( )

:
Alternative Economic Policy under Globalization and Neoliberalism:
A Survey of Theory and Practice

Alternative Economic Policies of Developing

Countries

2551

:

( ) /
/ / Local talk
23 2551

( )

...




- , 33








(externalities)





(normative economics)

(Information economy), (network economics),
(information capital) (non-market production)

( )

(systemic constraints)





""




?

1
1: GDP

: Deutsche Bank Research, 2007

(economic

freedom)

( )

(productivity)
(GDP)


(Externality)


[ ]
.
- 1






27

State of the World 2008 World Watch Institute

1

The Stern
Review

( )

2008
39

State of the World 2008

2: GDP

: Carol King, Will we always be more capable in the future?;

Worldchanging.com - http://www.worldchanging.com/archives/007962.html

( )

( 2)

(social justice)

(equity of opportunity)

(egalitarianism equity of outcome)?


(Liberal)



(Amartya Sen)





The Moral
Consequences of Economic Growth (Benjamin Friedman)

( )

(
)
















1.

( )

2.


3.

4.
5.
(
)

6.





( ),
(), (
)

( )

( )

10

1: (Happiness-based Development)





- .
1.



(Gross National Happiness GNH)

.. 1972

GNH
2 GNH

GNH
GNH


GNH
(objective)

( )

11

1. (happiness)
(subjective)

GNH
(
GDP)
2. (utility)
(objective) ( )
(rational)



(norm)
3. (well-being)
(contentedness)












(UNDP)

(Human Development Index HDI) UNDP,
(Happy Planet Index) New Economics Foundation,
(WHO Quality of Life WHOQOL)
(Subjective Well-being SWB)

( )

12

(Ed Diener)

(economic freedom)

( )
(Pareto optimal)
(Milton Friedman)
Capitalism and Freedom ...





(subjective)

X

X

( )

13

1970







:

(determinants)

(utility)
(rational)





()

(absolute) (relative)


( Loewenstein,
ODonoghue, Rabin, 2000)
( Kahneman, 2002)
self-assessment

( )

14

(remembered utility)
( Kahneman, Wakker, Sarin, 1997)


(norm)
(Amartya Sen)
.. 1998

( )






(positive
freedoms; substantial freedoms)


3

(determine)
(predict)
(capability)

Sen, Amartya. Development as Freedom, p. 37

( )

15

(raw capacity) (executed activity)

5
1)


2)

(absolute level of income) (income distribution)

3)

4)



5)

(protective security)

( )

16

(negative freedom
)




(
)





2.


(UNDP)
(Human Development Index HDI)
(Human Development Report)
HDI 3
1.

2.

3.
HDI





(Ed Diener) (Martin

( )

17

Seligman)



2932 1970 2002 2.4
4

(Rewarding work)

(
(Productivity)
)

(Richard Layard, 2003, 2005)


(subsistence level)




(John Helliwell et. al, 2001, 2003, 2006)

World Values Survey

David Myers, Happiness, Psychology 7th Edition, 2004, Worth Publishers, NY

( )

18

(Frey Stutzer 2002),
(Welsch 2002), (Praag Baarsma
2001), (Rehdanz Maddison 2003)
(Will Wilkinson, 2007)
(Cato Institute)









(statistical
correlation)

( )

19

GNH


(Happy Planet Index HPI)
New
Economics Foundation (http://www.neweconomics.org/)
.. 2006
HPI (ecological efficiency)

HPI


HPI :
HPI = (life satisfaction) x (life expectancy)
(ecological footprint)
HPI
1) (subjective)
? 0 (
) 10 () HPI
World Values Survey (http://www.worldvaluessurvey.org/)

2) (life expectancy) (objective)

Human Development Index UNDP
3) (ecological footprint)

(regenerate)

(render harmless)

( )

20

2007 World Wildlife Fund (WWF)

50

1.50



HPI 2006 178

() HPI

3: Happy Planet Index 2006

: Happy Planet Index, New Economics Foundation, 2006.

