Ann Zammit

International Capital Flows: Identifying the Gender Dimension

This paper explores the main issues involved in examining the gender impact of international capital flows to developing countries. It argues that at the macroeconomic level women lose more than men from slow and/or unstable economic growth, financial crises and meltdowns, and even more so the longer and deeper the economic downturn because, without a social security system, the family and women have many additional burdens. Women should formulate an agenda of their own with respect to international monetary reform and some proposals are outlined in this respect, including those involving capital controls.

Corporate Governance, Crony Capitalism and Economic Crises: Should the Us Business Model Replace the Asian Way of Doing Business?

This paper considers the Greenspan/Summers/IMF (GSI) argument that the Asian way of doing business was the deep cause of the Asian crisis. The IMF reform programme for the crisis-affected Asian countries suggested they should abandon the Asian business model and adopt the US corporate model. The main findings are: (a) contrary to GSI doctrine, poor corporate governance and lack of competition are not common characteristics of the Asian business model; (b) the stock market-based US business model has severe limitations for developing country corporations, not least because of imperfect share prices and the imperfect market for corporate control.

Shareholder Value Maximisation, Stock Market and New Technology: Should the US Corporate Model be the Universal Standard? 1

Abstract In 1992 a blue‐ribbon group of US economists led by Michael Porter concluded that the US stock market‐based corporate model was misallocating resources and jeopardising US competitiveness. The faster growth of US economy since then and the supposed US lead in the spread of information technology has brought new legitimacy to the stock market and the corporate model, which is being hailed as the universal standard. Two main conclusions of the analysis presented here are: (a) there is no warrant for revising the blue‐ribbon group’s conclusion; and (b) even US corporations let alone developing country ones would be better off not having stock market valuation as a corporate goal.

Labor Standards, Gender, and Decent Work in Newly Industrialized Countries: Promoting the Good Society

As the shortcomings of the dominant “Washington Consensus” approach to economic development and well-being become ever more apparent, there has been increasing concern expressed at the pitfalls of globalization and the activities of multinational corporations (Sen 1999; Rodrik 2001; Stiglitz 2002; Bailey and De Ruyter 2007). In particular, concerns have been expressed over the growth of vulnerable employment (largely in the informal sector) that has occurred directly as a result of neoliberal policies espoused under the Washington Consensus; the “Washington Consensus” approach has ignored gender, labor, and environment issues and further entrenched existing inequalities (De Ruyter and Warnecke 2008).

The Global Economic and Financial Crisis: Which Way Forward?

This chapter provides a review and commentary on the current financial and economic crisis. It considers important analytical and policy issues from a global and North-South perspective. The analytical issues include the reasons for the better than expected performance of the world economy following the early period of acute crisis, the role of global financial imbalances, and whether or not economic theory has been helpful in explaining the causes of the crisis. It is argued that close international cooperation and policy coordination are essential to continued recovery and improvement in the distribution of the fruits of growth. Cooperation and financial regulation are particularly necessary in order to prevent international contagion and cascading sovereign debt defaults.