Academic Commons

Articles

Rethinking Development Economics

Stiglitz, Joseph E.

The global financial crisis, too, has cast doubt over the neoclassical paradigm in advanced industrial countries, and rightly so. Much of development economics had been viewed as asking how developing countries could successfully transition toward the kinds of market-oriented policy frameworks that came to be called "American style capitalism." The debate was not about the goal, but the path to that goal, with some advocating "shock therapy," while others focused on pacing
and sequencing--a more gradualist tack. The global financial crisis has now raised questions about that model even for developed countries.

Subjects

Files

Also Published In

Title
World Bank Research Observer

More About This Work

Academic Units
Economics
Published Here
March 26, 2013
Academic Commons provides global access to research and scholarship produced at Columbia University, Barnard College, Teachers College, Union Theological Seminary and Jewish Theological Seminary. Academic Commons is managed by the Columbia University Libraries.