HPI 20

20
()

( )

21

HPI 20 1:
1: Happy Planet Index 20
Rank

Country

Life Sat.

Life Exp.

Eco. Footprint

HPI

Vanuatu

7.4

68.6

1.1

68.2

Colombia

7.2

72.4

1.3

67.2

Costa Rica

7.5

78.2

2.1

66.0

Dominica

7.3

75.6

1.8

64.6

Panama

7.2

74.8

1.8

63.5

Cuba

6.3

77.3

1.4

61.9

Honduras

7.2

67.8

1.4

61.8

Guatemala

7.0

67.3

1.2

61.7

El Salvador

6.6

70.9

1.2

61.7

10

Saint Vincent & Grenadines

7.2

71.1

1.7

61.4

11

Saint Lucia

7.0

72.4

1.6

61.3

12

Vietnam

6.1

70.5

0.8

61.2

13

Bhutan

7.6

62.9

1.3

61.1

14

Samoa (Western)

6.9

70.2

1.4

61.0

15

Sri Lanka

6.1

74.0

1.1

60.3

16

Antigua and Barbuda

7.4

73.9

2.3

59.2

17

Philippines

6.4

70.4

1.2

59.2

18

Nicaragua

6.3

69.7

1.1

59.1

19

Kyrgyzstan

6.6

66.8

1.1

59.0

20

Solomon Islands

6.9

62.3

1.0

58.9

: Happy Planet Index, New Economics Foundation, 2006.

HPI



HPI
HPI
4:
4: HPI vs. ()

: Happy Planet Index, New Economics Foundation, 2006.

( )

22

HPI

GDP

World Wildlife Fund
HDI UNDP

(Millennium Development Goals)
2000 5
3.

1960
.. 1974
.. 1999
47,000



( 1,100 2,600
) ( 300 1,600 )

20 672,000

()
(GDP)
2007 4.3 ( 160 )
6,400 ( 117 )
85
8

UNDP, MDG Targets and Indicators, http://www.undp.org/mdg/goallist.shtml

( )

23

6 32

38

19
(theocracy)

1865
(Treaty of Sinchulu)
(subsidy)
( ) ..
1907

1949


(

2007)

.. 1959

7

1971
8
.. 1971

1998
(Council of Ministers)
(National Assembly)

(Constitutional
monarchy)

6

Asian Development Bank, Bhutan Country Performance Assessment, http://www.adb.org/Documents/CAPs/BHU/0101.asp

Andrea Matles Savada, ed (1991), Bhutan: A Country Study. Washington: GPO for the Library of Congress.
8

( )

24

2005
2006

24
2007 80

(Druk Phuensum Tshogpa)
44 47
(Peoples Democratic Party)
(Karma Ura)
(Center for Bhutan Studies)
New York Times
9
GNH

.. 1998
(Four Pillars of Happiness)
:
1.
(sustainable economic development)
2. (conservation of the environment)
3. (promotion of national culture)
4. (good governance)
GNH

GNH



(high-value, low-impact
tourism)

Sengupta, Somini, Heavy Turnout in First Bhutan Election, The New York Times, March,25 2008
http://www.nytimes.com/2008/03/25/world/asia/25bhutan.html

( )

25

GDP
7-8 1980 10


(Tala
Hydroelectric Project) 1,020

2006 GDP 17 2007 ( 30
2007) 7.8
11.3 2007 ( 66 GDP)11





GNH

Punatsangchhu I (1,095
) 2014 20092016 Mangdechu (670 ) Punatsangchhu II (990 )
4,235






1 1
88
82
(soft loan)
10
11

Bhutan Statistical Yearbook (2006).

Asian Development Bank (2008), Bhutan update.

( )

26

( )
( )

GNH
21
GDP 2006
16 GDP
7 GDP 12


GNH







GNH

60
( )
25 .. 1976


200







12

Bhutan Statistical Yearbook (2006).

