emissions Scenarios (SRES) (Nakicenovic et al., 2000). We first outline areas of agreement and then the remaining areas of disagreement. Two important areas of agreement have emerged from the debate according to our view. First, both parties agree that scenarios assuming a conditional convergence in income levels, i.e., a higher growth in per capita income in poorer countries when compared to countries with higher levels of affluence, are both "plausible and well attested in economic history" (C&H, p. 424). Thus, the fundamental, structural characteristic of some of the SRES scenarios contested by C&H are not challenged per se, but rather how fast such trends could unfold in the future. [ABSTRACT FROM AUTHOR]

Environmental policy development in 30 advanced and developing countries is examined using the capacity-building approach. Findings indicate that an appropriate mix of institutions is decisive for policy performance and that formal institutionalization is helpful for longer term policy-learning processes. Globalization is not found to be negative, as often claimed: Rather, the globalization of environmental policies and proponents counteracts ecologically ignorant economic interests and fosters diffusion of environmental innovations. Assistance from international organizations and regimes plays an increasingly critical role. Environmental and politico-administrative reforms appear to be mutually supportive. Democratic structures and institutions are a basic precondition for effective environmental policies. Although many countries have been able to achieve environmental gains from new technologies, policies, and forms of stakeholder cooperation, even the most advanced need to strongly increase environmental policy and management capacities to meet the continuing challenge of sustainable development. [ABSTRACT FROM AUTHOR]

Examines the determinants of child and infant mortality rate and its impact on the economic development in developing countries. Factors directly influencing infant and child mortality rates; Elasticities of the crude birth rate and child mortality rate; Relation between the demand for children in developing countries and income.

ABSTRACT: Current economic and political trends present particular challenges for countries dealing with the development of industry without the social infrastructure needed to uphold citizens' rights. As free trade demands competitiveness in global markets, so the demand for cheap labor rises. This has specific implications for children. This article argues that despite new legislation to fulfil the requirements of international mandates (such as the U.N. Convention on the Rights of the Child and International Labor Organization Convention 182 on the worst forms of child labor), rights-based programming does not sufficiently incorporate the perspectives of poor children and their family members. This article draws on recent ethnographic research that pioneered a collaborative model in which government, voluntary, private, and trade union organizations conducted research to compare the impact of current approaches to child labor on the livelihoods of working children. It shows that in failing to incorporate sociocultural understanding in program planning, services fail to maximize their potential in offering children opportunities to end the cycle of poverty. [ABSTRACT FROM AUTHOR]

Discusses the factors that make sustainable development a more achievable goal. Recommendations to further their positive relationship to promote sustainable development in developing countries; Domestic policy action and public participation in decision making; Policies of lending institutions; Private sector investment and clean technology development.

Discusses the relationship between financial liberalization (FL) and financial stability in emerging economies. Emerging economies' susceptibility to banking and currency crises after FL; Questions on the standard FL framework of the 1990s; Establishment of stabilizing institutions as a requirement for FL.

Describes the neoliberal model in the developing countries. Function of the World Trade Organization; Role of economic relations among nations; Role of international legal principles and agreements; Information on the Latin American free-trade area; Importance of development through regional cooperation in improving the developing countries' position in the world market.

The article explores the relationship between the military and economic growth in less-developed countries (LDCs). The effect of the military on economic growth has been an important issue among specialists in economic and political development, but the relationship between them has not been fully formulated. The key is to examine the role of the state. The military as an institution has a positive effect on economic growth through effective and strong state involvement in the economy. Throughout the 1960s and 1970s, military involvement in economic growth in less-developed countries has been a very common phenomenon, but too few studies have paid enough attention to the military's role. Most developmental studies have put their main focus on external factors such as debt or investment dependence. The military is a modernized and bureaucratized organization that was heavily involved in economic growth during the 1960s and 1970s. This involvement was encouraged by the lack, in most LDCs, of civil bureaucrats or nonmilitary organizations necessary for the effective mobilization of resources. The military forces created by colonial administrations and by newly developing countries were among the most cohesive, bureaucratized, and disciplined organizations, and they functioned as key elements in their state apparatus.

Assesses the political economy of financial liberalization (FL) in less developed countries (LDC). Effect of the neoclassical theory on the free market; Findings on the link between abrupt liberalization and the political economy; Consequences and criticisms on the neostructuralist theory for financial liberalization.

Examines the trade performance of developing countries and the need for trade cooperation among themselves. Export performance for 1961 to 1988; Export performance trends of developed market economies, developing countries and the world; Trends in volume of import and values of import; Balance of trade; Terms of trade; Relative share in world export; Direction of world trade.

Reviews the trends of capital flows in the developing world in the 1990s and recommends strategies for attracting capital into South Asia. Destinations for capital flows in the developing world; Forms of capital provided for Asia and Latin America; Total capital inflow in the 1990s; Trends in foreign private capital and development finance aid in the 1990s; Share of different income groups in capital flows.

Explores the idea that a model of the developmental state can be derived from the Asian newly industrialized economies (NIE) experiences and seeks to understand the state transformations. Assessment of the crises facing the Asian NIEs; State control and capitalist development; Variations in state-labor relations; Transnationalisation process.

Presents the disadvantages of adopting free trade and liberal market regimes in Australia using Korea and Taiwan as evidences. Growth of Japan and other Asian `dragons' not driven by comparative advantage; Creation of a variety of industrial policies by the state; Dependence on local class structure and perceptions of the global political and economic environment; Dirigiste economies.

Focuses on the debate over the role played by arms transfers, military assistance and defense industries in Third World economic growth and development. History of arms-versus-food debate; Relationship between United States policy needs and the response of the research community.

Few empirical analyses of the relationship between military expenditures and economic performance in less-developed countries include the time factor. It has not yet been determined how long, or how many years, it takes for military spending to have an effect on economic growth or whether the nature of the relationship changes as the time lengthens. In this study the time factor is incorporated into the analyses by examining the relationship between expenditures and growth and by successively changing the number of years between the two variables. Two-wave panel regression models are employed that accommodate the analysis of relationships over time by measuring the dependent variable at two points in time while controlling for its initial level. The longitudinal analyses indicate that as the number of years between military expenditures and economic growth increase, the relationship, although null in the short run, is positive in the long run. That is, over time, an increase in military expenditures is related to an upturn in economic growth. This finding both supports previous re- search and provides additional information about the relationship. It is suggested that time is a critical factor when studying macrostructures and economic systems. At the national level it is necessary to allow for sufficient time for a chain of events to occur in order to discern both short- and long-term effects. [ABSTRACT FROM AUTHOR]

Discusses why the study of economic development in the Third World has been dominated by the comparison of import-substitution industrialization (ISI) and export-led industrialization as two `alternative strategies' of development. The theory of the internationalization of capital and Marx's expanded reproduction; Developing capitalist countries inheritance of a built-in instability in the process of accumulation; Conclusion. Details.

Discusses specific techniques for optimizing the contribution of foreign tourism to economic development in developing countries. Theory on marketing of international tourism; Concept of the product in international tourism; Product strategy in international tourism; Types of employment that can be identified as generated by international tourism. INSETS: JAMAICA -- SCARCELY A PARADISE;Caribbean Tourism Is Influenced by the Outside World.

The article discusses the aspects of global financial crises from the 1930 Great Depression to the 2008 global financial and economic crisis. It says that the financial crises reflect the emergence of an era which excluded the normal rules of valuation. It adds that the 20th century shows a vast increase in the number of financial crises. Moreover, financial crises brought an adverse impact on developing countries particularly on the gross domestic product (GDP), real jobs and real lives.