Europa Perspectives: Emerging Economies – serie

This handbook covers a wide spectrum of issues relating to small states. Chapters in the volume have been grouped under the three main themes of economic, social and environmental issues. The economics sections include chapters dealing with trade, finance and regulatory frameworks, while the social theme covers health, migration, population ageing, as well as overall social wellbeing. The environmental theme examines matters such as measuring environmental performance, natural disasters, the ocean economy, and the validity of the Sustainable Development Goals. One major issue is the definition of small states. As this volume demonstrates, generally speaking, population is used to measure country size in the literature. However, it clearly emerges that there is no real consensus as to the population cut-off point that distinguishes small states from large ones. While the approaches taken by the authors vary, in all cases the chapters draw practical policy implications for small states. The book can therefore be considered as a wide-ranging depositary of information on small states with the aim of deriving policy prescriptions, and thus as an excellent resource for academics, students and policymakers.

This volume provides a comprehensive study of Turkey’s financial transformation into one of the most dynamic, if not trouble-free, emerging capitalisms. While this financial evolution has underwritten Turkey’s dramatic economic growth, it has done so without ameliorating the persistently exploitative and unequal social structures that characterize neoliberalism today. This edited volume, written by an interdisciplinary range of political economists, critically examines Turkey’s financial transformation, contributing to debates on the nature of peripheral financialization.Eschewing economistic interpretations, The Political Economy of Financial Transformation in Turkey underscores both the quantitative significance of exponential growth in financial flows and investments, and the qualitative importance of the state’s institutional restructuring around financial imperatives. The book presents today’s reality as historically rooted. By understanding the choices made under the new Republic (from 1923 onwards), one can better locate the changes launched as a newly liberalizing society (since 1980). Likewise, the decisions made in response to Turkey’s 2001 financial crisis spurred a tectonic break in state–market–society financial relations. The waves of change have reached far and wide: from corporate strategies of accumulation and growth to small- and medium-sized enterprises’ strategies of financial survival; from how finance has penetrated the provisioning of housing to how households have become financialized. Put together, one grasps the complexity and historicity of the power of contemporary finance. One also sees that the changes made have not been class-neutral, but have entailed elevating the interests of major capital groups, particularly financial capital, above the interests of the poor and workers in Turkey. Nor are these changes constrained to its national borders, as what transpires domestically contributes to the making of a financialized world market. Through this ‘Made in Turkey’ approach the contributions in this volume thus challenge dominant understandings of financialization, which are derived from the advanced capitalisms, by sharing the specificity of emerging capitalisms such as Turkey.

Mexicans and those who follow Mexican affairs were optimistic in 2000 when the country experienced its first alternation in government (from the Partido Revolucionario Institucional –PRI--to the Partido Acción Nacional--PAN) in more than 70 years. Moreover, the Mexican economy had been restructured in a more open, market-led direction in the course of the 1980s and 1990s. The outcomes of these dual transitions were expected to create a new type of politics that were representative and accountable to citizens, and an economy that would grow rapidly, as it was forced to modernize by facing international competition.Some two decades later, views about Mexico are much less sanguine, and for many the country continues to follow a bipolar politico-economic trajectory characterized by periods of enthusiasm and mania which are followed by crisis and depression. This book presents a new analytical framework and reviews in detail Mexico’s political and economic history since the 1980s. The explanation offered is based on the idea of ‘misplaced monopolies’--i.e. an open political regime but a weak, fragmented state, and an internationally open economy, but highly concentrated economic sectors and activity in the domestic sphere. Accordingly, sown in the course of the crisis-ridden 1980s and 1990s, misplaced monopolies grew roots and became core features of Mexico’s political economy in the 2000s and 2010s. The end result has been great concentration of wealth in a small number of hands, and the dramatic growth in brutal violence in many parts of the country. From this perspective, unless ‘misplaced monopolies’ are reversed, conditions will remain prone to crisis, polarization, and conflict in Mexico. This volume concludes by extrapolating the framework and placing Mexico in comparative perspective, alongside internationally important countries such as Brazil, China, India, and Russia.This is a highly original investigation that will interest people who follow Mexican politics and its economy. The analytical framework will be of use to analysts, scholars, and students of comparative political economy, democratization studies, market reforms, and security and conflict studies.

