While the traditional approach to the adjustment of international imbalances assumes industrialized countries at a similar level of development and with similar production structures, such imbalances have historically been the result of a process of catching up by lateindustrializing developing...

Ragnar Nurkse was one the pioneers in development economics. This paper celebrates the hundredth anniversary of his birth with a critical retrospective of his overall contribution to the field, in particular his views on the importance of employment policy in mobilizing domestic resources and...

Reviewing the birth of the modern international financial system since its Bretton Woods roots, Professor Jan Kregel shows that the roots of today’s problems and imbalances were already present from the outset. In “The Clearing Union Principle as the Basis for Regional Financial Arrangements...