Although neo-liberalism has been critiqued from various perspectives, these critiques have not coalesced into a concrete alternative in development economics literature. The main objective of this book is to name and formulate this alternative, identify what is new about this viewpoint, and project it on to the academic landscape.

This book studies the experiences of Brazil and India, the major economic powerhouses of the 21st century, during the neoliberal era. Both the nations have become important players in global markets and their economic performance has captured the attention of policymakers and academicians across the world. The book explores the patterns of growth and the changing status of human development in the two regions, since the 1980s. In an attempt to better grasp the subtleties of their developmental experiences, it also highlights the political and institutional dynamics that have under girded the liberalization of the two countries.

Globalization and Competition explains why some middle-income countries, principally those in Asia, grow fast while others are not successful. The author criticizes both old-style developmentalism and the economics of the Washington Consensus. He argues instead for a 'new developmentalism' or third approach that builds on a national development strategy. This approach differs from the neoliberal strategy that rich nations propose to emerging economies principally on macroeconomic grounds. Developing countries face a key obstacle to growth, namely, the tendency to overvaluate foreign exchange. Instead of neutralizing it, the policy that rich countries promote mistakenly seeks growth through foreign savings, which causes additional appreciation of the national currency and often results in financial crises rather than genuine investment.

The global financial and economic crisis starting in 2007 has provoked the exploration of alternatives to neo-liberalism. Although neo-liberalism has been critiqued from various perspectives, these critiques have not coalesced into a concrete alternative in development economics literature. The main objective of this book is to name and formulate this alternative, identify what is new about this viewpoint, and project it on to the academic landscape. This book includes contributions from many prominent development economists who are unified by a form of "developmental pragmatism". Their concern is with the problems of development that preoccupied the pioneers of economic development in the mid-twentieth century, known as the developmentalists. Like the developmentalists, the contributors to Towards New Developmentalism are policy-oriented and supportive of institutional development and engagement with economic globalization. This collection has an over-arching concern with promoting social justice, and holds the general view of the market as the means to affecting an alternative program of development rather than as a master whose dictates are to be obeyed without question. This important collection sets the agenda for new developmentalism, drawing on issues such as industrial policy, technology, competition, growth and poverty. In broad terms, the economic development debate is cast in terms of whether the market is the master, an ideological neo-liberal perspective, or the means to affect change as suggested by the pragmatic perspective that is being termed neo-developmentalism. This book will be valuable reading to postgraduates and researchers specialising in the area of development studies including within economics, international relations, political science and sociology.

This comprehensive volume reviews recent scholarship regarding the role of the state in economic development. With a wide range of case studies of both successful and failed state-led development, the authors push the analysis of the developmental state beyond its original limitations and into the 21st century. New policies, institutional configurations, and state-market relations are emerging outside of East Asia, as new developmental states move beyond the historical experience of East Asian development. The authors argue for the continued relevance of the ‘developmental state’ and for understanding globalization and structural transformation through the lens of this approach. They further this concept by applying it to analyses of China, Latin America, and Africa, as well as to new frontiers of state-led development in Japan and the East Asian developmental states. This book expands the scope of research on state-led development to encompass new theoretical and methodological innovations and new topics such as governance, institution building, industrial policy, and the role of extractive industries. This book was originally published as a special issue of the journal Third World Quarterly.

As the world moves towards decarbonization and the race for clean energy technologies accelerates, states in the global south are increasingly called upon to supply critical minerals to fuel the transition. Business of the State details how mineral states might design effective growth strategies in this context of strategic competition and climate emergency, via the rise of a hybrid developmental strategy during 1990s and 2010s- the embrace of market-conforming policies to attract FDI and the re-assertion of state-owned enterprises (SOEs) as players in industrial development. Drawing from the experiences of Brazil's Petrobras and Chile's Codelco, the book argues that SOEs might open new pathways for technological innovation and even support industrial policy, if subjected to effective governance reforms and aligned with the private sector. In this way, the book shifts the analytical lens away from extractivism as a growth model and towards hybrid development strategies formulated through SOEs. Business of the State asks fundamental questions about states and markets: why do states seek to intervene in the affairs of public enterprises? And what role might they play in structural transformation? The book provides answers using a historical institutionalist framework, process tracing the complex process of market reforms in highly strategic natural resource industries.