This title provides an in depth study of Iran’s post 1979 Revolution economy under the Islamic Republic, with new material and related journal articles combined under one roof in a novel and reader friendly style. The volume starts with an original text, summarizing the development of the Iranian economy under five successive administrations, in five distinct phases. Following this are fifteen accompanying articles providing detailed information that expands on, and compliments, the discussion in the original material. Appropriate references on specific topics are made to each relevant article, ensuring the material is easily accessible to the reader.Topics discussed include public finance, employment, banking, petroleum, privatization, and the exchange rate. Full references are also made to US and universal economic sanctions and their effects, with the legacies of the Khatami and Ahmadinejad administrations also covered.This versatile title is designed to appeal to a vast readership. The hurried business executive or high government official, interested in a quick review of the subject matter may simply read the original text while think tank researchers, research fellows and students can take the time to read the supplementary articles and review what is related to the topic of their choosing.

This volume examines the experience of Kazakhstan’s transition over the past 30 years, explaining the political and economic performance of the country since the collapse of the USSR, through the country’s institutions, policy choices, and external environment. In an exploration of more than 1,000 years of institutional development, the chapters analyse and assess the development of political arrangements and governance, and economic institutions, from pre-Russian colonization through to the Soviet experiment, and then take a magnifying glass to developments in a post-Soviet, independent Kazakhstan. Using a broad range of sources and data across disciplines, this book is the first to explicitly survey Kazakhstan’s transition as a function of its history, its people, and its institutions. Breaking new ground in institutional economics, it provides readers with a comprehensive examination of the history and development of Kazakhstan, and points to where it may be heading in the 21st century.The subject matter is accessible to a broad academic audience: to scholars in political science, economics, and the history of Central Asia and Russia, as well as to those with an interest in general transition economics.

This volume examines the experience of Kazakhstan’s transition over the past 30 years, explaining the political and economic performance of the country since the collapse of the USSR, through the country’s institutions, policy choices, and external environment. In an exploration of more than 1,000 years of institutional development, the chapters analyse and assess the development of political arrangements and governance, and economic institutions, from pre-Russian colonization through to the Soviet experiment, and then take a magnifying glass to developments in a post-Soviet, independent Kazakhstan. Using a broad range of sources and data across disciplines, this book is the first to explicitly survey Kazakhstan’s transition as a function of its history, its people, and its institutions. Breaking new ground in institutional economics, it provides readers with a comprehensive examination of the history and development of Kazakhstan, and points to where it may be heading in the 21st century.The subject matter is accessible to a broad academic audience: to scholars in political science, economics, and the history of Central Asia and Russia, as well as to those with an interest in general transition economics.

The economic upturn and performance of Mauritius is a far cry from predictions made in the 1960s. The island’s remarkable economic performance since the 1980s can been attributed to a multitude of factors instrumental to the success of the economy, including structural reforms, outward looking export orientated strategies, diversification in the manufacturing, tourism and financial services sectors amongst others, sound economic governance and institutions, and significant investment in human capital. This book attempts to provide a detailed analysis of the various key ingredients which have helped to propel Mauritius to its current status. The various chapters provide important readings for both academics and policymakers, with the final chapter providing key policy strategies which the government needs to implement to help Mauritius graduate to the next level of development: namely to that of a high-income economy and, in moving out of the middle-income trap, laying the foundations for future growth and shared prosperity in the light of both domestic challenges and global constraints.

