The last thirty years or so has seen the commercial or ‘new wave' microfinance model rise to dominate the local financial systems in both developing and transition countries alike. Initially inspired by the Grameen Bank model that emerged in Bangladesh in the 1970s, but later refined to more...

One of the central claims of the new generation of neoliberal economists that emerged in the 1960s, especially in the USA, was that market-driven private sector financial institutions were by far the most effective at intermediating capital into the most productive uses (Friedman, 1962; McKinnon,...

There is a growing consensus that the historical evidence shows that development and growth require the impetus provided by a functioning developmental state. Originally conceived through East Asian examples (Japan, South Korea and Taiwan) as a ‘top-down' intervention undertaken by a pilot...

This working paper is produced within the project framework of the Employment Regeneration Programme funded by the EAR, undertaken under the Ministry of Labour and Social Welfare, and contracted to IMC Consulting Ltd (EuropeAid/114770/D/SV/KOS). It is intended to promote greater discussion about...