( )

27

70
1960
World Wildlife Fund
47,000 770 5,400 13
4.5

(long-term sustainable yield)


(negative feedback)

GNH


1980
(one nation, one people)

(driglam namzha)

(Dzongka)

13

WWF Bhutan Programme, http://www.wwfbhutan.org.bt/wwfbhutanbackground.htm

( )

28

70,000


The National Front For Democracy (NFD)

2005 NFD
BBC
14

GNH






20 (Dzongkhag)
(Gewog) 4-5
20 2002)


GNH
GNH
(Center of Bhutan Studies)

GNH 2007 2008

GNH (subjective)
(objective)
HDI UNDP

9
14

BBC, Exiles attack Bhutan Constitution, April,4 2005. http://news.bbc.co.uk/2/hi/south_asia/4410237.stm

( )

29

1. (Psychological well-being)
2. (Good governance)
3. (Education)
4. (Health)
5. (Community vitality)
6. (Time use and balance)
7. (Culture)
8. (Ecological diversity and
resilience)
9. (Living standard)

Happy Planet Index (HPI)
HPI 13 178

HPI

(64.7 65 )
( 10
6

)


Human Development Index (HDI)
( 4715)
HDI HPI



(barter economy)

( free goods )

GDP
15

UNDP, Human Development Report: Bhutan (2007-2008).

( )

30

UNDP 5.9 2,214

16 2,500


10

4.

GNH

UNDP, World Wildlife Fund

16

UNDP, MDGs Goal 1: Eradicate extreme poverty and hunger, http://www.undp.org.bt/mdg/mdg_one.htm

( )

31

GNH (
)






30







1960

(Asian Development
Bank ADB) UNDP
34 GDP

7 GDP

GNH
( 20
40 )
14,000

( )

32

60







50,000

GNH




15

2007-2008

( )

33

28

(Nado Rinchen)


2,600 26
2002-2007
17

1990

(cultural fascism)


50,000 7.4

.. 2008


17

Kuensel Online, Bhutan under fire from global warming,

http://www.kuenselonline.com/modules.php?name=News&file=article&sid=9511

( )

34

GNH






1999

GNH











,
,
,

( )

35

,

GNH

(Diener Oishi, 2000) (Galbraith, 1984)

(Scitovsky, 1992) (Lane, 2000)

(Hagerty Veenhoven, 2003)







GNH
(mixed economy)

( )

36

2: (Role of Islam in Development)

1,400

(Islamists)


(
)


(material well-being)






9/11

What Went Wrong? (Bernard Lewis)


5:

: http://en.wikipedia.org/wiki/Image:Muslim_distribution.png

( )

37

1.

(Sharia)



(Qiyas) (Ijma)
(Sharia)
(din), (nafs), (aql),
(nasl)
(maal)


18


(maal)

( )

18

Hasan, Zubair (2006), Sustainable development from an Islamic Perspective: meaning implications and policy concerns.

( )

38

19



GDP 8
40.7 GDP
1820 16.9 2006 6
GDP 17
65.6 1950 94.9 (
) 1980
1973
66.5 2006
1950 20
6: GDP 8 (, , ,
, , , , ) , 1820-2006

: A. Illarionov, What is to be blamed for economic stagnation in Arab world?

(Volker Nienhaus, 2006)

18

19

Hasan, Zubair (2006), Sustainable development from an Islamic Perspective: meaning implications and policy concerns.
A. Illarionov (2007), What is to be blamed for economic stagnation in Arab world?, Second Economic Freedom of the Arab
World Conference, Jordan, November 23, 2007.
20

( )

39

2.

(social market economy)

(
)

(institutionalized) (zakat
) 2.5 5 10

( )

40

,

21

(
) ()

(Public goods)

18

.
3.

(normative economics)
1970



(Ottoman Empire)
21

Timur Kuran (2004), Islam and Mammon: The Economic Predicaments of Islamism, Princeton University Press.

