Abstract
Rarely has an issue in the field of international political economy aroused more controversy than the role of the state in economic development. Much of the debate centers on theories of dependency which portray the state as a captive of the “universal standards” of international markets, constrained by its position in the international capitalist economy. In response to this provocative stance, there has been a recent renaissance of theories which see the state as a prominent force in the contemporary world economy. Numerous authors from a wide ideological spectrum have endorsed this argument. In their view, the state is not a helpless puppet subject to the whims of international capital and a comprador bourgeoisie. On the contrary, it is a key economic player capable of using international capital to forward its own interests.
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