BRICS or Bust?

BRICS or Bust?
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Escaping the Middle-Income Trap
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Artikel-Nr:
9781503604919
Veröffentl:
2017
Einband:
EPUB
Seiten:
128
Autor:
Hartmut Elsenhans
eBook Typ:
EPUB
eBook Format:
Reflowable EPUB
Kopierschutz:
Adobe DRM [Hard-DRM]
Sprache:
Englisch
Beschreibung:

This book argues that Brazil, Russia, India, China, and South Africa must invest in the productivity ofordinary citizens to avoid or escape the middle-income trap. While the policies in service of this goal are not particularly controversial, the authors find that elite privilege has blocked their implementation, putting the future of key developing economies at risk.

Once among the fastest developing economies, growth has slowed or stalled in Brazil, Russia, India, China, and South Africa. What policies can governments enact to jump-start the rise of these middle-income countries? Hartmut Elsenhans and Salvatore Babones argue that economic catch-up requires investment in the productivity of ordinary citizens.

Diverging from the popular narrative of increased liberalization, this book argues specifically for direct government investment in human infrastructure; policies that increase wages and the bargaining power of labor; and the strategic use of exchange rates to encourage export-led growth. These measures raise up the majority and finance future productivity by driving broader consumption and fostering investment within national borders.

Though strategies like full employment, mass education, and progressive taxation are not especially controversial, none of the BRICS have truly embraced them. Examining barriers to implementation, Elsenhans and Babones find that the main obstacle to such reforms is an absence of political will, stemming from closely guarded elite privilege under the current laws. BRICS or Bust? is a short, incisive read that underscores the need for demand-driven growth and why it has yet to be achieved.

Introduction
1. The BRICS Trajectories: Economic, Political, and Social
2. The Role of the State in Economic Development
3. Mass Demand as the Basis of Growth
4. Selective Links to the World Market
Conclusion

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