Industrialisation in the Periphery of the EU and NAFTA

Philip Arestis

Chapter 10 in Money, Pricing, Distribution and Economic Integration, 1997, pp 175-191 from Palgrave Macmillan

Abstract: Abstract A number of theories have been developed, or existing ones utilised, to explain economic development, or lack of it, in the periphery. Dependency theories of development see capital from the centre as infiltrating the periphery in search of new markets and cheap labour, thus incorporating the periphery into the capitalist mode of production. The emergence of dependent political and economic structures distorts the path of development of these countries, leading to underdevelopment rather than development. These theories are unable to explain the rapid growth that has taken place in parts of the periphery. Conformity to free-market principles, which produces rapid economic growth, is the gist of the argument of orthodox economic policies. This explanation has been no more successful than that of dependency theories (Amsden, 1990; Singh, 1995).

Keywords: European Union; Foreign Direct Investment; Manufacturing Sector; Economic Integration; European Central Bank (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37448-5_11

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DOI: 10.1057/9780230374485_11

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