Economic Growth, Institutions and Globalization  A Critical Review on the Book  One Economics, Many Recipe by Dani Rodrik

Mirjalili, Seyed Hossein

doi:10.30465/crtls.2022.38586.2389

Economic Growth, Institutions and Globalization A Critical Review on the Book One Economics, Many Recipe by Dani Rodrik

Document Type : Research

Author

Seyed Hossein Mirjalili

Professor of Economics, Institute for Humanities and Cultural Studies, Tehran, Iran

https://doi.org/10.30465/crtls.2022.38586.2389

Abstract

Understanding the logic behind the success and failure in economic growth, and institutional and global arrangements is the subject of this book. Identifying growth’s binding constraints and the need for finding solutions for development issues according to the circumstances of countries is an alternative approach to this book on development. This paper aims at evaluating “One Economics, Many Recipe” in presenting an initiative for economic growth and development. Analytical-descriptive method is used in reviewing the book and conducting methodological assessment. The results indicated the advantages and challenges of the arguments put forwarded by the book. Among the advantages is the consideration of each country's circumstances in growth policy, the lack of one size fits all for economic policies for development, challenging the universalism of neoclassical teachings, the distinction between ignition of growth and its sustainability, and questioning of the exaggerating in the benefits of trade liberalization. Among the challenges are using the prescription on the title of the translated book, problems in implementing the growth diagnostic method, utilizing qualitative methods instead of quantitative in growth diagnosis in practice, neglecting policies and measures for the second stage in growth sustainability, and methodological assessment of growth diagnosis.

Keywords

Economic Development

Globalization

Institutions

Economic Growth

Second Best

Subjects

Economy

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