Financial Globalization and Human Development

Bibliographic Data

ID2183585
AuthorsAjit Singh (0000-0003-4849-6845)
Year2012
Volume13
Issue1
Pages135-151
Publication date2012-02-01
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueJournal of Human Development (JOURNAL)
Journal identifiersISSN: 1464-9888 • E-ISSN: 1469-9516
PublisherInforma UK Limited (PUBLISHER • GB)
DOI10.1080/19452829.2011.637380
OpenAlexW2025065420
LanguageEN
Citations received4
References cited31

This paper is concerned essentially with the question of how does financial globalization affect economic welfare? Orthodox theory suggests that because of the greater risk-sharing between countries that financial liberalization entails, there should be no welfare losses. Greater risk-sharing should lead to greater smoothing of consumption and/or growth trajectories for developing countries. Yet there is widespread evidence of crises following liberalization. Apart from these international macro-economic issues, it is argued here that financial globalization changes the very nature of capitalism from managerial to finance capitalism. This profoundly affects at the micro-economic level corporate governance, corporate finance and income distribution. Both macro-economic and micro-economic factors outlined here influence human development

Capitalism · Corporate governance · Development economics · Economic system · Economics · Globalization · Liberalization · Market economy · Political science · Welfare · Banking stability, regulation, efficiency · Global Financial Crisis and Policies · Housing, Finance, and Neoliberalism · Finance

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