358 Pages
English

The Global Financial and Economic Crisis in the South

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This book is the outcome of a South-South conference jointly organized by the Asian Political and International Studies Association (APISA), the Latin American Council of Social Sciences (CLACSO) and the Council for the Development of Social Science Research in Africa (CODESRIA) in Dakar, Senegal, May 2012. The conference was organised in response to the financial crisis of 2008 which started in the United States and Europe, with reverberating effects on a global scale. Economic problems emanating from such crises usually leave major social and structural impacts on important sectors of the society internationally. They affect living standards and constrain the well-being of people, especially in poor countries. Persistent problems include high unemployment, increased debt and low growth in developed countries, as well as greater difficulties in accessing finance for investment in the developing world. There is a need for countries in the South to examine the available options for appropriate national and regional responses to the different problems emanating from the economic crisis. This book attempts to provide ideas on some strategic responses to the disastrous impact of the crisis, while keeping in mind the global common interest of the South. It is hoped that the book will contribute significantly towards the agenda to rethink development and the quest for alternative paradigms for a just, stable and equitable global political, economic and social system. A system in which Africa, Asia, and Latin America are emancipated from the shackles of hegemonic and anachronistic neoliberal dictates that have nothing more to offer than crises, vulnerabilities and dependency.

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Published 29 December 2015
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EAN13 9782869787339
Language English
Document size 8 MB

