The Political Economy Of Emerging Markets And Alternative Development Paths

This volume is the continuation of our research on economic and developmental policy-making in the global semi-periphery in the post-crisis cycle (see our two recently published volumes titled ‘Market-Liberalism and Economic Patriotism in Capitalist Systems’ edited by Gerőcs and Szanyi, 2019, Palgrave Macmillan and ‘The Post-Crisis Developmental State – Perspectives from the Global Periphery’ edited by Gerőcs and Ricz, 2021). Our new volume aims to be a contribution to the analysis of emerging market economies’ alternative development trajectories, as we explore the new perspectives on semi-peripheral dependent development since the Global Financial Crisis and especially amidst the new global pandemic, the COVID-19. The scope of comparative capitalism research has also been altered accordingly to include the analysis of emerging economies outside the core of the world system, and to make intertemporal comparisons possible (such as to define and characterise historical waves of state capitalism). Still, we are convinced that to better understand the current wave of state capitalism and to explore its national varieties there is a need to critically reconsider existing theoretical approaches and methodologies, and to search for new ones, if necessary. This book aims to be a contribution to the analysis of emerging market economies' alternative development trajectories and explores new perspectives on semi-peripheral dependent development, especially amidst COVID-19.

This book focuses on the role of the state in economic development in a variety of Third World settings through an in-depth analysis of the past several decades. Berberoglu examines three major alternative development theories: developmentalism, dependency, and neo-Marxist. He then critically analyzes these theories and their variants to set the stage for a detailed examination of various development paths. Two paths of capitalist development are contrasted: the export-oriented neo-colonial model and the import-substituting state-capitalist model. The role of the state in each of these alternatives is discussed in the context of the balance of class forces. Berberoglu also provides case studies of Turkey, Tanzania, Peru, and India -- countries in which the state played a significant role in the development process. In each case, he demonstrates that the process of state-capitalist development inevitably leads to neo-colonialism. This export-oriented path ties Third World countries to centers of world capitalism, with all the consequent contradictions that such a linkage entails. The book outlines the class nature of these contradictions on a global scale and maps out the balance of class forces and struggles, the role of the state, and the resultant revolutionary developments that are part of the process of social change and transformation now under way in many Third World countries. Also included is an appendix highlighting the need for a class-centered approach in development studies.

Rapid and sustained growth in the twenty-first-century global economy of large developing economies including Brazil, Russia, India, China, and South Africa, has captivated policy-makers and popular business press pundits alike. The coining of the new acronym BRICS and widespread adoption in international economics discourse of the designation "emerging markets" is symptomatic of that interest. The Political Economy of Emerging Markets situates the BRICS phenomena in the global economic context of advanced economies continuing to languish in recession and hovering over a deflationary abyss several years after the meltdown. A key question this volume seeks to answer is whether the BRICS and so-called "emerging market" phenomenon is really the new miracle it is presented as, offering new or modified varieties of reloaded capitalist development to the world, or yet another mirage. Written by ten leading global experts, this book answers the tough questions over BRICS and emerging markets potentially realizing new varieties of reloaded capitalism. It is not only international and interdisciplinary but uniquely multiperspectival. Theories framing chapters are not of one genre, but generate theoretical debate at the frontier of knowledge in political economy along with nuanced empirical analysis which flows from it. This book is of great importance to those who study political economy, development economics and international political economy.

This book, through an analysis of case studies in Latin America and Southeast Asia, sets out to understand the form and function of contemporary states seeking to guide and cajole markets, hoping to stimulate economic growth and generate robust development outcomes. In the context of contemporary globalization, and the hegemony of a neoliberal mode of capital accumulation, independent state-directed development has moved away from the reach of many emerging markets. Wylde’s analysis reveals that, contrary to much of the literature espousing the ‘end of the state’, the role of the state in the 21st century development process continues to be of pivotal importance.

Challenging the dominant and mainstream views in global development, this pioneering Handbook questions the entirety of the development process in order to outline the holistic political economies of development, its discontents, and its alternatives. Critically engaging with key theoretical debates and constructs in development studies, expert contributors assess the problem of global development and underdevelopment and the existing problematic explanations and solutions, before outlining alternatives. Chapters explore the nature of development, engaging with, critiquing and going beyond the dominant theoretical approaches of modernisation, dependency, neoliberalism, human development, sustainable development, and post development. They further examine more recent powerful forces of change, including sustainability, self-reliance, social and solidarity economies, and ecological alternatives. The Handbook makes a convincing case for an open-ended, ongoing theorisation of development and leaves readers with a key take-away: that not only inequalities but also social stratification can be used to frame the theorising, teaching, practice, praxis, policies, politics, activism, and indeed everything in the political economy of development. Underpinning innovative new research on development, this Handbook will prove invaluable to students and scholars of development studies, development economics, political economy and social policy in emerging countries. Global in scope, policymakers and practitioners working in the Global South will also find its insights refreshing.

This open access book modifies and revitalizes the concept of the ‘developmental state’ to understand the politics of emerging economy through nuanced analysis on the roles of human agency in the context of structural transformation. In other words, there is a revived interest in the ‘developmental state’ concept. The nature of the ‘emerging state’ is characterized by its attitude toward economic development and industrialization. Emerging states have engaged in the promotion of agriculture, trade, and industry and played a transformative role to pursue a certain path of economic development. Their success has cast doubt about the principle of laissez faire among the people in the developing world. This doubt, together with the progress of democratization, has prompted policymakers to discover when and how economic policies should deviate from laissez faire, what prevents political leaders and state institutions from being captured by vested interests, and what induce them to drive economic development. This book offers both historical and contemporary case studies from Japan, South Korea, Taiwan, Singapore, Indonesia, Malaysia, Myanmar, Ethiopia, Kenya, and Rwanda. They illustrate how institutions are designed to be developmental, how political coalitions are formed to be growth-oriented, and how technocratic agencies are embedded in a network of business organizations as a part of their efforts for state building.

The rise of multinational corporations (MNCs) from emerging markets has been a major development during the last decade. An important feature of emerging market MNCs is their close relationship with home states. The book investigates this special kind of relationship and explores how it affects the cross-border activities of these corporations.

This new volume presents innovative approaches to the fundamental issues of the global political economy, in particular post Cold War development, analyses of capital and negative aspects of globalization.