The Hybrid Structure of Emerging Market Economies: A Political Economy Vision in the context of India, China and Russian Federation
DOI:
https://doi.org/10.5195/emaj.2024.344Keywords:
Emerging Markets, Hybrid Structure, India, China, Russian FederationAbstract
This article analyzes the present and future development of national economies belonging to emerging markets (EME). Manuscript presents an interpretation of the phenomenon of system transformational shift in EME with a hybrid institutional-agency structure. To develop the arguments, this phenomenon has been considered in relation to the three largest EME - India, China and Russian Federation. The discussion section is devoted to the issue of transition in relation to existing emerging national economies. Paper draws a conclusion about the reproduction of a hybrid structure of emerging market economies, which remains different from the structures of advanced western economies. Therefore, the still widespread treatment of institutions that play a key role in self-sufficient EME as obviously imperfect does not correspond to current realities. These liberal and non-liberal institutions present the vital elements of the established hybrid structure of the economies in post-developing and after socialist countries, characterized by the absence of a clear institutional hierarchy and the relative independence of various institutional orders and agency components.
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