Beyond Market-Driven Development: Drawing on the Experience by Costas Lapavitsas

By Costas Lapavitsas

Because their economies have been regulated, their monetary platforms ‘repressed’ and their states interventionist, for a few years the international locations of East Asia challenged the Washington consensus, supplying an alternate improvement paradigm. despite the fact that, within the 1990’s, Asian capitalism was once disrupted following Japan’s stagnation and the monetary trouble of 1997-98.

Treading the unexplored theoretical terrain created through the simultaneous decline of the Washington Consensus and Asian developmentalism, this revealing booklet analyzes the comparative political economic system of East Asia and Latin the United States. Divided into 4 key sections, it covers:

  • Theoretical Framework
  • Results of Globalization
  • Converging and Diverging of Paths of financial Development
  • Finance and Regionalism.

Through the juxtaposition of nations in East Asia and Latin the US, prime teachers examine the effect of presidency intervention, institutional malfunction, social transformation and fiscal switch in addition to clash and gear on monetary improvement. This booklet will end up to be precious to scholars and teachers of improvement economics.

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Extra info for Beyond Market-Driven Development: Drawing on the Experience of Asia and Latin America

Sample text

Thus, ultimately for the developmental state, economic development is not a goal but a means. So the developmental state concerns political legitimacy with the economy as a sideshow. For the political school, the passage from Johnson to the present has been marked, as in his initiating work, by identifying decisive characteristics of the state and/or the mechanisms by which it becomes develop- Beyond the developmental state 19 mental. As previously argued in Fine and Stoneman (1996) and Fine and Rustomjee (1997), these factors have expanded to accommodate a widening range of empirical case studies, successes or failures that have not otherwise fitted comfortably within the narrower set of characteristics/mechanisms.

Castells, M. (1992) ‘Four Asian tigers with a dragon head: a comparative analysis of state, economy, and society in the Asian Pacific rim’, in Henderson and Appelbaum (1992b). , Clark, C. and Lam, D. (1998a) ‘Looking beyond the developmental state’, in Chan et al. (1998b). , Clark, C. and Lam, D. (eds) (1998b) Beyond the Developmental State: East Asia’s Political Economies Reconsidered, London: Macmillan. Chang, H. (1994) The Political Economy of Industrial Policy, London: Macmillan. Chang, H. (1999) ‘The economic theory of the developmental state’, in WooCumings (1999b).

However, given that in Japan and other East Asian countries the solidity of capital accumulation and the degree of credit system sophistication differ greatly, East Asia cannot be treated uniformly. In particular, the macro-performance of the NIEs is strongly affected by the flux of foreign capital inflows and outflows because of the fragility of NIE capital accumulation base. In East Asia’s NIEs, capital accumulation comprises family-owned businesses. Corporate fund shortages are covered through an indirect finance system that is closely tied up with family companies.

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