RE-ORIENT? UNDERSTANDING CONTEMPORARY SHIFTS IN THE GLOBAL POLITICAL ECONOMY
Journal Title: Journal of Globalization Studies - Year 2011, Vol 2, Issue 2
Abstract
This article analyses the logic of the current global economic crisis by using the IMF estimates of economic growth in 180 countries (IMF 2009), and links the results to the ‘Re-orient’ approach, put forward by Frank (1998). With global economic gravitation shifting to the Indian Ocean / Pacific region, the article also analyses the role of MNC (foreign capital) penetration as the key variable of past quantitative dependency studies for contemporary eco-nomic growth and social performance. In a Schumpeterian fashion, MNC penetration reflects the power, which transnational oligopolies wield over local economies. Today, social polarization and stagnation increase as a consequence of the development model, based on high MNC penetration.
Authors and Affiliations
Arno Tausch, Almas Heshmati
Keywords
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