The Next Great Globalization: How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich

By Frederic S. Mishkin | Go to book overview

Thirteen
Getting Financial Globalization Right

Promoting economic growth and alleviating poverty in so many disadvantaged countries is one of the greatest challenges the world faces today. How can these countries safely get on the path to riches?


What Have We Learned?

The chapters in this book contain a lot of information, a lot of data, a lot of economic reasoning, and a lot of advice. Here are six lessons we can draw from it all.


1. Financial Globalization Is Not the Answer,
but It Is an Important Part of the Answer

An economy's ability to allocate capital to its most productive uses enables it to reach its full potential in terms of growth, high income per person, and all the benefits that come with achieving these goals. Developing this ability takes dedication, hard work, commitment, and time. It also takes the development of institutions that promote strong property rights and a wellfunctioning financial system that moves funds to support productive investments. Institutional development is a complex process, and the “one size fits all” approach of taking institutions from advanced countries and plopping them down in poor countries has not worked.1 Institutional frameworks must be homegrown.

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