Reclaiming Development, a closely-argued critique of neoliberal economic policy, is debunking development orthodoxies at its best. Republished now, ten years after its first appearance, the book has lost none of its relevance for students and those trying to re-direct economic policies away from their financialized doom-loops.
The Human Development Report 2013 highlights the rise of the Global South as the main drivers of the world economy, but rapid economic growth does not always equate to improvements in human development as India's experience shows.
Whose interest does the ten-year Strategy document for Africa actually serve? The World Bank has shown little insight into the real problems Africa faces, focusing instead on ineffective policies, support for repressive regimes and projects that are known to have failed.
The flawed neoliberal notion behind India's hosting of the Commonwealth Games, that 'development' starts with attracting foreign capital investment - has brought only corruption and the destruction of communities to Dehli.
Mining in India has been significant in contributing to the 45 million people displaced thanks to "development" projects, yet the industry is still not being made to compensate communities for the loss of livelihoods, homes and environmental health.
"The banks are ours!" Public money was used to bail out the banks, and now they are lending back to the public at interest, while governments ignore the social and environmental crises that confront society. It is time to demand real solutions that will work not only for the sake of the economy but for the lives and conditions of people on whom it depends.
The term crisis implies a short lived period of uncertainty - suggesting there is something temporary or anomalous about the current state of the global economy. On the contrary, our global economy, from the financial clouds (or bubbles) to the real roots - where men and women work, live and survive - is suffering from systemic flaws based on an ever expanding void between rich and poor.
In a recent editorial comment, The Economist issued a solemn call to all believers in global capitalism not to despair, not to panick, and to do nothing that could endanger the capitalist system (October 18-24, 2008). The magazine invoked the words and spirit of its founder, the Scottish businessman, James Wilson, who, about 165 years ago, gave the paper the philosophy of "economic liberty".
Today, just as faith in deregulated markets has evaporated in the nightmare on Wall Street, so too is the long reign of market fundamentalism (or neoliberalism) ending in the development arena. And, a debate over the best route to development has returned.
Dark Victory reveals the roots of rising poverty and inequality in the South in a sweeping strategy of global economic rollback unleashed by the US to shore up the North's domination of the international economy and reassert corporate control.