This handbook examines Pakistan’s 70-year history from a number of different perspectives.When Pakistan was born, it did not have a capital, a functioning government or a centralbank. The country lacked a skilled workforce. While the state was in the process of beingestablished, eight million Muslim refugees arrived from India, who had to be absorbed into apopulation of 24 million people. However, within 15 years, Pakistan was the fastest growingand transforming economy in the developing world, although the political evolution of thecountry during this period was not equally successful. Pakistan has vast agricultural andhuman resources, and its location promises trade, investment and other opportunities. Chapters in the volume, written by experts in the field, examine government and politics, economics,foreign policy and environmental issues, as well as social aspects of Pakistan’s development,including the media, technology, gender and education.Shahid Javed Burki is an economist who has been a member of the faculty at Harvard University, USA, and Chief Economist, Planning and Development Department, Government ofthe Punjab. He has also served as Minister of Finance in the Government of Pakistan, and haswritten a number of books, and journal and newspaper articles. He joined the World Bank in1974 as a senior economist and went on to serve in several senior positions. He was the (first)Director of the China Department (1987–94) and served as the Regional Vice-President forLatin America and the Caribbean during 1994–99. He is currently the Chair of the Board ofDirectors of the Shahid Javed Burki Institute of Public Policy at NetSol (BIPP) in Lahore.Iftekhar Ahmed Chowdhury is a career Bangladeshi diplomat and former Minister of ForeignAffairs in the Government of Bangladesh (2007–08). He has a PhD in international relationsfrom the Australian National University, Canberra. He began his career as a member of thecivil service of Pakistan in 1969. Dr Chowdhury has held senior diplomatic positions in thecourse of his career, including as Permanent Representative of Bangladesh to the UnitedNations in New York (2001–07) and in Geneva (1996–2001), and was ambassador to Qatar,Chile, Peru and the Vatican. He is currently a visiting senior research fellow at the Institute ofSouth Asian Studies, National University of Singapore.Asad Ejaz Butt is the Director of the Burki Institute of Public Policy, Lahore, Pakistan.

This book analyses and explains the nature of the economies of small countries and territories. It includes an assessment of material prosperity in 41 small open economies worldwide, with case studies focusing on the Caribbean and Central America, with a review of the development of their economies in recent decades. The volume recommends a suite of economic policy tools for the management of these economies, demonstrating how these may best be employed in economies that live and breathe through international commerce. Among observations of interest is the fact that the devaluation of the local currency of a small nation makes the country worse off; even a currency that maintains its value is little more than a trophy, of little value if it is not readily convertible into US dollars. Also, that while government policies affect international competitiveness and a small country's growth prospects, more important is how governments use additional resources to improve the quality of health and educational services. Moreover, economic windfalls such as the discovery of mineral resources seldom bring prosperity commensurate with their economic value, and never in the short run.The volume will offer invaluable information and analysis to researchers and policy makers investigating small open economies.

This book analyses and explains the nature of the economies of small countries and territories. It includes an assessment of material prosperity in 41 small open economies worldwide, with case studies focusing on the Caribbean and Central America, with a review of the development of their economies in recent decades. The volume recommends a suite of economic policy tools for the management of these economies, demonstrating how these may best be employed in economies that live and breathe through international commerce. Among observations of interest is the fact that the devaluation of the local currency of a small nation makes the country worse off; even a currency that maintains its value is little more than a trophy, of little value if it is not readily convertible into US dollars. Also, that while government policies affect international competitiveness and a small country's growth prospects, more important is how governments use additional resources to improve the quality of health and educational services. Moreover, economic windfalls such as the discovery of mineral resources seldom bring prosperity commensurate with their economic value, and never in the short run.The volume will offer invaluable information and analysis to researchers and policy makers investigating small open economies.

This book reviews and analyses the comprehensive socioeconomic reforms undertaken in Uzbekistan since 2016 by the government led by President Shavkat Mirziyoyev. The volume takes the reader through the different sectors of the economy and the effects of reforms on the country’s citizens. The various developments are detailed, examining the gains and the gaps in terms of policy and implementation. Using the broad tools of economics and, in particular, of development economics, the authors present evidence to drive their conclusions and recommendations, and also draw on comparative cases from policy and practice to illustrate alternative approaches and results from measures in other transition countries.Implementing Uzbekistan’s ambitious economic transformation into a market economy is a challenging process that takes time. This book provides the first systematic and comprehensive discussion of the government’s reform areas, including the macroeconomic fundamentals, business and investment climate, the energy, transport, health, education, social protection, financial, banking and agriculture sectors, regional trade, tourism and transport connectivity, reform of state-owned enterprises, as well as public services, citizen engagement and gender equality.

This book reviews and analyses the comprehensive socioeconomic reforms undertaken in Uzbekistan since 2016 by the government led by President Shavkat Mirziyoyev. The volume takes the reader through the different sectors of the economy and the effects of reforms on the country’s citizens. The various developments are detailed, examining the gains and the gaps in terms of policy and implementation. Using the broad tools of economics and, in particular, of development economics, the authors present evidence to drive their conclusions and recommendations, and also draw on comparative cases from policy and practice to illustrate alternative approaches and results from measures in other transition countries.Implementing Uzbekistan’s ambitious economic transformation into a market economy is a challenging process that takes time. This book provides the first systematic and comprehensive discussion of the government’s reform areas, including the macroeconomic fundamentals, business and investment climate, the energy, transport, health, education, social protection, financial, banking and agriculture sectors, regional trade, tourism and transport connectivity, reform of state-owned enterprises, as well as public services, citizen engagement and gender equality.