By tracing the evolution of South Korean state-led capitalism and comparing it with other economies, this book critiques prevalent theories including neoliberalism, the developmental state, and institutionalism, and proposes a theoretical alternative focusing on endogenous changes through elites' competition within and outside the state. Unlike the arguments of neoliberals, this volume asserts that the state can still play an active role in reconstituting the national economy through globalization. The Korean state successfully fosters economic growth by nurturing industrial commons through globalization, rather than by adopting a neoliberal free-market system. This volume exerts that the Korean economy has successfully grown over the past 50 years because it has moved toward a new version of state-led developmentalism. In order to better account for the evolution of state-led developmentalism, this book proposes changes by competition within, as well as outside, the state, in order to bring about changes in developmentalism and the ability to adjust to new contexts. Unlike prevalent accounts of developmental state theory, Changes by Competition argues that the state is neither unitary nor cohesive, but a locus of competition.

Since the Second World War, surprisingly few developing countries have experienced a truly sustained episode of economic and social convergence towards the structural characteristics of the advanced nations. East Asia has exceeded most regions in its achievement of convergence, and much has been written on comparative industrialization and development in North East Asia. Less discussed is South East Asia and the surprising and inclusive transformation several of its countries has undergone. Development and Distribution focuses on South East Asia and, more specifically, on Malaysia, Indonesia, and Thailand. These three nations have all undergone a major transformation - in a way never anticipated - from being poor, agrarian countries to middle-income countries with developed industrial and manufacturing bases. How did Malaysia, Indonesia, and Thailand achieve such a transformation, and how did they achieve the transformation with a form of economic growth that was driven by structural transformation, but that was 'inclusive'? Given that historically it has been thought that structural transformation tends to push up inequality, whilst inclusive growth necessitates static or even falling inequality, this last point is particularly salient to developing countries. Understanding how the transformation was possible in a relatively small space of time, the extent to which it was inclusive, and the caveats and prospects for South East Asia is thus an area of enquiry significant to all developing countries as they seek economic and social transformation.

Following the 2007–2009 financial and economic crises, there has been an unprecedented demand among economics students for an alternative approach, which offers a historical, institutional and multidisciplinary treatment of the discipline. Economic development lends itself ideally to meet this demand, yet most undergraduate textbooks do not reflect this. This book will fill this gap, presenting all the core material needed to teach development economics in a one semester course, while also addressing the need for a new economics and offering flexibility to instructors. Rather than taking the typical approach of organizing by topic, the book uses theories and debates to guide its structure. This will allow students to see different perspectives on key development questions, and therefore to understand more fully the contested nature of many key areas of development economics. The book can be used as a standalone textbook on development economics, or to accompany a more traditional text.

The rise of emerging economies represents a challenge to traditional global power balances and raises the question of how we can combine sustainability with continued economic growth. Understanding this global shift and its impact on the environment is the paramount contemporary challenge for development-oriented researchers and policy makers alike. This book breaks new ground by combining scholarship on the role of emerging economies with research on sustainable development. The book investigates how the development strategies of emerging economies challenge traditional development theory and sustainability discourses. With regional introductions and original case studies from South Asia, East Asia, Latin America and Sub-Saharan Africa, it discusses how to conceptualise sustainable development in the global race for economic prosperity. What characterises the development strategies of emerging economies, and what challenges are these posing for global sustainable development? How can emerging economies shed light on the global challenges, dilemmas and paradoxes of the relationship between socio-economic improvements and environmental degradation? This book will be a valuable resource for researchers and postgraduates in development studies, geography, economics and environmental studies.