Yeldan, Erinc2019-09-252019-09-252011-06-202001-09-07http://hdl.handle.net/20.500.12424/179310"The assessment that the process of neoliberal globalization is associated with successive financial crises has further been a recurrent theme in much of the literature on international finance and open economy macroeconomics. Notwithstanding the original proposition of a (Tobin s) tax on short term capital flows, the detrimental effects of unregulated flows of financial capital have been the topic of active debate in Stiglitz (2000), Rodrik (1997), Calvo, Leiderman and Reinhart (1996), Grabel (1996), Diaz-Alejandro (1985), and Velasco (1987); and also constituted one of the main themes in all of the last five annual Trade and Development Reports of UNCTAD. In this paper, I attempt to address to the ideas provided in this literature and try to deduce implications for a renewed development policy. After a brief conceptual introduction on the distinguishing characteristics of the recent wave of globalization in the next section, I discuss the development concept as distinct from that of growth in the context of late 20th century financial liberalization and market orthodoxy in section 2. In section 3, I highlight the main mechanisms of how unfettered workings of the global financial transactions restrict the autonomy of the states to pursue indigenous development objectives and deprive them from the classic tools of austerity. Finally in section 4, I sketch some concluding comments."(pg 2-3)Pages: 11engWith permission of the license/copyright holderliberationglobalizationdevelopment aidPolitical ethicsEthics of political systemsEthics of lawRights based legal ethicsPeace ethicsGovernance and ethicsDevelopment ethicsBook