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In the 1960s, the escudo zone, comprising Portugal and its African colonies, countered the trend of European decolonization. The Portuguese state reorganized monetary relations in the empire-state with the help of a new legal framework. The aim of this imperial economic reorganization was to establish a balance of payment relations which was expected to facilitate Portugal’s economic modernization and the country’s association with liberalizing economies in Western Europe that were experiencing rapid economic growth. However, the escudo zone soon became dysfunctional. Mata explains why the designs of economy building in a Portuguese empire-state could not be realized, given the trend toward independent political and economic development in Lusophone Africa.
This article charts and analyses the change path and various transformations of Malaysia’s state-owned enterprise, the Federal Land Development Agency, from its establishment in the 1960s to the present. The analysis supports arguments that the model of the developmental state, based on planned public/private cooperation, provides an alternative policy prescription to that of sole reliance on the self-regulating market. The Federal Land Development Agency is shown not only to have survived but also to have thrived as an economic development arm of the Malaysian state, successfully adapting to the changing environment in which it operates. To delineate the changes, a framework of punctuated equilibrium is utilised as it best captures the instances of rapid discontinuous change and the periods of incremental change and relative stability.
South Korea has been faced with a widening economic gender gap during the recent Covid-19 pandemic. To inform discussion of Korean women’s future following the pandemic, this article explores the country’s history of women’s empowerment. It identifies cultural, educational, economic, and political changes, and their long-term effects on women’s role and status. The analysis is based on data collected from Korea’s national statistical database and a review of relevant literature. Findings inform policy directions for advancing women’s economic empowerment in Korea and other countries following a similar development path and contribute to expanding our understanding of the factors and relations influencing women’s empowerment.
This article examines the role of government in Malaysia’s history of economic development. In addressing two key challenges – inter-ethnic inequalities, conflicts and tensions, and exposure to global trade and economic relations – the Malaysian government has become directly involved in the economy. Strong government has played a role in Malaysia’s economic success in a range of ways, from 5-year plans to specific industry promotion and the creation of organisations for particular economic development purposes. Government has also been aware of environmental changes and in response has modified its strategies, established new organisations and invested in innovative ventures. Thus, while the drivers of economic development in Malaysia have been deeply embedded structural phenomena, the actual economic development path taken has been determined by the actions of the Malaysian government in concert with other stakeholders.
This discussion paper by a group of scholars across the fields of health, economics and labour relations argues that COVID-19 is an unprecedented humanitarian crisis from which there can be no return to the ‘old normal’. The pandemic’s disastrous worldwide health impacts have been exacerbated by, and have compounded, the unsustainability of economic globalisation based on the neoliberal dismantling of state capabilities in favour of markets. Flow-on economic impacts have simultaneously created major supply and demand disruptions, and highlighted the growing within-country inequalities and precarity generated by neoliberal regimes of labour market regulation. Taking an Australian and international perspective, we examine these economic and labour market impacts, paying particular attention to differential impacts on First Nations people, developing countries, women, immigrants and young people. Evaluating policy responses in a political climate of national and international leadership very different from those in which major twentieth century crises were addressed, we argue the need for a national and international conversation to develop a new pathway out of crisis.
India’s phenomenal service-led growth in recent decades has generated debate on the role of services vis-à-vis manufacturing as the engine of growth. With the rapidly increasing importance of Information and Communication Technology (ICT) in global production systems since the 1990s, there have been claims of services having developed a growth dynamism similar to manufacturing. This article examines the role of services in India’s growth process using the concept of inter-sectoral linkages to make comparison with the role of manufacturing. Input-Output linkages and time series analysis reveal that services have been much less integrated in India’s production structure than manufacturing. They were also less important in generating indirect employment spillovers through sectoral linkages, compared with manufacturing. Service sector growth is found to be autonomously driven by final demand and therefore less dependent on its interconnections with the rest of the economy from the production side. The findings also indicate that service sector growth has stimulated manufacturing growth but not vice versa. However, the impact of services on manufacturing from the demand-side is neither sustainable nor desirable going forward. India is in urgent need of strategically developing its manufacturing sector through integrating dynamic services like ICT and internalising productivity gains. At the same time measures to address India’s inequality are critical to broaden the country’s demand base and make the growth process more sustainable and inclusive. In this sense, inequality reduction is a prerequisite for growth and should not be seen as an alternative to it.
The use of exchange rates based on Purchasing Power Parities to compare incomes across countries and over time has now become standard practice. But there are reasons to believe that this could lead to excessively inflated incomes for poorer countries and in some cases also inflate the extent of real changes over time. Estimates of gross domestic product growth in the Chinese and Indian economies in recent years provide examples of this.