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The Global Financial and Economic Crisis in the South
This book is a product of the CODESRIA South-South Programme.
The Global Financial and Economic Crisis in the South Impact and Responses
Edited by
José Luis León-Manríquez Theresa Moyo
Council for the Development of Social Science Research in Africa DAKAR
©CODESRIA 2015 Council for the Development of Social Science Research in Africa Avenue Cheikh Anta Diop, Angle Canal IV BP 3304 Dakar, 18524, Senegal Website : www.codesria.org
ISBN: 978-2-86978-637-0
All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage or retrieval system without prior permission from CODESRIA.
Typesetting: Djibril Fall Cover Design: Ibrahima Fofana
Distributed in Africa by CODESRIA
Distributed elsewhere by African Books Collective, Oxford, UK
Website: www.africanbookscollective.com
The Council for the Development of Social Science Research in Africa (CODESRIA) is an independent organisation whose principal objectives are to facilitate research, promote research-based publishing and create multiple forums geared towards the exchange of views and information among African researchers. All these are aimed at reducing the fragmentation of research in the continent through the creation of thematic research networks that cut across linguistic and regional boundaries.
CODESRIA publishesAfrica Development, the longest standing Africa based social science journal;Afrika Zamanihistory; the, a journal of African Sociological Review; theAfrican Journal of International Affairs;Africa Review of Booksand theHigher Education in AfricaJournal of . The Council also co-publishes theAfrica Media Review;Identity, Culture and Politics: An Afro-Asian Dialogue;African Tranformation, Method(e)s: African ReviewThe African Anthropologist, Journal of of Social Sciences Methodology,the and Afro-Arab Selections for Social Sciences. The results of its research and other activities are also disseminated through its Working Paper Series, Green Book Series, Monograph Series, Book Series, Policy Briefs and the CODESRIA Bulletin. Select CODESRIA publications are also accessible online at www.codesria.org.
CODESRIA would like to express its gratitude to the Swedish International Development Cooperation Agency (SIDA), the International Development Research Centre (IDRC), the Ford Foundation, the Carnegie Corporation of New York (CCNY), the Norwegian Agency for Development Cooperation (NORAD), the Danish Agency for International Development (DANIDA), the Netherlands Ministry of Foreign Affairs, the Rockefeller Foundation, the Open Society Foundations (OSFs), TrustAfrica, UNESCO, UN Women, the African Capacity Building Foundation (ACBF) and the Government of Senegal for supporting its research, training and publication programmes.
Table of Contents
Abbreviations Acknowledgments Proîle of contributors List of Tables, Figures and Maps
PART I Background to the Global Financial and Economic Crisis
Chapter 1.The Global Financial and Economic Crisis: Origins, Effects and Responses in the Global South. An Overview José Luis León-Manríquez
PART II The Crisis in Latin America: Origins, Responses, Connections and Comparisons
Chapter 2.The Financial Crisis, Its Diverse Economic Effects and Responses from Latin America: A Global Crisis? Gastón J. Beltrán
Chapter 3.All Keynesian Now? Mexico and South Korea’s Diverging Responses to the Global Crisis José Luis León-Manríquez
Chapter 4.the People´s RepublicThe Global Crisis and the Arrival of of China in Latin America and the Caribbean Pablo Alejandro Nacht
Part III The Global Crisis in Africa: Proîles and Responsesfrom Countries and Economic Sectors Chapter 5.African Stock Exchanges: Does Integration with the Global South Reduce Susceptibility to Financial Crisis? Terfa Williams Abraham
vi
The Global Financial and Economic Crisis in the South
Chapter 6.Global Economic Crisis and South Africa’s Manufacturing Industry: Case of the Automotive, Textile and Clothing and Mining Industries Theresa Moyo
Chapter 7.the Global Financial Crisis andthe Effects of Analysis of Government Measures: the Case of Timber Industry in Congo, Cameroon and Gabon Bertrand Mafouta
Chapter 8.The Impact of the Financial Crisis: Developments in the Mobile Telecommunications Industry in Africa Maxwell Chanakira
PART IV Perspectives and Experiences from Asia
Chapter 9.in the Foot: Philippine State and SocietyShoot Yourself in the 1997 and 2008 Financial Crises Rolando Talampas
Chapter 10.Global Economic Crisis and Insecurity in Afghanistan, Pakistan and Tajikistan Hidayet Siddikoglu
Chapter 11.Accountability in Public-Private Partnerships. The Emerging Development Paradigm in India Tanvir Aeijaz
PART V Building Political and Economic Alternatives for the Economic Crisis
Chapter 12.Chinese Social Transformation and Its Implications for the Future of Afro-Asian Solidarity Horace G. Campbell
Chapter 13.The Global Financial and Economic Crisis and the South: What Have We Learned and Where Do We Go from Here? Theresa Moyo
AAPSOAfDBAFPAGPALBAAMIAAPDPAPECARPUASEANBBCBBEEBEACBMVBOEBOJBOKBRICSBSPCARICOMCASCASECASSCBNCCPCEACEDCEMACCERAPECGECIACIB
Abbreviations
Afro-Asian People’s Solidarity Organization African Development Bank Armed Forces of the Philippines Gabonese Press Agency Bolivarian Alternative for Latin America Mexican Automotive Industry Association Automotive Production and Development Programme Asia-Paciîc Economic Cooperation Average Revenue Per User Association of Southeast Asian Nations British Broadcasting Corporation Black Based Economic Empowerment Banks of Central African States Mexican Stock of Exchange Bank of England Bank of Japan Bank of Korea Brazil, Russia, India, China and South Africa Central Bank of thePhilippines Caribbean Community Central Asian States Cairo and Alexandria Stock of Exchange Chinese Academy of Social Sciences Central Bank of Nigeria Chinese Communist Party United Nations Economic Commission for Africa Centre for Environment and Development Economic and Monetary Community of Central Africa Centre of Studies and Research on Economic Analysis and Policy Computable General Equilibrium Central Intelligence Agency, US Congolese Industrial Bois
viii
CMICMIMCODESRIACOMTRADECOSATUCTCPCUFDRCEBITDAECBECMECLACECOWASEESAEGGEPAEVATFAOFATAFCRFDCFDIFITAFOBFRGFSCFTAG-20GDPGFECGNPGSA
The Global Financial and Economic Crisis in the South
Chiang Mai Initiative Chiang Mai Initiative Multilateralization Council for the Development of Social Science Researchin Africa United Nations Commodity Trade Statistics Database Congress of South African Trade Unions Clothing and Textile Competitiveness Programme Cameroon Forest United Democratic Republic of Congo Earnings Before Interest, Taxes, Depreciation, and Amortization European Central Bank Error Correction Model Economic Commission for Latin America and the Caribbean Economic Community of West African States Emergency Economic Stabilization Act Harvest Bonus and Operations Gabonese Timber Economic Partnership Agreements Extended Value Added Tax (UN) Food and Agriculture Organisation Pakistan Federal Administered Tribal Areas Frontier Crime Regulation Forestry Data Centre Foreign Direct Investment Federally Administered Tribal Areas Free On Board Family Readiness Group Forest Stewardship Council Free Trade Agreement Group of Twenty Finance Ministers and Central Bank Governors of major world economies Gross Domestic Product Global Financial and Economic Crisis Gross National Product Global mobile Suppliers Association
Abbreviations
GSMAIBRDIDCIFIIFOIIFCLIMSSIMFIMUIPAPISIISRITJSEKIKOKOSPILACLDCM&AMIDPMILFMNLFMPRMTNNAACAMNAAMSANAFINSANAFTANATONBERNGONIKKEINIPF
ix
Global System for Mobile Association International Bank for Reconstruction and Development Industrial Development Corporation International Financial Institution Forest Industry of Ouesso India Infrastructure Finance Company Ltd Mexican Institute of Social Security International Monetary Fund Islamic Movement of Uzbekistan Industrial Policy Action Plans Inter-Services Intelligence of Pakistan Mexican Income Tax Information Technology South African Johannesburg Stock Exchange Knock-in, Knock-out investments Korean Stock Change Latin America and the Caribbean Least Developed Countries Mergers and Acquisitions Motor Industry Development Programme Moro Islamic Liberation Front Moro National Liberation Front Monetary Policy Rate South Africa-based multinational mobile telecommunications company National Association of Automobile Component Manufacturers National Association of Automobile Manufacturers of South Africa Mexican Development Banking North America Free Trade Agreement North Atlantic Treaty Organisation US National Bureau of Economic Research Non-governmental organization Japanese Stock Market National Industrial Policy Framework