By Tony Addison, George Mavrotas (eds.)
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Sooner than there has been cash, there has been debt
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Here anthropologist David Graeber provides a gorgeous reversal of traditional knowledge. He exhibits that for greater than 5,000 years, because the beginnings of the 1st agrarian empires, people have used complicated credits platforms to shop for and promote goods—that is, lengthy prior to the discovery of cash or money. it's during this period, Graeber argues, that we additionally first stumble upon a society divided into borrowers and collectors.
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Debt: the 1st 5,000 Years is an engaging chronicle of this little identified history—as good as the way it has outlined human heritage, and what it potential for the credits predicament of the current day and the way forward for our financial system.
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Extra info for Development Finance in the Global Economy: The Road Ahead
Guillaumont, P. and L. Chauvet (2001) ‘Aid and Performance: A Reassessment’, Journal of Development Studies, 37(6): 66–87. Guillaumont, P. and S. Guillaumont Jeanneney (2006) ‘Big Push versus Absorptive Capacity: How to Reconcile the Two Approaches’, Paper presented at the WIDER development conference on Aid: Principles, Policies and Performance, Helsinki, 16–17 June. , R. Powell and Y. Yang (2005) ‘The Macroeconomic Challenges of Scaling Up Aid to Africa’, IMF Working Paper 05/179, Washington, DC: IMF.
That said, there are implications for aid. One side of the debate rejects World Bank confidence in the declining number of people in absolute poverty and inequality among households. Instead, it maintains that globalization’s effects are unequal and there are losers (whatever the unit of analysis – households, larger social groups, whole countries, or regions), both relative and absolute, chiefly in the developing and postcommunist worlds. Even in countries such as China, where the numbers in absolute poverty are declining, increased inequality can be highly significant if it really is the case that relative poverty is disempowering for the least welloff.
Mark McGillivray, Simon Feeny and Howard White argue in Chapter 3 that from a development perspective, bilateral aid was often seen as bad (or just plain ugly) during the years of the Cold War. Multilateral aid, on the other hand, had a better reputation in the sense that it went to countries in greatest need, was generally of better quality and was more orientated towards development. Since the end of the Cold War, bilateral aid has recovered some of its reputation and is perceived to have become more developmental.
Development Finance in the Global Economy: The Road Ahead by Tony Addison, George Mavrotas (eds.)