This article deals with the rehabilitation of economies in post-conflict states, paying particular attention to the role played by the state in this process. Using the example of Cambodia and its policies on rice production and export, the article shows the prominent role that may be played by the state in prioritised areas of economic development where there has been market failure. In the Cambodian case, the government targeted rice production and export as these had great potential for promoting the major aims of national development policy – economic growth and poverty alleviation. Using a whole-of-government approach and a combination of direct involvement and the creation of an enabling environment, the government appears to have contributed to vastly increased rice production and export.
The economies of Emerging East Asia differ greatly with respect to size, level of development, engagement in international trade and finance, and the roles of state versus market. Yet, broadly speaking, a common framework for macroeconomic analysis applies even as particulars differ. Notably, all economies of the region must contend with shocks by instituting policy mechanisms aimed at maintaining balance. The economic features described in this chapter have a bearing on the particular forms these mechanisms take.
Increased access to defensible material wealth is hypothesised to escalate inequality. Market integration, which creates novel opportunities in cash economies, provides a means of testing this hypothesis. Using demographic data collected from 505 households among the matrilineal and patrilineal Mosuo in 2017, we test whether market integration is associated with increased material wealth, whether increased material wealth is associated with wealth inequality, and whether being in a matrilineal vs. patrilineal kinship system alters the relationship between wealth and inequality. We find evidence that market integration, measured as distance to the nearest source of tourism and primary source of household income, is associated with increased household income and ‘modern’ asset value. Both village-level market integration and mean asset value were associated negatively, rather than positively, with inequality, contrary to predictions. Finally, income, modern wealth and inequality were higher in matrilineal communities that were located closer to the centre of tourism and where tourism has long provided a relatively stable source of income. However, we also observed exacerbated inequality with increasing farm animal value in patriliny. We conclude that the forces affecting wealth and inequality depend on local context and that the importance of local institutions is obscured by aggregate statistics drawn from modern nation states.
This chapter focuses on the first stage of the erosion of democracy. In it, I assess the factors that increase the likelihood of having an executive with hegemonic aspirations and the extent to which these factors explain whether this head of government successfully erodes democracy or not.
This chapter examines the consolidation of Pahlavi rule after the removal of Reza Shah from power, especially after 1953, when the reign of Mohammad Reza Pahlavi was reestablished following a CIA-sponsored coup. The chapter explores the tenuous beginnings of the reign of the new Shah, the increasing legislative and policy-making significance of the Majles in the 1940s, and the era of oil nationalization, from 1951 to 1953. Prime Minister Mohammad Mosaddeq was successful in getting the powers of the monarchy to be significantly reduced, but his overthrow was followed by the restoration of absolute monarchy built on a massive army and a feared secret service called SAVAK. Ultimately, however, the Pahlavi state failed to incorporate within its orbit and its social base remained weak. As the oil revenues began to lag, and the state was forced into making “housecleaning” concessions, it began to crumble under the weight of the gathering storm.
This chapter examines the steady decline and ultimate collapse of the Qajar dynasty and the subsequent establishment of the Pahlavi dynasty. It examines the rise of the dynasty’s founder, Reza Khan, and the social and political context within which the new monarch sought to implement a series of far-reaching social and cultural initiatives designed to modernize the country. A strong central state was established, local rebellions were put down, and various bureaucratic institution were founded in order to affect social change and foster economic development. New, modern schools proliferated across the country. But Reza Shah’s reforms remained ultimately devoid of institutional support, and many were therefore abandoned or altogether reversed when he was removed from office by the British.
This rich dynastic study examines the political histories of Iran's last two monarchical dynasties, the Qajars and the Pahlavis. Tracing the rise and fall of both dynasties, Mehran Kamrava addresses essential questions about how and why they rose to power; what domestic and international forces impacted them; how they ruled; and how they met their end. Exploring over two hundred years of political history, Kamrava's comprehensive yet concise account places developments within relevant frameworks in an accessible manner. With detailed examinations of Iran's history, politics, and economics, he interrogates the complexities of dynastic rule in Iran and considers its enduring legacy. Developing innovative interpretations and utilizing original primary sources, this book illuminates the impact of the monarchy's rule and ultimate collapse on Iranian history, as well as Iran's subsequent politics and revolution.
