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The Political Economy of 'Policy Credibility': The New-Classical Macroeconomics and the Remaking of Emerging Economies

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  • Grabel, Ilene
Abstract
The criterion of "policy credibility" is invoked with increasing frequency today by new-classical development economists in debates over economic and institutional reform in developing and transitional countries. The paper argues that the credibility criterion is used to privilege neoliberal economic policies and associated institutions. The paper demonstrates that the credibility criterion is theoretically anti-pluralist and politically anti-democratic. In this connection, the paper argues that a policy's credibility is always secured endogenously through political and economic power rather than exogenously by virtue of the epistemiological status of the theory that promotes it. The paper concludes by suggesting two alternative criteria by which policy regimes and the governance structure of monetary institutions could be adjudicated. These alternative criteria are termed the "principle of democratic credibility" and the "principle of fallibility". Copyright 2000 by Oxford University Press.

Suggested Citation

  • Grabel, Ilene, 2000. "The Political Economy of 'Policy Credibility': The New-Classical Macroeconomics and the Remaking of Emerging Economies," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 24(1), pages 1-19, January.
    • Handle: RePEc:oup:cambje:v:24:y:2000:i:1:p:1-19
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    Cited by:

    1. Ha-Joon Chang & Ali Cheema & L. Mises, 2002. "Conditions For Successful Technology Policy In Developing Countries—Learning Rents, State Structures, And Institutions," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 11(4-5), pages 369-398.
    2. Constantinos Alexiou & Joseph G. Nellis, 2016. "Investment Decisions within the Context of Financialization: Cointegration Evidence from the UK Economy," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 63(1), pages 113-133, March.
    3. Alice Sindzingre, 2003. "Liberalisation, Multilateral Institutions and Public Policies : The Issue of Sovereignty In Sub-Saharan Africa," Mondes en développement, De Boeck Université, vol. 123(3), pages 23-56.
    4. Hyungna Oh & Jong Ho Hong, 2014. "Citizens' Distrust in Government and Project Implementation in the Public Sector," Korean Economic Review, Korean Economic Association, vol. 30, pages 25-40.
    5. Erin Lockwood, 2021. "The international political economy of global inequality," Review of International Political Economy, Taylor & Francis Journals, vol. 28(2), pages 421-445, March.
    6. Thomas Edward Flores & Irfan Nooruddin, 2011. "Credible Commitment in Post-Conflict Recovery," Chapters, in: Christopher J. Coyne & Rachel L. Mathers (ed.), The Handbook on the Political Economy of War, chapter 23, Edward Elgar Publishing.
    7. Ilene GRABEL, 2004. "Trip Wires And Speed Bumps: Managing Financial Risks And Reducing The Potential For Financial Crises In Developing Economies," G-24 Discussion Papers 33, United Nations Conference on Trade and Development.
    8. Thomas I. Palley, 2009. "Rethinking the economics of capital mobility and capital controls," Brazilian Journal of Political Economy, Center of Political Economy, vol. 29(3), pages 15-34.
    9. Marangos, John, 2006. "Developing a civilised society in transition economies: The Post Keynesian paradigm," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 35(4), pages 660-681, August.
    10. Ran Liu & Yuhang Jia, 2021. "Resilience and Circularity: Revisiting the Role of Urban Village in Rural-Urban Migration in Beijing, China," Land, MDPI, vol. 10(12), pages 1-13, November.
    11. Groenewegen, John, 2022. "Institutional form (blueprints) and institutional function (process): Theoretical reflections on property rights and land," Land Use Policy, Elsevier, vol. 121(C).
    12. Thomas I. Palley, 2005. "Soros on International Capital Markets and Developing Economies: Multiple Equilibria and the Role of Policy," Eastern Economic Journal, Eastern Economic Association, vol. 31(3), pages 407-419, Summer.
    13. M Cruz, 2003. "A Minskyian Crisis: An Application to the 1994-95 Mexican Experience," Economics Discussion Paper Series 0325, Economics, The University of Manchester.
    14. Wang, Weiye & Liu, Jinlong, 2022. "Lessons of government centralization and credibility: A qualitative case-study of administrative change in Jiuzhaigou Nature Reserve, China (1982–2018)," Land Use Policy, Elsevier, vol. 113(C).
    15. Thomas Edward Flores & Irfan Nooruddin, 2009. "Democracy under the Gun Understanding Postconflict Economic Recovery," Journal of Conflict Resolution, Peace Science Society (International), vol. 53(1), pages 3-29, February.
    16. Mohamed, Seeraj, 2008. "Economic policy, globalization and the labour movement: Changes in the global economy from the golden age to the neoliberal era," GLU Working Papers 1, Global Labour University (GLU).
    17. Robert Pollin, 2002. "Globalization and the Transition to Egalitarian Development," Working Papers wp42, Political Economy Research Institute, University of Massachusetts at Amherst.

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