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By Charles Calomiris

The global pattern towards privatization, liberalization, and globalization has produced large monetary advantages.

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Additional info for A Globalist Manifesto for Public Policy (Occasional Paper, 124)

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Beim and Charles W. Calomiris, Emerging Financial Markets, McGraw-Hill, New York, 2001, Chapter 7 and references therein. 61 a globalist manifesto for public policy financial collapse he fell (here the bail-out bill was over 50 per cent of GDP). It will probably take more than the 1997 crisis to transform the corrupt state of affairs in Indonesia, or to lead to real reform in banking and corporate governance in Korea and Thailand, but it cannot take too many more such crises to produce change. The reason is a simple matter of arithmetic: no country can afford to pay for repeated collapses that costly.

Ambition was an important pre-existing characteristic, and may have reflected Japan’s political fragmentation (Japan consisted of separately controlled regional fiefdoms, nominally subservient to the emperor – in some ways reminiscent of medieval Europe and quite different from China). Japan suspended its initial trade connections with Europe as part of a purge of Christianity in the late seventeenth century. The country was isolated from the West for two centuries, during which frequent and bloody peasant uprisings transformed the relations between lords and peasants.

A globalist manifesto for public policy There is broad agreement among economic historians about the reasons behind these differences in per capita income growth across regions. In essence, growth was the predictable consequence of a combination of outward economic orientation with favourable domestic institutions (especially, the presence of the rule of law and other preconditions favourable to individual freedom and to individuals’ incentives to work and innovate). The first cities, and later countries, to hit upon the right combination of individual incentives and access to markets thrived and were imitated.

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