This work explores a new development paradigm whose central focus is on human well-being. Increase in income is treated as an essential means, but not as the end of development, and certainly not as the sum of human life. Development policies and strategies are discussed which link economic growth with human lives in various societies. The book also analyzes the evolution of a new Human Development Index which is a far more comprehensive measure of socio-economic progress of nations than the traditional measure of Gross National Product. For the first time, a Political Freedom Index is also...

In his 1972 Janeway Lectures at Princeton, James Tobin, the 1981 Nobel Prize winner for economics, submitted a proposal for a levy on international currency transactions. The idea was not greeted with enthusiasm, as the 1970s were a period of optimism and confidence in floating exchange rages. Yet, whenever currency crises erupted during the past decades, the proposal for a levy on international currency transactions would once again arise. In the 1990s, two additional facts have sharpened interest in the Tobin tax proposal. First is the growing volume of foreign exchange trading. Second,...