Are Emerging Markets Still Developing? And What is Development Anyway?

Room BGLT (SOAS Brunei Gallery Lecture Theatre)

Emerging markets are now seen to be retreating – but they are essentially defined not so much by their rising per capita incomes as by their integration into global financial markets. This has been touted as a sign of their coming of age – but in fact it could actually impede and retard their development project, especially if development is not seen as poverty alleviation but as structural transformation. I will examine recent macroeconomic changes in a number of “emerging market economies” to argue that their financial globalisation is the real source of what has been called the “middle income trap”.

Professor Ghosh has written extensively on development economics, international economics, employment, gender, finance and the Indian economy, authoring and co-editing several books and more than 120 scholarly articles. Described by the Guardian newspaper as one of the world’s leading economists, she has received awards from the ILO and UNDP for her research. She teaches at the School of Social Sciences, Jawaharlal Nehru University, New Delhi, India and is the Executive Secretary of International Development Economics Associates (IDEAS), an international network of heterodox development economists.