Policy Matters advances the analytical debate in elaborating relevant economic and social policies to achieve more sustainable and equitable development in our times.

Early chapters underscore the importance of ensuring equity, not only as a desirable end in itself, but also to enhance economic growth and ensure social stability and political security.

The following chapters suggest that the promises of trade and financial liberalization have not been realized. Trade liberalization may well have worsened unemployment as well as working conditions besides undermining existing productive capacities and reducing the 'policy space' for developing better and competitive new economic capacities.

Meanwhile, financial liberalization does not seem to have contributed to economic growth while exacerbating economic volatility, instability and crises. The debates on 'scaling up' aid and aid-induced 'welfare colonialism' as well as appropriate monetary and exchange rate policies are engaged. The issue of poverty programme targeting efficiency and the social policy debate on universalism versus targeting conclude this rich and important volume.