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.
Author(s): Judit Ricz, Tamás Gerőcs
Series: International Political Economy Series
Publisher: Palgrave Macmillan
Year: 2023
Language: English
Pages: 348
City: Cham
Acknowledgements
Contents
List of Contributors
List of Figures
List of Tables
1 Introduction: Emerging Market Economies and Alternative Development Paths
Theoretical Framework(s) to Analyse Emerging Markets’ Varieties of Capitalism
The Aim, Approach and Structure of the Volume
References
2 Conflict Between Great Powers Is Back with Vengeance: The New Cold War Between the US and China Plus Russia
Geopolitics Is Back, But It’s in the Economy
United States
Western Democracies
China
Trade Cold War
Capital Cold War
High-Tech Cold War
Cyber Cold War
Conclusion
References
3 Middle-Income Trap and the Evolving Role of Institutions Along the Development Path
Introduction
An Empirical Illustration of the Middle-Income Trap
More Systematic Evidence on the Middle-Income Trap
The Example of the Soviet Economic Model
Theoretical Generalisation: Institutions and Development
Back to Empirics
Discussion
References
4 Populism and/or Developmentalism: Past and Present Experiences
Introduction
Populism and Developmentalism: The Latin American Experience
Populism as a (Purely) Political Strategy
The Resurgence of Populism and Developmentalism in Latin America: The Pink Tide
Inclusive Versus Exclusive Populism: The Case of CEE
Conclusion
References
5 Surviving and Competing Successfully? Internationalisation of State-Owned Companies in Central and Eastern Europe
Introduction
Review of the Literature
Defining SOEs and State-Owned Multinationals
SOEs in the Visegrad Economies
Are Visegrad SOEs Hybrid?
Concentration of SOEs in Sectors - Industries
Performance of Visegrad SOEs
The Regulatory Role of SOEs in the Visegrad Countries
State Intervention in Foreign Investments of Visegrad Firms
Visegrad Multinationals
Czechia
Hungary
Poland
Slovakia
Discussion
Conclusions
References
6 The Role of Manufacturing in the Central and Eastern European Countries in the Various Periods from Transition to Mature EU Membership
Introduction and Chronology
VoC and CEE in a Chronological Approach
Analysing the Role of Manufacturing in CEE
Sectoral Composition of Economies
Employment
One Important Aspect of the CEE Capitalism Model: Export-Orientation
Conclusions
References
7 The Belarusian Development Path: From Command Economy to State Capitalism?
Introduction
Literature Overview and Conceptualization
A Winding Road of the “Belarusian Economic Model”
The First Years of Independence
Emergence of the “Belarusian Economic Model:” from Rise to the Crisis (1991–2006)
Limited Attempts of Market Reforms (2007–2015)
Toward Stability Based on Market Mechanisms (2015–2020)
Tightening the Grip Again (Since Autumn 2020)
Formal and Informal Features of the Belarusian Economy
Ownership Structure and Ownership Control
State Planning System
Unequal Treatment of State and Private Businesses
State-Organized Informality
Conclusions and Discussion
References
8 Rent Streams and Institutional Development in the (Semi-)periphery: Iran and Hungary
The Role of Rents in the Economy and Economic Theory
The Various Types of Rents
The Economic Impact of Rents
The Iranian Case
Political Settlement in Iran
Rent Space in Iran
Evolution of the Deals Space in Iran
The Hungarian Case
Changes of Political Settlement in the Hungarian Transition Process
Rent Streams and Rent Space in Hungary
The Deals Space in Hungary
Comparative Analysis and Conclusions
References
9 The Return of Industrial Policy in Turkey
Introduction
Turkish Industrial Policy Followed Global Trends
Infant Industry, Import Substituting Industrialisation (ISI), and Five Year Plans (FYPs)
From Import Substituting Industrialisation to Export-Oriented Industrialisation (EOI): 1980s Crisis and the Washington Consensus
The 2001 Crisis, Post-Washington-Consensus Reforms, and the Retreat of Industrial Policy
Post-2009 ‘Return’ of Mainstream Industrial Policies
Covid-19 and Green Industrial Policies
New Industrial Policy
The Challenge of Decarbonisation of Turkish Industry
Positive Momentum in ICT and Defence Sectors and Some High-Tech Projects
Heading for a Middle-Of-The-Road Innovator Trap?
Recurring Turkish Features that Undermine Effective Industrial Policy
Navigating Uncertainty, Institutional Weakening, and Macro-Instability in Late AKP Era
Conclusion
References
10 Educational Developmentalism: A Key to the Success of the East Asian Developmental States
Introduction
Public education: similarities and peculiarities
Positions in PISA rankings
Public education in Singapore
Public education in the Republic of Korea (South Korea)
Public education in Taiwan
Conclusions
References
11 Are There Varieties of Capitalism in Developing Countries? Public Finance and Social Transfers in Türkiye and Poland
Introduction
Theoretical Framework
Social Transfers in Türkiye
Polish Social Policy
Conclusion
References
12 Emergism as Ideology: Zimbabwe’s Ill-Fated Policies for an ‘Emerging’ Upper-Middle-Income Economy
Introduction
Prospects for Zimbabwe’s ‘Emerging Market’ Status Vision by 2030
Ideologizing Emergism in African Economic Thinking
Zimbabwe: The Limits of Emergism
Conclusion
References
13 Conclusion: The Contradictions of Dependent Development in Hegemonic Transition
References
Index
