From Liberalization to Investment and Jobs: Lost in tsssranslation Yilmaz Akyüz

This paper discusses the experience of late industrializers in harnessing profits through industrial-cum-investment policies for faster accumulation. It is found that the performance of a large number of developing countries which have adopted a strategy of reigniting a dynamic process of capital accumulation and growth through a combination of rapid liberalization, increased reliance on foreign capital and reduced public investment and policy intervention is highly disappointing. The paper also examines the impact of macroeconomic and financial policies on accumulation, employment and growth, and concludes with a discussion of policy priorities. lost_translation (Download the full text in PDF format)

The Economics of the New Phase of Imperialism Prabhat Patnaik

This paper argues that even though "accumulation through encroachment" in the inclusive sense of the term is always an integral part of the process of capital accumulation, so that the pure reign of "accumulation through expansion" is rare and at best transitory, a crucial feature of contemporary imperialism is a vast increase in the relative importance of "accumulation through encroachment". economics_new_phase (Download the full text in PDF format)

The Rise of China and the Demise of the Capitalist World-Economy: Exploring historical possibilities in the 21st century Minqi Li

This paper tries to place the rise of China within the current world-historical conjuncture – the age of transition, and examine whether the existing world system can survive the rise of China. Caught between making the unpleasant choice between a global world empire and permanent systemic chaos the paper discusses what might happen in the absence of the rise of China. The rest of this paper evaluates if the hope of the rise of China is likely to be materialized and its likely implications for the existing world system. rise_china (Download the full text in PDF format) (This article is…