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Introduction: Emerging Market Economies and Alternative Development Paths

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The Political Economy of Emerging Markets and Alternative Development Paths

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Abstract

In the twenty-first century many latecomer emerging economies are embarking on development paths that are fundamentally different from the well-known classical models and are shaped by historical and socio-political conditions peculiar to their modernization experiences. We explore the new perspectives on latecomer development in this post-crisis period of global capitalism, as the ways these statist economic systems are organized and coordinated, hence their operational logic still lacks a systematic exploration and explanation. This chapter provides an overview on recent tendencies of state capitalism, present existing theoretical approaches and offer novel perspectives to analyse contemporary capitalist varieties and alternative development trajectories of the Global South and East. We focus on the post-crisis cycle, and especially highlight the need to reconsider and revise existing theories and assumptions in the light of the most recent—and ever-changing—global circumstances paved first by the COVID-19 pandemic, and by the Russian invasion in Ukraine.

This research was conducted in the framework of the research project “From developmental states to new protectionism: changing repertoire of state interventions to promote development in an unfolding new world order” (FK 124573) supported by the National Research, Development and Innovation Office (NRDIO) of Hungary.

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Notes

  1. 1.

    The phrase originally goes back to Herbert Spence, the nineteenth-century philosopher, who believed in laissez-faire government and positivism and answered to any critics of capitalism, free markets, and democracy, that “there is no alternative”. This slogan however became associated later with the British Prime Minister Margaret Thatcher and her economic policies, who first mentioned it on 21 May 1980 in a speech at the Conservative Women's Conference.

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Correspondence to Judit Ricz .

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Ricz, J. (2023). Introduction: Emerging Market Economies and Alternative Development Paths. In: Ricz, J., Gerőcs, T. (eds) The Political Economy of Emerging Markets and Alternative Development Paths. International Political Economy Series. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-20702-0_1

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