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Abstract
Abstract This paper discusses, from a conceptual and theoretical perspective, the recent debates on the relation between the state and the market as drivers of national development. Since the end of the Cold War, three periods are distinguishable according to the way in which development is discussed, envisaged, and designed through state policies. The first one starts from the end of the Cold War and leads to the 2008-2009 crisis, the second includes the ten years of recovery, while the last is unfolding at the moment. The argument takes globalization into account as the background for development, during the three decades observed. The paper analyses the way in which the state-market relationship was envisaged during each period, both in the developed and emerging economies. The paper identifies the factors that ensure steady development, with an emphasis on current challenges. Lastly, the paper presents the particular experience of Central and Eastern Europe during its transition from the communist regime to democracy. The conclusion is that the better understanding of the relationship between globalization and development, the faster their evolution for a given country.
Highlights
Ten years after the economic crisis that swiped the worlds’ economies, the globe is experiencing another long-lasting turmoil
We turn to expert opinion and data provided by prestigious intuitions, such as the World Bank, to better understand: 1. How have the three stages of conceptualizing development been felt in Central and Eastern Europe (CEE)? 2
The present paper provides an overview of the successive approaches of development strategies since the end of the Cold War, leading to the conclusion that development gradually lost its place among the top priorities in many states
Summary
Ten years after the economic crisis that swiped the worlds’ economies, the globe is experiencing another long-lasting turmoil. Recovery in the post-crisis period has been difficult. It left deep wounds for many countries: large debts, rising inequalities, both at national and supranational levels, and social unrest. Many voices warn of another recession to come (The Economist, 2018d). When the IMF Director herself urges nations to „Fix the roof while the sun is still shining” (Lagarde, 2018), and to dedicate their efforts to creating a fiscal buffer for hardships to come, the world needs to listen. A climate of insecurity is slowly taking its place as the global economy is affected by multiple-party trade wars
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