The Political Economy of Emerging Markets and Alternative Development Paths

Description

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. 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