( )

41

(Middle East North Africa MENA)

13 20
( )
18


17


(farm tax)

19


MENA

1800
MENA 20





20 MENA

( )

42

(Frederic Pryor, 2007)
44 (cluster analysis)
62


(determinant) 7
7: 62

: Frederic Pryor, The Economic Impact of Islam on Developing Countries, Table 2

( )

43

(Statistically significant)

(inverse relationship)

(Regression analysis)








(
(Max Weber)

)

(Marcus Noland, 2006)

(crossnational) (subnational)



22




( )
22

Noland, Marcus (2006), Religion, Culture, and Economic Performance. Institute for International Economics.

( )

44

13 Pew Global Institute 2006

8: 13

: The Great Divide: How Westerners and Muslims View Each Other, Pew Global Attitudes Project 2006.

4. :

( )

45

(Time-series analysis)

(Islamic window)

(Islamic financial system)

(level playing field)

250
6 1980 50
20

( )

46

(Hanafi) (Maliki) (Shafei) (Hambali)

(Riba)
(excess)


(predetermined return rate)



(usury)











(Profit sharing)

(risk-sharing) (co-investing)

(

)
(
)

( )

47

(Unearned income)

(gharar)
(al-qimaar)

(al-maysir unearned
income)
(
)


(value investors)

(ihtikar) (najash
)


( )


(Maslahah Mursalah)

( )

48

1980

( 9-14)
()



1960




1970




1980
1990

(wealth management)
(Islamic window)

240 ( )
40

1980 1990

( )

49

(trade financing)

- (cost-plus-sale) (purchase finance)
(Murabaha)
- (Ijara)
- (

)
(Mudaraba) (venture
capital)
- (
) (Musharika)

(
)
( )

20 ( 1980-1990)





1990




(equity fund)
(asset-backed securities)
(Sukuk)

( )

50

30,000

( )

(securitization)
(special purpose vehicle SPV)


()

(Mudaraba)

( ) ( )

(special purpose mudaraba SPM)
SPV
SPM
( )

( )

51

9: (Sukuk)

(ijara/)

(credit enhancement)

(Guarantor)

Mudaraba
SPM/SPV

ijara Sukuk
()

(servicing)
:

(
Salam) (bay muajjal) /
(bay salam)




( )






(Ijara)

( )

52

( )



5,000
( 2 )
6
(
)










(
)

( )

53

.. 2006
2005


5

2000 336
2004 64 7,000
2005 10,000
30,000

2005 4
PLUS Expressway
- 797
PLUS 100 11 , 200
12 , 250 13 ,
180 14

5 PLUS
(refinancing)

2005
(Musharakah)
CIMB Islamic (
)
658 Musharakah One Capital (venture

( )

54

capital fund) 2005 Arab Banking

Corporation
Investment Dar of Kuwait
50

23
adverse selection


(monetary
policy)





(expected profits)


2006

23

Kuran, Timur (2004), Islam and Mammon: The Economic Predicaments of Islamism. Princeton University Press, Chapter 1.

( )

55

7
16 5 (Kiaee, 2007)24
5.

(Obligor)

(cost-efficiency)

24

Kiaee, Hasan (2007), Monetary Policy In Islamic Economic Framework: Case of Islamic Republic of Iran, MPRA Paper, No.
4837.

( )

56

(mixed economy)

(
)
(welfare state)
(social market economy)
.. 1960-1970

1,600

( )

57

( )

58

3: (Populist policies in Latin America)

1.
1980

GDP

(Populism) Populus
People 25
186026 Narodniks


(Utilitarianism) (Jeremy Bentham)
18 ( )
(The greatest good for the greatest number)
27

(Subject)
(Right) 28

25

(2548), , , .

27
(2547), . , 13 .. 2547 27 9774
28

26

( )

59

1960-1980

(Reactionary)
(
) (Establishment)



29




. . (2550), : ,
, 10-11 2550
29

( )

60

2.





30

3 1) 2)
3) /





31

30

. (2549) , ( 1 2 ), , 13 2549, 29
3766.
31

( )

61

... 32
3.





















