The goal of “Inclusive Economics” is to tie together various authoritative strands of contemporary economic theory into an easily comprehensible whole that illuminates the need for a broader approach to contemporary economic policymaking undistorted by obsolete 18th century rationalist assumptions about utility, ethics, worthiness and traditional culture. This is accomplished by elaborating the rationalist competitive ideal along the optimizing lines pioneered by Paul Samuelson (neoclassical economics); plumbing modifications necessitated by Herbert Simon's realist concepts of “bounded rationality” and “satisficing”; refined further by applying a pragmatist outlook to probe the consequences of relaxing Enlightenment teleological, ethical, spiritual and cultural taboos. The exercise will explain why competitive market economies guided by rational utility-seeking invariably are less productive, efficient, just and beneficent than most theorists concede, and will illuminate the full range of interventions needed to achieve better outcomes. We call this program in its entirety “Inclusive Economics”, including the integration of micro and macroeconomics.

There is one serious missing link at the center of today’s capitalism. It is a disequilibrium between increased economic interconnectedness and increased isolation/exclusion. This unique challenge in the 21st century calls for a unique solution: Ubuntu. Africa might be the last place where experts would look for an economic solution, but it ironically holds the secret to restoring the right equilibrium in the economy. Ubuntu’s ability to reconnect the marginalised with the mainstream by putting emphasis on our humanness, connectedness, collective growth through expansion and improved efficiency creates new capacity for the economy to rebalance itself towards genuine and sustainable progress. Ubuntu encapsulates that which is the opposite of economic exclusion (i.e. inequality, poverty, unsustainable growth, limited profits, etc.), namely economic inclusion. However, only a small window of opportunity exists – in and after the COVID-19 pandemic – to implement Ubuntu as a fundamental economic principle in order for it to be an effective remedy. The global economy and most local economies have entered the phase of rebuilding with a serious drawback: after the previous global financial crisis, both the economy and government’s capacity to recover are severely limited as unemployment levels, debt levels and natural resource depletion levels keep soaring, resulting in dangerous levels of economic exclusion and social instability. To this and more, the inclusive economy presents tangible solutions.

This publication offers new insights into the economic theory of social economy organisations, their role in an evolving political and economic context, and the links to local development and the empowerment of users.

This book rethinks economic theory and calls for a creative and pragmatic approach to policymaking. It examines what development and sustenance of economic progress mean, and how these may be facilitated. The relevance of this issue has received fresh impetus from the significant changes in the degree and pattern of international economic relations that are unfolding across the world, posing both opportunities and challenges. While globalisation of goods and financial markets may have delivered high growth for some nations, the distribution of the benefits has often been highly unequal, with gains to owners of capital and skills being disproportionately higher compared to that of labour, especially the unskilled. Widening and persistent inequalities have been at the heart of rising polarisation and spread of conflicts that threaten the social fabric. This work emphasises the relevance of a broad policy framework based on building individual capabilities and in line with a human-centric perspective. At the same time, it points out the crucial need to create policy space for macroeconomic stability and to accommodate heterodox influences, especially when conventional wisdom proves inadequate, as starkly demonstrated inter alia during the recent global financial crisis. This festschrift, dedicated to Deepak Nayyar, presents chapters on diverse themes that address the persisting global problems of poverty, inequality and sustaining development. The book will be of great interest to scholars and researchers of economics, development studies, public policy and governance, and also to policymakers, government officials and those in media.

Advocating for the importance of promoting openness in trade, this book highlights China and Peru’s unique relationship to prioritise fair and equitable growth for all.

This book addresses the gaps in the present institutional structure of inclusive finance framework in India. It provides a comprehensive review of the role of banks in financial inclusion policy and micro-finance landscape in India at present. It identifies the key issues within the banking system which prove to be obstacles in the way of achieving financial inclusion and sustainable growth. The book conceptualizes inclusive banking, delves into the theoretical foundations thereof and suggests an institutional framework to avoid overlapping of their functions in order to ensure profitability. It reviews the existing market structure and competition in the inclusive finance arena while considering the role of banks, micro-finance institutions and SHGs in financing the poor. The book proposes a distinct change to the existing business model, examines the bank business model for inclusion and how the banks can and should treat the micro lending clientele as their core client base to counter the issues of profitability and competition in today’s banking sector. It also discusses some of the latest initiatives in inclusive finance and the importance of entrepreneurship development experiments in India and their efficacy in comparison with the micro-lending model.

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African countries are pursuing a number of development agendas toward achieving economic growth that is inclusive, pro-poor, and sustainable, particularly the type that can unleash the potential of women and booming youthful populations. However, available evidence shows that many African countries have experienced economic hardships and have performed more poorly than other developing and emerging countries in the global south. The Handbook of Research on Institution Development for Sustainable and Inclusive Economic Growth in Africa is an essential research publication that provides comprehensive research on the processes of building viable institutions in Africa that will serve as the fulcrum for utilizing and managing resources as well as promoting economic growth that is inclusive and sustainable. Featuring topics such as climate change, financial development, and poverty, this book is ideal for researchers, policymakers, developers, economic professionals, academicians, government officials, business professionals, and students.

This book offers a thorough examination of the economics of financial inclusion and management from a contemporary standpoint. It covers a vast array of financial inclusion-related topics, surveying economies around the globe and analyzes the factors that contribute to both financial inclusion and exclusion. The book discusses the role of technology, examining how technological advances have revolutionized financial services and increased access to populations that were previously underserved. It studies the intersection of financial inclusion and sustainability, highlighting the significance of green finance and its role in fostering inclusive and sustainable economic growth. Financial literacy and the theories underlying financial inclusion efforts are examined, as is the impact of financial criminality. Further, the authors consider regional development and the extant gaps in financial inclusion as well as the urban-rural divide, investigating disparities between urban and rural areas and proposing strategies to bridge the gap. They also assess the effect of inflation and recession and discuss how monetary and fiscal policies can impact inclusion initiatives. The book concludes with a management perspective on financial inclusion, with chapters devoted to various aspects of administering inclusive financial systems. It combines theoretical insights with empirical evidence and case studies, from both developing and developed nations, to illustrate the various approaches and challenges and to provide a comprehensive understanding of worldwide advancements and developments. The comparative approach provides readers with insights into diverse strategies and best practices for overcoming challenges and obstacles and for promoting financial inclusion in various economic contexts. Overall, readers will benefit from the book's comprehensive analysis and exhaustive coverage. It is an invaluable resource for advanced students, scholars, researchers and policymakers.

The global financial crisis of 2008 was resolved over the course of two years after the collapse of the US housing bubble, but the world economy did not vigorously rebound as expected. The West has been torpid, while Asian economic vitality has steadily waned. These developments have been diversely interpreted and authorities have responded with a series of institutional reforms and policy fixes, without coming to grips with accumulating national debts, the kinds of speculative practices that caused the financial crisis, and the inadequacies of neoclassical and Keynesian macroeconomic explanations.Global Economic Turmoil and the Public Good presents the cumulative research of both authors. It updates the readers on global economic developments since 2008, while providing a concise, yet comprehensive survey of the causes and protracted consequences of the 2008 financial crisis. The book explains the global financial disequilibrium and catastrophic crisis risks; surveys and appraises institutional reforms designed to reinvigorate growth and ameliorate financial crisis risk; and proposes specific actions which will prevent another global financial crisis and its economic fallout.