Globalization and Competition: Why Some Emergent Countries by Luiz Carlos Bresser Pereira

By Luiz Carlos Bresser Pereira

Globalization and pageant explains why a few middle-income nations, mostly these in Asia, develop speedy whereas others aren't winning. the writer criticizes either old-style developmentalism and the economics of the Washington Consensus. He argues as an alternative for a "new developmentalism" or 3rd strategy that builds on a countrywide improvement process. This procedure differs from the neoliberal process that wealthy international locations suggest to rising economies mostly on macroeconomic grounds. constructing nations face a key drawback to progress, particularly, the tendency to overvaluate foreign currency echange. rather than neutralizing it, the coverage that wealthy nations advertise mistakenly seeks progress via international rate reductions, which factors extra appreciation of the nationwide forex and sometimes ends up in monetary crises instead of real funding.

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Extra resources for Globalization and Competition: Why Some Emergent Countries Succeed while Others Fall Behind

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The demand comes not from shareholders but from voters. On the other hand, whereas corporations are basically autonomous, nations are not because they face the serious problem of foreign ideological hegemony. Elites in developing countries are more easily identified with rich countries’ elites than with their own people. Now, when this happens, the classical imperial process whereby local elites are associated with the imperial power recurs. Therefore, developing countries will actually be competitive with rich countries as long as they are able to reject this association and develop economic policies and institutional reforms compatible with the country’s national interests.

Marx made 42 Globalization and Catching Up the great analysis of capitalism on the economic and social levels but failed in his analysis of the political or state domain. There is no theory of the nation-state in Marx, even though the nation-state is the political and territorial unit characteristic of capitalist societies. 14 Nation-states are sovereign political and territorial entities, consisting of three elements: a nation, a territory, and a state. This latter, therefore, cannot be confused with the nation or with the nation-state (or with the government that heads the state).

Professionals’ capitalism, or knowledge capitalism (instead of entrepreneurs’ capitalism), was emerging – a form of capitalism characterized by faster rates of productivity increase, in which professionals or technobureaucrats took on the management and expansion of large enterprises, and the very concept of capital changed. In the nineteenth century, the period of classic economic theory, capital was defined as an advance of wages to the workers before the corresponding production was sold; capital was then essentially working capital.

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