The Phenomenon of Hybrid State Capitalism in Emerging Market Economies: Present and Future
DOI:
https://doi.org/10.5195/emaj.2022.270Keywords:
Emerging Markets, National Economies, State-Capitalist Order, Competitive AdvantageAbstract
The article is devoted to the actual and complex topic of the transformation of a number of countries with emerging markets. A retrospective of the transformation of the entire enclave of emerging market economies in a large number of countries was briefly presented. On this ground, the process of the reproduction of economic systems, distinguished by a hybrid structure with a prevailing state-capitalist order, in a separate conglomerate of post-developing and after socialist countries was analyzed in the last period. Based on the empirical available evaluations, with regard to the conglomerate of considered national economies, the most significant fundamental competitive advantage is still the preservation of relatively low cost of production factors. By the author's argumentation, a vision of the prospect for the transformation of such national economies are presented. The final conclusion concerns the possibility of successful adaptation of these economic systems to the positive fundamental changes, especially including those associated with the transition to sustainable overall social development.
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