.. 2459
33




34

32

,
33 . (2549) , ( 1 2 ), , 13 2549,
29 3766.
34 .. 2507- 2528 1700

( )

62

..2443-2518
100 1 9
75


35


(World
Bank) (IMF) IMF
IMF

IMF
4ations (Stabilization)
(Privatization) (Liberalization)
(Deregulation)




IMF

25 30





/
36
35 (2550) , , ,
http://www.localtalk2004.com/V2005/detail.php?file=1&code=a1_29062007_01.
36
Petras, James, Latin America, the EU and the US: The New Polarities

( )

63

1990









37

38

Latinobarometro
2005



, ,
, ,





37
38

Bremmer, Ian (2006), Populist Resurgence in Latin America?,Survival, Vol.48:2, p. 5-16.

( )

64

(uniform)



(policy reversal)




(double digit)
( )

4.


39











39

Dornbusch, Rudiger and Edwards, Sebastian, The Macroeconomics of Populism in Latin America

( )

65

( )

( )

66

5.


(Steve Stein)
Populism in Peru
3 (Classic Populism)
, (Neo-populism or Neopopulism Liberalism)
(Chavista populism) (Neo-populism
Nationalism)
(Classic Populism)











40


40

(2546), , ,
.

( )

67

Juan Peron
.. 1946-1955 1973-1974
Jose Maria Velasco Ibarra ..1934-1935
1944-1947 Salvador Isabelino Allende Gossens ..19701973 Arnulfo Arias .. 1940-1941
1949-1951 Omar Torrijos .. 1968-1981
(Neo-populism or Neo-populism Liberalism)

(Alberto Fujimori) .. 1990-2000
(Carlos Menem) .. 1989-1999
(Fernando Collor de Mello)
.. 1990-1992 (Abdala Bucaram)
1996-1997

( )

68

(Neo-populism Nationalism)





(community living organization OCVs)
3






(FTAA)


11



15

70

7

( )

69

(Hugo Chavez) ..1999-
(Alan Garcia) .. 2006-
(Cuauhtmoc Cardenas)
..1988 2:
2: 3

Juan Peron
.. 1946-1955 19731974

Jose Maria
Velasco Ibarra ..19341935 1944-1947

Carlos
Menem .. 19891999
Alberto Alan Garcia
Fujimori .. 1990- .. 2006-
2000
Hugo Chavez
..1999-

Fernando Collor de
Mello .. 19901992
Abdala
Bucaram ..19961997
Cuauhtmoc
Cardenas ..1988

Salvador
Isabelino Allende Gossens
..1970-1973
Arnulfo Arias
.. 1940-1941
1949-1951
Omar Torrijos ..
1968-1981

( )

70

(
)

( )

71

-











-







( 15 GDP 90 )







(
) ( )

10 (Gross Capital Formation) GDP 1998

( )

72

GDP
2003-2007
GDP (real GDP) 87.3
10: GDP

: , Venezuela Analysis - http://www.venezuelanalysis.com/analysis/2397

5.

( )

73

#1:

#2:

GDP

41
(unconscionably long time dying)42
#3:
41
42

(2547), , , 01 .. 2547, 27 9762

Alan Knight, Populism and Neo-populism in Latin America, especially Mexico, Cambridge University Press.

( )

74

43

#4:





(
)



#5:

43

( )

75

#6:



(bottoms-up approach)
(top-down approach)
(trickle-down)










(Washington
Consensus) 44
6.

1960-1980

(Neopopulism)

44

. (2549), (1) , , 12
.. 2549.

( )

76

( )

77

45

(FTA)

(Bolivarian Alternative for the Americas, ALBA)46
FTA

1
25


(Petro Caribe)
(Petro Sur)

(Tele Sur)
(CNN)






45
46

(2547), . , 8 2547.
, . .

( )

78

3.2 47

47

(2549), , , 26
2549.

