Markets, Morals and Development

"""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 ""In rich, provocative, contextualized, personalized, and lucid narratives, Wahiduddin Mahmud raises serious questions in his book that call for a rethinking of the subject matter of economics, especially from a developing country perspective. Instead of treating the Western construct of the market paradigm as impersonal and impervious, he seeks to broaden and humanize the focus of economics by drawing upon ground realities that interact and intervene to shape economic behavior and outcomes. By integrating concepts that draw upon the broader canvas of the social sciences—trust, cooperation, ethics, morality, social justice, law, etc.—Mahmud offers a more eclectic economics that has the potential to make a significant difference for policy making and impacting lives and livelihoods. With analyses that are incisive, critical, and yet, constructive and insightful, the book is a ""must read"" for students of economics and business studies as well as policymakers and practitioners."" Syed Saad Andaleeb, Distinguished Professor Emeritus, Black School of Business, Pennsylvania State University ""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 ""In rich, provocative, contextualized, personalized, and lucid narratives, Wahiduddin Mahmud raises serious questions in his book that call for a rethinking of the subject matter of economics, especially from a developing country perspective. Instead of treating the Western construct of the market paradigm as impersonal and impervious, he seeks to broaden and humanize the focus of economics by drawing upon ground realities that interact and intervene to shape economic behavior and outcomes. By integrating concepts that draw upon the broader canvas of the social sciences—trust, cooperation, ethics, morality, social justice, law, etc.—Mahmud offers a more eclectic economics that has the potential to make a significant difference for policy making and impacting lives and livelihoods. With analyses that are incisive, critical, and yet, constructive and insightful, the book is a ""must read"" for students of economics and business studies as well as policymakers and practitioners."" Syed Saad Andaleeb, Distinguished Professor Emeritus, Black School of Business, Pennsylvania State University"