Markets, Morals and Development : Rethinking Economics from a Developing Country Perspective book cover
1st Edition

Markets, Morals and Development
Rethinking Economics from a Developing Country Perspective

  • Available for pre-order. Item will ship after October 11, 2021
ISBN 9781032116822
October 11, 2021 Forthcoming by Routledge India
140 Pages 2 B/W Illustrations

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Book Description

This book presents, or rather ‘re-presents’, the intricacies of a developing economy in the light of recent theoretical developments in economics while also providing a fresh perspective on the perceived inadequacies of the discipline in addressing the discontents of the contemporary global economic order.

The book argues that there is scope for economics to be a more humane discipline and more relevant to contemporary economic problems by embracing new ideas, including those from other disciplines. It shows how economic concepts including recent theoretical advances can help better understand real life economic phenomena; to rethink the ways of making the market economy address the moral issues of human well-being and social justice and; overall, how the study of economics at an introductory level and public discourses on economic issues can be made more engaging as well as more relevant to the problems of developing countries. Based on public lectures given by the author in Dhaka, and using illustrations from Bangladesh, India and other countries, the book offers an authoritative understanding of diverse economic realities by taking a fresh look at the familiar.

Comprehensive and accessible, the book will be of interest to students and researchers of economics, development economics and policy, sociology and business studies as well as journalists, public intellectuals and policymakers in developing countries.

Table of Contents

Acknowledgements. 1. Introduction 2. Thinking Like an Economist, Especially in a Less Developed Country 3. The Ethical Basis of Economic Theory and Practice 4. Institutions, Morality Norms and Development 5. Amartya Sen’s Ideas in the Context of Socio-Economic Progress of Bangladesh 6. Is there an Economics of Social Business? Index.

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Wahiduddin Mahmud (PhD in economics, University of Cambridge) is a former Professor of Economics at the University of Dhaka and is currently Chairman, Economic Research Group, Dhaka. He is also affiliated with International Growth Centre at LSE and is on the Board of the Global Development Network. He was a member of the UN Committee for Development Policy and has held visiting research positions at the World Bank, UN Development Programme (UNDP), International Food Policy Research Institute (IFPRI), and Institute of Development Studies at University of Sussex. He was a member of the caretaker government of Bangladesh in charge of the ministries of finance and planning.


"At the same time short and sweeping, this book by Wahiduddin Mahmud is a remarkable survey and critique of modern economics. What makes the book special is the author’s novel perspective which allows for the possibility of breaking tradition and writing a full description of economics using the developing country as a template, since such countries capture a broader canvas of life, from the informal bazaars to modern malls and financial markets. With allusions to literature, psychology and anthropology, and sprinkled with illustrations from Bangladesh, India and other economies, Mahmud’s book is a pleasure to read." —Kaushik Basu, Professor of Economics and Carl Marks Professor of International Studies, Cornell University