( )

79

& 1:
(2547). . ., 2547.
Asian Development Bank, Bhutan update, 2008.
Asian Development Bank (2003), Country Economic Review: Bhutan.
Andrea Matles Savada, ed (1991), Bhutan: A Country Study. Washington: GPO for the
Library of Congress., http://lcweb2.loc.gov
Asian Development Bank, Bhutan Country Performance Assessment,
http://www.adb.org/Documents/CAPs/BHU/0101.asp
Benkler, Yochai (2006), The Wealth of Networks: How Social Production Transforms
Markets and Freedom.
Bhutan Statistical Yearbook, 2006.
Bhutan under fire from global warming Kuensel Online, http://www.kuenselonline.com,
(05/12/2007)
Diener, Ed and Oishi (200). Money and happiness: Income and subjective well-being
across nations, Diener, Ed and Suh, eds.,Analyzes SWB in relation to money,
age, gender, democracy, and other factors., Massachusetts: MIT Press, p. 185 215
Diener, Ed and Seligman, Martin E.P., Measure for Measure: The case for a national
well-being index, Science & Spirit, http://www.sciencespirit.org/article_detail.php?article_id=612
Diener, Ed and Seligman, Martin. Beyond Money: Toward an economy of wellbeing.

( )

80

European Parliament (2007) , Alternative progress indicators to Gross Domestic Product

(GDP) as a means towards sustainable development, Policy Department :
Economic and Scientific Policy.
Exiles attack Bhutan Constitution, http://news.bbc.co.uk, (04/04/05)
Friedman, Benjamin M. (2006). The Moral Consequences of Economic Growth,
Society, Volume 43, Number 2, p. 15-22.
Frey, Bruno S. und Alois Stutzer (2002), Happiness and Economics: How the Economy
and Institutions Affect Human Well-Being, Princeton: Princeton University Press.
Friedman, Milton, Capitalism and Freedom.
Helliwell, John F. and Huang, Haifang (2006), "Hows Your Government? International
Evidence Linking Good Government and Well-Being, NBER Working Paper, No.
W11988
Hagerty, Michael and Veenhoven, Ruut (2003), Wealth and Happiness Revisited:
Growing wealth of nations does go with greater happiness, Social Indicators
Research, vol. 64, 2003, p. 1-27.
Kahneman, Daniel (2002), Maps of Bounded Rationality: A Perspective on Intuitive
Judgment and Choice. Nobel Prize Lecture.
Kahneman, Daniel and Krueger, Alan, et. Al (2006), Would You Be Happier If You Were
Richer? A Focusing Illusion. CEPS Working Paper , No. 125, May 2006.
Kahneman, Daniel and Krueger, Alan. Developments in the Measurement of Subjective
Well-Being. Journal of Economic Perspectives, Winter 2006, p. 324.

( )

81

Lane, Robert E. (2006), The loss of happiness in market democracies, International

Journal of Applied Psychoanalytic Studies, Yale University Press, Vol.1, Issue 3, p.
283-286.
Layard, Richard (2003), Income and happiness: rethinking economic policy, Lionel
Robbins Memorial Lactures.
Layard, Richard (2003), What Would Make a Happier Society, Lionel Robbins Memorial
Lactures.
Layard, Richard (2005), Happiness, Lessons from a New Sciences, Penguin UK.
Myers, David (2004), Happiness Psychology 7th Edition, New York: Worth Publishers.
New Economics Foundation (2006), The Happy Planet Index.
Pearson, Natalie O (2008), Ecuador Plans to Nix Exploitation of 1B Bbl Oil Deposit,
Dow Jones Newswires, March 03, 2008.
Powdthavee, Nattavudh (2007), Economics of Happiness: A Review of Literature and
Applications, Institute of Education, University of London.
Pink, Daniel (2004). The True Measure of Success. WIRED Magazine.
Rehdanz, D. and Maddison (2003). Climate and Happiness Working Paper No. FNU20, Centre for Marine and Climate Research.
Scitovsky, Tibor (1992). The Joyless Economy: The Psychology of Human Satisfaction
(Revised Edition), Oxford: Oxford University Press.
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