By Charles Calomiris
The global pattern towards privatization, liberalization, and globalization has produced massive financial advantages.
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Additional info for A Globalist Manifesto for Public Policy (Occasional Paper, 124)
Japan’s first wave of industrialisation was achieved without tariff protection, so tariff protection is certainly not a necessary condition for successful industrial catching up. One must also bear in mind that tariffs are equivalent to a tax on exports (according to the well-known Lerner Symmetry Theorem), and export taxation undermines the most viable means of rapid growth in developing economies today. Moreover, in today’s high-tech world, the most promising initial vehicle for industrialisation is often foreign direct investment by cutting-edge global producers.
Which way does the causation run? History is helpful here. While it is certainly logically possible to argue that good institutions are merely a luxury chosen by the wealthy, history shows that, in fact, good institutions preceded and made possible economic development. To what extent has globalisation been associated with economic development and institutional reform? Our review of history from the medieval period up until the early nineteenth century showed that reaching outward was essential to the process of initial European economic development.
Misspent assistance is worse 23 See Charles W. ’, Cato Journal, 2000; and ‘The IMF’s Role as Imprudent Lender of Last Resort’, Cato Journal, 1998.
A Globalist Manifesto for Public Policy (Occasional Paper, 124) by Charles Calomiris