The introduction sets out the chronological and geographical frame as well as the main issues in the study of the ancient Greek economy. It is targeted at a readership with no prior knowledge of the ancient economy and emphasises the importance of understanding economic structures, economic change, and the causes for change. As research on the ancient economy is dependent on theoretical assumptions about the nature and causation of economic change, a special section of the Companion is devoted to the discussion of the most important theoretical approaches to the ancient Greek economy. Other sections treat key themes of the ancient Greek economy, such as taxation, money, markets and labour regimes, as well as network approaches that are currently at the centre of research on ancient economies. A chronologically narrow but geographically wide perspective is taken on the Greek economy, including the Hellenistic economies in Egypt and the Near East but excluding Greek economies in the western Mediterranean and those in the eastern Mediterranean that continued to be dominated by Greek language and culture and therefore still might be termed Greek under the Roman Empire.
This chapter follows on from the previous one, evaluating the Chinese Communist Party's recent attempts to transition toward an ecocivilization and to address China's ecological and public health crisis through a new approach toward balanced economic growth. The chapter finds that while the intentions and accompanying legal reforms are admirable, implementation will likely fail due to continuing misalignment between official/corporate incentives (especially at the local level) and central policies, compounded by the fragmented political structure and subversive elements within the corporate-political system that we identified in Chapters 4–7. The chapter also critically analyzes the recent introduction of public interest environmental lawsuits brought by procurators, which, while filling a major gap in legal enforcement against polluters, too often appear to result in opaque settlements with local governments rather than strong penalties against offenders.
From 1948 to mandatory retirement in 1976, Kindleberger taught international economics at MIT, which over that same time grew to become the leading economics department in the world. His original plan was to keep one foot in the world of policy, the better to push for Hansen’s postwar vision of economic development in the Global South. Security clearance trouble, however, put that plan on hold, and forced him instead to embrace a more purely scholarly career. Over time, the increasingly technical character of modern economics pushed him to the fringes of academia, where he reinvented himself as an economic historian.
This study compared the per capita annual global incidence rate of disasters caused by natural hazards with the annual world real gross domestic product, GDP (per global capita), as reported during 1961 through 2020.
Sixty (60) values for the world real GDP per global capita (in constant 2015 $USD) were compared to corresponding annual values for global incidence rates for five natural disaster subgroups and then for a total of twelve individual disaster types that comprise the subgroups; each expressed as an annual global incidence rate (in terms of annual incidence per 100,000 persons). Calculations of multiple linear regression, ANOVA, and Pearson’s correlation coefficient were performed for comparing population-adjusted values for GDP to corresponding values.
Four out of five hydrological and meteorological disasters were found to have a positive correlation with GDP. Results of the analysis revealed a relatively high degree of correlation between world GDP and the annual incidence of flood and storm disasters (P = 6.21 × 10−10 and P = 4.23 × 10−4, respectively). The annual incidence of heat waves and cold weather disasters also appeared to correlate with GDP (P = .002 and P = .019, respectively). In comparison, wet landslides indicated no such correlation (P = .862). No significant associations were found among the seven other individual biological, climatological, and geophysical disasters and GDP.
The global incidence of four extreme weather (hydrometeorological) disasters appear to be positively associated with world real GDP during 1961-2020. These findings contradict previous postulates that the risk of disaster incidence is inversely associated with the capacity of the population.
This concluding chapter assesses the Strategic Value Framework for understanding the nonlinear and multidimensional nature of national sector-specific market pathways to development contrary to the expectations about the effects of open economy politics and regime type for particular modes of state-market interactions. The national configurations of sectoral models bridge different scholastic traditions in varieties of capitalism on the interactions between company-level and national-level characteristics and hierarchical state-business relations. Sector-specific dynamics emanating nation-specific sectoral pathways uncover how perceived strategic value and sectoral structures and organization institutions interact to affect how multinational and domestic companies alike experience the emergent institutional foundations of capitalism. This chapter further demonstrates how the new capitalisms play out in other strategic and non-strategic sectors in China, India, and Russia. The book concludes with analyzing the macro effects of the micro-institutional foundations on global conflict and cooperation—from trade wars and cross-border cybersecurity to the Covid-19 global pandemic. The analytical leverage of the Strategic Value Framework in identifying national sector-specific patterns of market governance sheds light on the politics of the management of the Covid-19 pandemic and how they varied across countries and industries within them.
We examine how the composition of residential energy consumption and its sensitivity with respect to income changes. The paper characterizes the energy transition, analyzing the behavior of income elasticity of energy demand along the economic development stages by fuel types. The results indicate a nonlinear relationship between income and domestic energy consumption that can be explained by two factors. First, along the income distribution, consumption of modern fuels increases, replacing traditional and transitional fuels until modern fuels drive all of the growth in domestic energy demand. Second, at the highest income levels, income elasticity starts to decrease, leading to concavity in energy consumption. That is, the income elasticity of residential energy demand follows an inverse U-shape along the world income distribution. This finding suggests that at high income levels, residential energy consumption shows satiation and net energy-saving effects.