Abstract
How can we explain that some emerging economies grow faster than others? What explains the sustainability of their growth? Not all types of capitalism in emerging markets contribute equally to sustainable growth rates that undergird development. Comparative capitalism research on European economies temporary growth models aims to more properly grasp change in the varieties of capitalism approach. Adoption of the growth models in emerging markets capitalism research requires attention to integration into the global economy and to political coalitions, and the need to deal with the methodological challenges, given high labor market informality and political instability. This article seeks to make sense of changes in the components of successive growth models throughout a path-dependent capitalist variety, expand the growth model analytical framework by testing elements alongside demand (and supply) based on a case study of Brazil, and explore coalitions in economic reform to identify growth model’s social blocs. The article’s results unveil challenges to the employment of existing concepts and analytical framework; the need to build bridges between growth models and the political economy of development; and an exploratory assessment of growth model contributions to Brazil's postwar development. Thereof, in the long term, interest shifts of economic elites between liberal and non-liberal economic regimes suggest a fragility of repeated attempts to form a durable developmental coalition, a process dynamic that frays state-permeated capitalism positive externalities. It concludes that both path dependent developmental institutions, which hinder change, and growth instability limit the possibilities of designing institutional reforms out of the middle-income trap.
Highlights
How can we explain that some emerging economies grow faster than others? What explains the sustainability of their growth over a lengthy period and across industrial and technological changes? These questions are pivotal for development
Following on the footsteps of the pathbreaking contributions by Nölke and colleagues (Schedelik et al, 2020; Nölke, 2019b; 2019c; Nölke et al, 2015) towards the development of a research agenda on growth models in emerging markets, this article sought to make a threefold contribution to its advancement
It presented a brief review of the origins of the growth models perspective, identified key issues in contemporary debates and, more importantly, identified challenges to the use of the existing concepts and analytical framework to make sense of emerging markets growth paths
Summary
How can we explain that some emerging economies grow faster than others? What explains the sustainability of their growth over a lengthy period and across industrial and technological changes? These questions are pivotal for development. A key analytical hindrance to the advancement of the growth model perspective in emerging countries is the need to a better conceptual specification of the formation of social blocs and how they change This problem becomes more complex insofar as emerging countries’ growth trajectory and politics are often more volatile than those of advanced industrial economies. The first seeks to make sense of changes in the components of successive growth models throughout a path-dependent capitalist variety or type, identifying conditions that may contribute to historically bounded stability It aims to expand the growth model analytical framework by suggesting new elements alongside demand (and supply) that could add analytic power to the explanation of the long-term development trajectory of emerging countries, based on a case study of Brazil. The conclusion presents contributions to the advancement of growth model research in emerging countries and advances proposals for future research
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