From the History of Capitalism to a Post-Neoclassical Synthesis: The Economy of Belonging

Carlos Federico Obregon Diaz

MPRA Paper from University Library of Munich, Germany

Abstract: This paper presents a theoretical and historical analysis of economic development based on the concept of belonging. It argues that existing growth theories fail to explain cross-country differences because they neglect institutional inclusion and the role of the middle class in expanding effective market demand. The Economy of Belonging framework interprets development as a function of institutional arrangements that determine participation in markets and access to rights. Comparative evidence from Russia, Latin America, and East Asia shows that successful development depends on the expansion of a broad middle class and the alignment of investment with technological frontiers. The paper contributes to the literature by integrating institutional economics, growth theory, and political economy into a unified framework centered on belonging.

Keywords: •; Economic; development; •; Growth; theory; •; Institutional; economics; •; Middle; class; •; Effective; demand; •; Comparative; development; •; Political; economy; •; Economic; history; •; Development; policy; •; Market; size (search for similar items in EconPapers)
JEL-codes: B52 F63 N10 O10 O11 O15 O43 O47 (search for similar items in EconPapers)
Date: 2026-04-17
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