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People who want to change things must keep pushing for change: Manuel F. Montes in conversation with Adrian Pabst

Pabst, Adrian (2013) People who want to change things must keep pushing for change: Manuel F. Montes in conversation with Adrian Pabst. In: Dutkiewicz, Piotr and Sakwa, Richard, eds. 22 Ideas to Fix the World: Conversations with the World's Foremost Thinkers. Possible Futures . Social Sciences Research Council and New York University Press, New York City, pp. 305-325. ISBN 978-1-4798-6098-2. (KAR id:37672)

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Abstract

Manuel Montes brings a wealth of academic knowledge and a long list of credentials at various international and intergovernmental organizations to bear on the current economic crisis in his discussion with Adrian Pabst. He argues that the Asian Crisis of 1997 was in many ways a “dress rehearsal” for the current one, and was barely confined to the developing world. In the case of both crises, he suggests, the problem was both a massive deferral on matters political and economic to the financial sector and the foisting of excessively large loans on creditors by rapacious financiers. The current model has led de facto to the public sector bearing the costs for private sector missteps and the risks of investment being socialized while, paradoxically, the financial sector remains central to economic recovery.

He concedes, however, that change will be difficult to enact and that we should avoid seeking easy answers in old economic models; he suggests provocatively that the talk of the so-called “Asian model” is overblown and we should not necessarily look to Asia, despite its successes, for lessons. Montes advocates more stringent regulation of the financial sector that would not so much curtail the total of its activities as decrease the emphasis on financial products while aligning finance with real economic productivity and addressing social concerns.

Item Type: Book section
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculties > Social Sciences > School of Politics and International Relations
Depositing User: Adrian Pabst
Date Deposited: 19 Dec 2013 13:34 UTC
Last Modified: 29 Nov 2019 04:05 UTC
Resource URI: https://kar.kent.ac.uk/id/eprint/37672 (The current URI for this page, for reference purposes)
Pabst, Adrian: https://orcid.org/0000-0002-3153-1598
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