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globalization as driven not by foreign trade and investment but by increasing technological scale and information flows. Political scientist Robert Gilpin defines globalization as the “increasing interdependence of national economies in trade, finance, and macroeconomic policy.” Sociologist Roland Robertson argues that globalization “refers both to the compression of the world and the intensification of consciousness of the world as a whole.” Also sociologist Martin Albrow defines globalization as the “diffusion

Morduch, J., 2004. The Economics of Microfinance, MIT Press, forthcoming. Barnerjee, A., Newman, A., 1993. Occupational choice and the process of development, Journal of Political Economy 101, 274-98. Benabou, R., 1996. Inequality and growth, NBER Macroeconomics Annual, 11, MIT Press. Benhabib, J., Spiegel, M., 1994. The role of human capital in economic development : Evidence from aggregate cross-country data, Journal of Monetary Economics 34(2), 143-73. Datt, G., Ravallion, M., 1998. Farm productivity

under developed states with unstable institutions o Bound to exacerbate economic inequalities o Liberalization also seen in the Washington Consensus • Process under IMF: sever austerity measures (loans like before) to restore macroeconomic balances and suppress inflation. The shock economy with liberalization and currency devaluation, fiscal discipline, and deflation to get rid of excess demand. • Latin American and African countries faced high levels of stagnation, lower social

11 Estache A, (2004), op cit., p.31. 20 Calderon C., Easterly W. and Serven L., (2003), “Latin America Infrastructures in the Era of Macroeconomic Crises”, in Easterly W. and Serven L., (ed.), The Macroeconomics of Infrastructures in Latin America, The World Bank, Washington D.C. Campos J., Estache A., Martin N. and Trujillo L., (2003), “Macroeconomic Effects of Private Sector Participation in Infrastructures”, in Easterly W. and Serven L., (ed), Infrastructure, Public Deficit and Growth in

l'Amérique Latine dans les années quatre vingt-dix, OCDE, Paris. BROHMAN J. (1995), "Economism and Critical silences in Development studies: a theorical critic of neoliberalism », Third World Quarterly, Vol. 16, n° 2, juin. BUFFLE E.F. (1984), "The Macroeconomics of Trade Liberalization", Journal of International Economics, n° 17, pp.121-137. BUFFLE E.F. et SPILLER P.T. (1986) "Trade Liberalization in Oligopolistic Industries (The Quota Case)", Journal of International Economics, n° 20, pp. 65-81. DEVARAJAN

fortement l'affirmation de Sachs & Werner (1995) qui considèrent que l'indicateur d'ouverture est une sorte de variable proxy de la politique économique : "open trade has tended to be correlated with other features of a healthy economy, such as macroeconomic balance and reliance on the private sector as the main engine of growth. To some extent, opening the economy has helped to promote governmental responsibility in other areas. To that extent, trade policy should be viewed as the primary instrument

Les recommandations n’ont pas fondamentalement changé : il s’agit toujours de préconiser un ajustement à la baisse des salaires, mais elles sont dorénavant ciblées sur ce 1 Richard Layard, Stephen Nickell & Richard Jackman, Unemployment : Macroeconomic Performance and the Labour Market, Oxford University Press, 1991; pour une critique de cette approche : Michel Husson, Pourquoi les taux de chômage diffèrent en Europe, La Revue de l'IRES n°32, 2000, http://hussonet.free.fr/caesup.pdf 1 qui

on productivity improvement * Expansion of store network Concerning the emerging countries, LVMH is well positioned to fully benefit from development in emerging countries. There is an excellent growth outlook for LVMH : * Buoyant macroeconomic environments * Increasing appeal of luxury products to clientele from emerging countries * Pioneering expansion strategy of LVMH, adapted to local culture and context * Powerful and strong visibility of our brands * Talented teams

have been approximately doubled compared to pre-crisis levels. Financing terms have been made more concessional, and the interest rate is reviewed every two years. All facilities support country-owned programs aimed at achieving a sustainable macroeconomic position consistent with strong and durable poverty reduction and growth. Extended Fund Facility (EFF). This facility was established in 1974 to help countries address medium- and longer-term balance of payments problems reflecting extensive distortions