This title provides an in depth study of Iran’s post 1979 Revolution economy under the Islamic Republic, with new material and related journal articles combined under one roof in a novel and reader friendly style. The volume starts with an original text, summarizing the development of the Iranian economy under five successive administrations, in five distinct phases. Following this are fifteen accompanying articles providing detailed information that expands on, and compliments, the discussion in the original material. Appropriate references on specific topics are made to each relevant article, ensuring the material is easily accessible to the reader.Topics discussed include public finance, employment, banking, petroleum, privatization, and the exchange rate. Full references are also made to US and universal economic sanctions and their effects, with the legacies of the Khatami and Ahmadinejad administrations also covered.This versatile title is designed to appeal to a vast readership. The hurried business executive or high government official, interested in a quick review of the subject matter may simply read the original text while think tank researchers, research fellows and students can take the time to read the supplementary articles and review what is related to the topic of their choosing.

Why has Argentina suffered so much political and economic instability? How could Argentina, once one of the wealthiest countries in the world, failed to meet its potential over decades? What lessons can we take from Argentina's successes and failures? Argentina’s economy is - irresistibly - fascinating. Argentina's economic history - its crises and its triumphs cannot be explained in purely economic terms. Argentina's economic history can only be explained in the context of conflicts of interest, of politics, war and peace, boom and bust. Argentina's economic history is also intertwined with ideological struggles over the ideal society and the on-going struggle of ideas. The book comprises two distinct components: an economic history of Argentina from the Spanish colonial period to 1990, followed by a narrative by Domingo Cavallo on the last 25 years of reform and counter reform.Domingo Cavallo has been at the centre of Argentina's economic and political debates for 40 years. He was one of the longest serving cabinet members since the return of democracy in 1983. He is uniquely qualified to help the reader make the connection between historical and current events through all these prisms. His daughter, Sonia Cavallo Runde, is an economist specialized on public policy that currently teaches the politics of development policy. The two Cavallos offer academics and students of economics and finance a long form case study. This book also seeks to offer researchers and policymakers around the world with relevant lessons and insights to similar problems from the Argentine experience.

This volume provides a comprehensive study of Turkey’s financial transformation into one of the most dynamic, if not trouble-free, emerging capitalisms. While this financial evolution has underwritten Turkey’s dramatic economic growth, it has done so without ameliorating the persistently exploitative and unequal social structures that characterize neoliberalism today. This edited volume, written by an interdisciplinary range of political economists, critically examines Turkey’s financial transformation, contributing to debates on the nature of peripheral financialization.Eschewing economistic interpretations, The Political Economy of Financial Transformation in Turkey underscores both the quantitative significance of exponential growth in financial flows and investments, and the qualitative importance of the state’s institutional restructuring around financial imperatives. The book presents today’s reality as historically rooted. By understanding the choices made under the new Republic (from 1923 onwards), one can better locate the changes launched as a newly liberalizing society (since 1980). Likewise, the decisions made in response to Turkey’s 2001 financial crisis spurred a tectonic break in state–market–society financial relations. The waves of change have reached far and wide: from corporate strategies of accumulation and growth to small- and medium-sized enterprises’ strategies of financial survival; from how finance has penetrated the provisioning of housing to how households have become financialized. Put together, one grasps the complexity and historicity of the power of contemporary finance. One also sees that the changes made have not been class-neutral, but have entailed elevating the interests of major capital groups, particularly financial capital, above the interests of the poor and workers in Turkey. Nor are these changes constrained to its national borders, as what transpires domestically contributes to the making of a financialized world market. Through this ‘Made in Turkey’ approach the contributions in this volume thus challenge dominant understandings of financialization, which are derived from the advanced capitalisms, by sharing the specificity of emerging capitalisms such as Turkey.

