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This paper is concerned essentially with the question, how does financial globalisation affect welfare? Orthodox theory suggests that because of greater risk-sharing between countries that financial liberalisation entails, there should be no welfare losses. Greater risk sharing should lead to greater smoothing of consumption and-or growth trajectories for developing countries. Yet there is widespread evidence of crises following liberalisation. Apart from these international macro-economic issues, it is argued here that financial globalization changes the very nature of capitalism from managerial to finance capitalism. This profoundly affects at the micro-economic level corporate governance, corporate finance and income distribution. Both macro- and micro-economic factors outlined here influence human development.

Item Type: MPRA Paper -

Original Title: Financial globalisation and human development-

Language: English-

Keywords: Financial globalisation, poverty, income distribution and employment, capital account liberalisation-

Subjects: I - Health, Education, and Welfare > I0 - GeneralH - Public Economics > H3 - Fiscal Policies and Behavior of Economic Agents-

Autor: Singh, Ajit


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