By Geoffrey M. Hodgson

Fresh occasions in japanese Europe have underlined the constraints of Marxian financial and political conception. during this number of essays Hodgson topics Marxian financial idea to serious exam and exhibits which components continue their sleek relevance. After analysing the contribution of Sraffa, and indicating its serious capability and theoretical barriers, Hodgson issues to a brand new synthesis embracing Marx, Keynes and Veblen.

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This, however, was not the case. In Latin America, for example, the reforms were largely homegrown, and were the response to more than ten years of a generalized crisis—the so-called lost decade—that had erupted in the early 1980s. An analysis of the relevant documents and archives shows that the Washington institutions were skeptical, and in some cases openly opposed, to some of the most daring reform proposals in many parts of the world, including in many of the Latin American nations. In Argentina, Brazil, Chile, Colombia, and Mexico (to mention just a few countries) reform programs were developed by local economists that had acquired significant political power.

This approach strongly influenced many policies implemented by Nyerere’s government between 1962 and 1986. I then turn to a discussion of the market-reforms approach—sometimes referred to as the “Washington Consensus”—that became popular in the mid and late 1980s, and that until recently has guided, in one guise or another, policy thinking in the multilateral agencies such as the World Bank and the IMF. As it will be seen, many of the most basic recommendations of the Washington Consensus were incorporated in Tanzania’s initial reform effort during the late 1980s and early 1990s.

Because of its emphasis on foreign aid and macroeconomics, the book pays especial attention to three important episodes in Tanzania’s economic history: (a) the exchange rate crisis of the late 1970s and early 1980s that culminated with the maxi-devaluation of 1986 and the implementation of an IMF stand-by program; (b) the serious impasse between donors and the Tanzanian authorities in the mid 1990s; and (c) the reform program implemented during the second half of the 1990s and during the first decade of the 2000s.

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