This handbook covers a wide spectrum of issues relating to small states. Chapters in the volume have been grouped under the three main themes of economic, social and environmental issues. The economics sections include chapters dealing with trade, finance and regulatory frameworks, while the social theme covers health, migration, population ageing, as well as overall social wellbeing. The environmental theme examines matters such as measuring environmental performance, natural disasters, the ocean economy, and the validity of the Sustainable Development Goals.One major issue is the definition of small states. As this volume demonstrates, generally speaking, population is used to measure country size in the literature. However, it clearly emerges that there is no real consensus as to the population cut-off point that distinguishes small states from large ones. While the approaches taken by the authors vary, in all cases the chapters draw practical policy implications for small states. The book can therefore be considered as a wide-ranging depositary of information on small states with the aim of deriving policy prescriptions, and thus as an excellent resource for academics, students and policymakers.

Mexicans and those who follow Mexican affairs were optimistic in 2000 when the country experienced its first alternation in government (from the Partido Revolucionario Institucional –PRI--to the Partido Acción Nacional--PAN) in more than 70 years. Moreover, the Mexican economy had been restructured in a more open, market-led direction in the course of the 1980s and 1990s. The outcomes of these dual transitions were expected to create a new type of politics that were representative and accountable to citizens, and an economy that would grow rapidly, as it was forced to modernize by facing international competition.Some two decades later, views about Mexico are much less sanguine, and for many the country continues to follow a bipolar politico-economic trajectory characterized by periods of enthusiasm and mania which are followed by crisis and depression. This book presents a new analytical framework and reviews in detail Mexico’s political and economic history since the 1980s. The explanation offered is based on the idea of ‘misplaced monopolies’--i.e. an open political regime but a weak, fragmented state, and an internationally open economy, but highly concentrated economic sectors and activity in the domestic sphere. Accordingly, sown in the course of the crisis-ridden 1980s and 1990s, misplaced monopolies grew roots and became core features of Mexico’s political economy in the 2000s and 2010s. The end result has been great concentration of wealth in a small number of hands, and the dramatic growth in brutal violence in many parts of the country. From this perspective, unless ‘misplaced monopolies’ are reversed, conditions will remain prone to crisis, polarization, and conflict in Mexico. This volume concludes by extrapolating the framework and placing Mexico in comparative perspective, alongside internationally important countries such as Brazil, China, India, and Russia.This is a highly original investigation that will interest people who follow Mexican politics and its economy. The analytical framework will be of use to analysts, scholars, and students of comparative political economy, democratization studies, market reforms, and security and conflict studies.

The economic upturn and performance of Mauritius is a far cry from predictions made in the 1960s. The island’s remarkable economic performance since the 1980s can been attributed to a multitude of factors instrumental to the success of the economy, including structural reforms, outward looking export orientated strategies, diversification in the manufacturing, tourism and financial services sectors amongst others, sound economic governance and institutions, and significant investment in human capital. This book attempts to provide a detailed analysis of the various key ingredients which have helped to propel Mauritius to its current status. The various chapters provide important readings for both academics and policymakers, with the final chapter providing key policy strategies which the government needs to implement to help Mauritius graduate to the next level of development: namely to that of a high-income economy and, in moving out of the middle-income trap, laying the foundations for future growth and shared prosperity in the light of both domestic challenges and global constraints.

Why has Argentina suffered so much political and economic instability? How could Argentina, once one of the wealthiest countries in the world, failed to meet its potential over decades? What lessons can we take from Argentina's successes and failures? Argentina’s economy is - irresistibly - fascinating. Argentina's economic history - its crises and its triumphs cannot be explained in purely economic terms. Argentina's economic history can only be explained in the context of conflicts of interest, of politics, war and peace, boom and bust. Argentina's economic history is also intertwined with ideological struggles over the ideal society and the on-going struggle of ideas. The book comprises two distinct components: an economic history of Argentina from the Spanish colonial period to 1990, followed by a narrative by Domingo Cavallo on the last 25 years of reform and counter reform.Domingo Cavallo has been at the centre of Argentina's economic and political debates for 40 years. He was one of the longest serving cabinet members since the return of democracy in 1983. He is uniquely qualified to help the reader make the connection between historical and current events through all these prisms. His daughter, Sonia Cavallo Runde, is an economist specialized on public policy that currently teaches the politics of development policy. The two Cavallos offer academics and students of economics and finance a long form case study. This book also seeks to offer researchers and policymakers around the world with relevant lessons and insights to similar problems from the Argentine experience.