The Political Economy of Contemporary Economic Transformation

Abstract

Very few former colonies in Asia, Africa, and Latin America have achieved sustained structural transformation since the 1950s and as a consequence have been unable to eliminate (extreme) poverty and food insecurity, and to achieve upper or even lower middle income status. The most rapid growth has actually been experienced in some parts of East Asia, while in most African countries and even in most of Latin America, there has been very limited development in industrial sectors. Classical development studies conceptualised economic transformation as the "process of moving from a set of assets based on primary products, exploited by unskilled labor, to a set of assets based on knowledge, exploited by skilled labor" (Alice Amsden, 2001). Historically, this transition meant a sole focus on manufacturing, while today there are vibrant debates about what constitutes structural transformation - with regard to the potential of high-value exportable services, commodities, the 'industrialisation of food', and the salience of contemporary manufacturing-based strategies. While governments need to get the economics of these policies right, an often bigger challenge is to navigate its country-specific political economy, which includes its institutional setting and the power configuration of its politically and economically salient organizations. When examining experiences across the globe, most countries have taken varied approaches to sustaining growth and economic development. However, a large share of countries have seen services rise as a share of GDP. Additionally, many developing economies remain stuck in commodity dependence, which became clear in many African countries during the 2000s, when growth increased rapidly because of commodity price rises and then fell, plunging numerous countries into trade deficits in the 2010s. This panel is looking for the submission of papers from across the social sciences that compare the specific experience of countries (at the macro- or sector-level) with how 'classical' development studies may have understood structural transformation to take place. We encourage submissions assessing the trajectories contemporary economic development strategies have taken and how the 21st century global political economy affects the potential of economic sovereignty. Qualitative and quantitative, comparative or single-case studies, and various regional foci are welcome.

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