Transformation of economic systems in countries with emerging markets: the phenomenon of hybrid state capitalism — what is forward?

Abstract

The article is devoted to the actual and complex topic of the economic transformation of a number of countries with emerging (growing) markets, which are distinguished by a hybrid systemic structure with a dominant state-capitalist order. A retrospective of the transformation of the entire enclave of emerging market economies in a large number of countries has described. On this ground, the author analyzes the process of the reproduction of economic systems, distinguished by the dominant state-capitalist order, in a separate conglomerate of post-developing and post-socialist countries in the last ten-year period. According to the author, the observed tremendous increase in demand and at the same time in prices for commodities after the peak of the Pandemic in non-Western countries is temporary. It will soon exhaust itself in the face of rapid progress in the efficiency of resource consumption in the largest producing countries, primarily in China and India, and the rapid general process of decarbonization in the world economy. In the future, the fundamental factors of national economic development will play a decisive role. With regard to the conglomerate of considered national economies, the most significant fundamental competitive advantage, at least in a five-year perspective, presents still the preservation of a relatively low cost of production factors. Based on the author’s argumentation and the available research results, a vision of the near and longterm prospects for the transformation of such national economies has supposed. The main conclusion concerns the possibility of successful adaptation of the considered national economic systems to the expected fundamental changes, including those associated with the transition to economic and overall social sustainable development.