developmentalism; developing economies; international monetary asymmetry; currency hierarchy; policy space; development policies
The 2000s have brought a renewed debate on strategies of ‘developmentalism’ in
emerging market economies, especially in Latin America. We consider new concepts
of developmentalism to be strategies in which the state deliberately pushes the process
of development, in terms of structural change, and aims at income redistribution.
In our paper, we seek to systematize this debate, comparing the concepts of new
developmentalism and social developmentalism. We argue that of particular relevance
for this discussion are the policy space constraints for emerging market economies
imposed by international monetary and financial asymmetries. We conclude that the
latter of the two approaches does not consider appropriately the policy constraints
related to these asymmetries, which reduce the space for the implementation of
developmentalist policies, while the former sees redistribution as a mere result of
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