EconPapers    
Economics at your fingertips  
 

Uneven development, financialised capitalism and subordination

Bruno Bonizzi, Annina Kaltenbrunner and Jeff Powell

Chapter 15 in A Modern Guide to Uneven Economic Development, 2023, pp 332-347 from Edward Elgar Publishing

Abstract: The substantive completion of the internationalisation of the circuits of capital marks the passage to a new stage of financialised capitalism, where finance has taken the concrete form of a US dollar market-based system, while production is carried out through global production networks. This has impacted both the size and the nature of the transfer of value from Emerging Capitalist Economies (ECEs) as well as their domestic models of accumulation. In the era of financialised capitalism, most advanced economies relied on debt-led or export-driven growth models. Similar dynamics occurred in ECEs but in a form that reflects their subordinate position within global production networks and the circuits of global finance. Lower levels of income and wealth in ECEs may circumscribe mass debt-led consumption growth models, although periods of externally financed debt booms can occur and temporarily sustain growth. Consistent with their position in global production, most ECEs have relied on forms of export-oriented growth, although this has not always been the product of a deliberate policy choice.

Keywords: Development Studies; Economics and Finance (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.elgaronline.com/view/edcoll/9781788976541/9781788976541.00025.xml (application/pdf)
Our link check indicates that this URL is bad, the error code is: 503 Service Temporarily Unavailable

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:18717_15

Ordering information: This item can be ordered from
http://www.e-elgar.com

Access Statistics for this chapter

More chapters in Chapters from Edward Elgar Publishing
Bibliographic data for series maintained by Darrel McCalla ().

 
Page updated 2025-03-31
Handle: RePEc:elg:eechap:18717_15