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New developmentalism in the 21st century - towards a new research agenda

Judit Ricz ()
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Judit Ricz: Institute of World Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences

No 245, IWE Working Papers from Institute for World Economics - Centre for Economic and Regional Studies

Abstract: Two important trends can be observed during the last years (at the latest since the 2008-9 Global Financial Crisis) in the global political economy scene: state involvement in the economy has been on the rise worldwide and democracy has been backsliding globally. The rise of new developmentalism in some large emerging economies dates back even earlier, but by 2018 the ongoing tendencies show towards rising illiberalism both in the political and economic realms all around the world. Along with the rise of political populism, we can observe a tendency towards heterodox economic policy answers, revealing unique specificities and characteristics in different countries, demonstrating however a common tendency towards attacking institutional checks and balances, restraining the autonomy and independence of core agencies and institutions. We are convinced that the current rise of state capitalism in emerging economies can be analysed via the systemic approach (Kornai, 2016) – and thus a research program for analysing the varieties of state capitalism is highly in place. In this paper (which shall be followed by a series of country case studies), we merely aim to provide the analytical framework for such a research agenda, by reviewing existing theoretical approaches, highlighting some potential cornerstones of analysis and finally by formulating research questions and hypotheses.

Keywords: new developmentalism; state capitalism; emerging economies; developmental states; varieties of capitalism; system paradigm (search for similar items in EconPapers)
JEL-codes: B4 O1 P5 (search for similar items in EconPapers)
Pages: 44 pages
Date: 2018-11
New Economics Papers: this item is included in nep-hme and nep-tra
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