Economic liberalization and poverty in the developing countries

Bibliographic Data

ID4914964
AuthorsMohammed Nuruzzaman (0000-0002-1815-4273, University of Alberta, corresponding author)
Year2005
Volume35
Issue1
Pages109-127
Publication date2005-01-01
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueJournal of Contemporary Asia (JOURNAL)
Journal identifiersISSN: 0047-2336 • E-ISSN: 1752-7554
PublisherInforma UK Limited (PUBLISHER • GB)
DOI10.1080/00472330580000071
OpenAlexW2023207454
LanguageEN
Citations received3
References cited14

In recent years the neoliberal economists have sought to establish the claim that economic liberalization unfailingly promotes growth and reduces poverty in the developing countries. Liberalization of markets in the developing countries, according to them, promotes economic perfection by intensifying competition between domestic and external economic actors and exposing management and workers to improved practices. Thay also claim that liberalization of trade and investment regimes by the developing countries has attracted more direct foreign and portfolio investment which, in turn, has accelerated the rate of economic growth and lifted the poor out of poverty. This article contends this neoliberal claim and argues that the post-Cold War neoliberal regime of global economic liberalization ensures the production of poverty in the developing countries by shrinking their prospects of economic growth. It pursues a structural explanation to explore how the neoliberal regime fosters conditions that make possible the continued production of poverty in the developing South and arrives at the conclusion that the neoliberal regime of economic liberalization was not designed to promote growth in the developing countries, rather it was initiated to facilitate capital accumulation by transnational capitalist class at the global level. As its consequence, the poverty situation has not improved; rather there has been a rise in absolute poverty in many developing countries

Capital (architecture · Developing country · Development economics · Economic growth · Economic liberalization · Economics · Foreign direct investment · Free trade · International economics · Liberalization · Macroeconomics · Market economy · Poverty · Economic Theory and Policy · Global Financial Crisis and Policies

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