Macrofoundations of Political Economy and Development

DAVID GOALSTONE is a Visiting Scholar, Thunderbird - Garvin School of International Management, USA.

• Preface Introduction PART I: MODERN MACROFOUNDATIONS Social Subsistence Life Expectancy Population Production-Survival Conditions Productivity Limits Macroeconomics Macrofoundation: Diagrams Macrofoundation: Algebra Real Wages Principle of Social Subsistence PART II: CLASSICAL MICROFOUNDATION Classics Roots of Civilization Rise and Fall of Empires Ecocide Dismal Science Steuart Malthus Revolution and Rebellion Abuse of Macrofoundations Rehabilitation of Classics Interlude Guns and Butter Butter and Books PART III: ASPECTS OF DEVELOPMENT Stages of Growth Agriculture Land Reform Infrastructure Leverage and Bankruptcy Asian Miracle Foreign Direct Investment Natural Disaster I Natural Disaster II Alternative Development

"David Goalstone is an extraordinary economist whose focus on the economics of survival, long overdue, indeed has come. The focus for Goalstone's research is the subsistence economy, the economy of necessity and sufficiency, and the effort to develop an economics of survival. His approach is highly original, relating to the very foundations of economics. A basic thesis can be formulated as follows: there is an economy of subsistence and an economy of middle class growth, and one does not necessarily lead to the other. Goalstone has shown a way of filling in that gap, taking up old themes in the science of economics, back to Mirabeau/Quesnay, Steuart, Smith and Malthus. Every page is filled with originality, drawing on his rich experience. The book, indeed filling a gap, deserves a huge readership." - Johan Galtung,Founder-Director of TRANSCEND: A Peace and Development Network "Goalstone brings a much-needed fresh look at the conditions for economic success at the level of whole societies. Examining issues as diverse as population dynamics, political change, and the economic conditions for the reproduction of societies, he challenges us to re-evaluate our foundational beliefs regarding the conditions for economic development.' - Jack A. Goldstone, Hazel Professor of Public Policy, George Mason University "Goalstone's brilliant work on emerging market economies deserves a wide audience and careful consideration as a mechanism for understanding the problems of economic development. He posits the need for least-developed countries to achieve survival conditions as the fundamental basis for economic progress. He offers a clearly reasoned, powerful argument. His carefully reasoned view of the building blocks for development, and the needs that must be fulfilled to launch on a sustained development process both enlighten us with respect to experiences of least-developed countries and suggests steps to take to move in that direction." - Robert Grosse, Conti Chair of International Business, Thunderbird Graduate School "Relevant existing works are really scarce, if there are any, because macrofoundations of economic development have been unexplored by modern economists. No contemporary book I know of can be considered as a real market rival of this book." - Phoebe Koundouri, Lecturer in Economics, University of Reading