19
Balabkins 1988, p. 95; Cochran and Miller 1942, p. 260; Conkin 1980, p. 311; Garraty and Carnes 2000, p. 562.
20
For a selection of the early key works in the field, see Agarwala and Singh 1958.
21
For deployment of these theories, see Lewis 1955; Rostow 1960; Kuznets 1965, idem. 1973.
22
Gerschenkron 1962; Hirschman 1958; Kindleberger 1958.
23
See for example Supple 1963; Falkus 1968.
24
Fei and Ranis 1969.
25
Such as Senghaas 1985; Bairoch 1993; Weiss and Hobson 1995; Amsden 2001. However, the first three of these studies are not as comprehensive as this book. Bairoch, while covering a wider range of countries, mainly focuses on trade policy. Senghaas looks at an even wider range of countries, but his discussion of them, except for the Scandinavian nations, is rather brief. Weiss and Hobson cover a wider range of policies – industrial, trade and fiscal- but cover a relatively limited range of countries – Britain, France, Prussia, Japan, Russia, and the USA. The study by Amsden has many spot-on references to the historical experiences of the developed countries, but its main focus is actually on the historical experience of the developing countries.
26
For example, few people will dispute that achieving macroeconomic stability through appropriate budgetary and monetary policies is a pre-condition for development, although I object to defining it narrowly as merely achieving very low rates of inflation (say, below five per cent), as in the current orthodoxy (also see Stiglitz 2001a, pp. 23-5).
Chapter 2. Policies for Economic Development: Industrial, Trade and Technology Policies in Historical Perspective
1
Sachs and Warner 1995 is one of the more balanced and better informed, but ultimately flawed, versions of this. Bhagwati (1985, 1998) offer a less balanced but probably more representative version. Essays by leading international policy makers espousing this view can be found in Bhagwati and Hirsch 1998, a volume of essays compiled in honour of Arthur Dunkel, who oversaw the Uruguay Round (1986-93) during his tenure as the Director-General of the GATT (General Agreement on Tariffs and Trade). The articles by de Clercq and by Ruggiero cited below are from this collection.
2
De Clercq 1998, p. 196.
3
De Clercq 1998, pp. 201-2.
4
This unfortunate link between state interventionism and autocracy, according to this version of the story, was subsequently broken after the end of the Second World War, when the American Occupation Authorities in these countries, realising them to be the root cause of fascism, disbanded the cartels.
5
Sachs and Warner 1995, pp. 11-21.
6
Bhagwati 1998, p. 37.
7
The phrase is taken from Sachs and Warner 1995, p. 3.
8
Sachs and Warner 1995 date this ‘golden age’ to the period 1850-1914.
9
Ruggiero 1998, p. 131.
10
For classic discussions of catching up, see Abramovitz, 1986, id .. 1989.
11
I put the word ‘illegal’ in quotation marks, since the ‘legality’ in this case was in terms of British laws, whose legitimacy may not be (and in practice certainly was not) accepted by other countries.
