Prelims

Half Title Page

THE CURRENT GLOBAL RECESSION

A Theoretical and Empirical Investigation into Developed and BRICS Economies

Title Page

THE CURRENT GLOBAL RECESSION

A Theoretical and Empirical Investigation into Developed and BRICS Economies

BY

AKHILESH CHANDRA PRABHAKAR

Universiti Utara Malaysia (UUM), India

United Kingdom – North America – Japan – India – Malaysia – China

Copyright Page

Emerald Group Publishing Limited

Howard House, Wagon Lane, Bingley BD16 1WA, UK

First edition 2017

Copyright © 2017 Emerald Group Publishing Limited

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British Library Cataloguing in Publication Data

A catalogue record for this book is available from the British Library

ISBN: 978-1-78635-158-6

Dedication

Dedicated to the memory of my father Ram Singh with reverence and affection.

List of Tables

List of Figures

List of Abbreviations

Foreword

We are very lucky today. Our generations have an opportunity to see the implosion of socialism in the last decade of the twentieth century, and the great depression of capitalism in the first decade of twenty-first century. This study provides an overview of recent global economic performance and short-term prospects for the world economy and of some key global economic policy and development issues. One of its purposes is to serve as a point of reference for discussions on economic, social and related issues. The study discusses several policy directions to stimulate more direct job creation and investment in infrastructure, energy efficiency and sustainable energy supply, and food security; stronger financial safety nets; better coordination between fiscal and monetary policies; and the provision of sufficient support to developing countries in addressing the fallout from the crisis and the coordination of policy measures at the international level.

This book is designed for use in courses that focus on the effected countries from global economic depression (especially) in the United States and the EU, and Chinese responses to the global crisis. The study is based on theoretical and empirical investigation. It has designed to meet the requirements of the economic researchers as well university students who study the courses of economics, finance, banking and management at graduate and postgraduate levels, and various educational and research institutions and libraries, NGOs, Government Offices, etc. This study resulted from 10 years of teaching of development economics at various universities like Universiti Utara Malaysia (UUM), Addis Ababa University, Gondar University and Debre Birhan University in Ethiopia as well as travel Kenya as a researcher. These experiences have helped shape and refine a book that is unique in approach, organization and pedagogy in the context of a major set of problems, such as capitalist crisis, development problems, poverty, inequality, unemployment, environmental decay and rural stagnation. It proceeds to evaluate the economic growth in historical context, and focuses on major economic trends and current international trade trends as well as cooperation among the developing countries.

Acknowledgements

I am grateful to Prof. Dato’ Wira Dr. Mohamed Mustafa bin Ishak, Vice-Chancellor of UUM, who have given me an opportunity to serve UUM. I am immensely indebted to Prof. Dr. Yusnidah Bt Ibrahim, the Dean of SEFB, COB for inspiring me to write this book. My gratitude to Dr. Siti Aznor Ahmad, the Deputy Dean of SEFB, Dr. Noor Azam, Head of the Department of Economics, and all colleagues and non-academic staffs including Assistant Registrar of SEFB, UUM. I am also very thankful to Prof. Prabhat Patnaik (Member of Planning Commission of India and the Dean of SSI, JNU, New Delhi), Prof Jayati Ghosh (JNU), Prof. Samir Amin (France) and many reviewers, both in Malaysia and abroad, who provided detailed and insightful comments for this book. I thank my current and former colleagues and friends who have provided a lot of suggestions and information, Dr. Mohammad Azam (Pakistaan), Dr. Rabiul Islam (Bangladesh), Prof.Asish Saha (India), Dr. Ahmad Sahidah (Indonesia), Dr. B. Bakhtiyar (Iran) and Dr. Abdullah Sumrahadi (Indonesia). I thank the several thousand students whom I have been privileged to teach. The instant response that comes from the look of puzzlement or enlightenment has taught me how to teach economics. Finally, I thank my mother Laxmi Devi, my life partner Julie Rani and lovely kids Raj and Neel, without whose generous cooperation and help this book would not have been possible.

Suggestions for improvements in the book from fellow teachers and readers are most welcome.