Varieties and crises of neoliberal globalisation: Argentina,Turkey and the imf

Argentina and Turkey are two important ‘emerging market countries’ that experienced a major economic crisis during the same year. Focusing on the period leading up to the respective 2001 crises in the two countries, this article attempts to place the two experiments in historical perspective and provide an understanding of the common elements as well as the diversity of the neoliberal restructuring process in semi-peripheral settings. The article also attempts to identify some of the key mistakes made by the imf, which was, in part, responsible for the crises experienced. A central conclusion is that ‘new’ or unconsolidated democracies find themselves particularly vulnerable when they are suddenly and prematurely exposed to financial and capital account liberalisation. The outcome is a highly fragile, debt-led growth path with costly consequences. Indeed, although both countries have managed to accomplish impressive recoveries in the post-crisis period, given their past trajectories and the heavy debt burden that they face, it is too early to say that the recovery process will be translated into sustained and crisis-free growth. The regional environment in which the two countries find themselves might be particularly important in this context, with the powerful EU anchor a possible important advantage in the Turkish context.     

Chinese capitalism: Cultures,the Southeast Asian region and economic globalisation

Globalisation is often presumed to be an economically, socially and culturally homogenising force. The deterioration of capitalism's major rival in the early 1990s has paved the way for a truly global economy in which all participants increasingly operate under the general logic of capitalism-that is, a market-orientated system of production and exchange, private ownership and a flexible labour market predicated upon self-interest. Yet, while the pressures of globalisation are obviously formidable and increasingly felt by all, economic societies remain diverse and have responded to these pressures in unique ways. This article makes its case for the continued diversity of capitalism by emphasising the unique mode of economic organisation that has emerged in Southeast Asia; one rooted in the demands of globalisation as well as in the cultural foundations of the Overseas Chinese. The evolution of ethnic-Chinese business networks, which define Southeast Asia's political economy, constitutes a unique reaction to the pressures of globalisation and has laid the basis for a distinct articulation of capitalism in the region.     

The capitalist conjuncture: over-accumulation,financial crises,and the retreat from globalisation

This article argues that the key crisis that has overtaken today's global economy is the classical capitalist crisis of over-accumulation. Reaganism and structural adjustment were efforts to overcome this crisis in the 1980s, with little success, followed by globalisation in the 1990s. The Clinton administration embraced globalisation as the ‘Grand Strategy’ of the USA, its two key prongs being the accelerated integration of markets and production by transnational corporations and the creation of a multilateral system of global governance, the pillars of which were the World Trade Organization, the International Monetary Fund and the World Bank. The goal of creating a functionally integrated global economy, however, stalled, and the multilateral system began to unravel, thanks among other things to the multiple crises created by the globalisation of finance, which was the main trend of the period. In response partly to these crises, partly to increasing competition with traditionally subservient centre economies, and partly to political resistance in the South, Washington under the Bush administration has retreated from the globalist project, adopting a nationalist strategy consisting of disciplining the South through unilateralist military adventures, reverting to methods of primitive accumulation in exploiting the developing world, and making other centre economies bear the brunt of global adjustments necessitated by the crisis of over-accumulation.     

Neoliberal globalisation,the nation-state and financial crises in the semi-periphery: A comparative analysis

The process of neoliberal globalisation has been associated with successive financial crises in the context of the 1990s, raising serious doubts concerning the sustainability of rapid growth in an environment of uncontrolled movements of short-term capital. The article probes into the origins of the financial crises in the semi-periphery through a structured comparison of three key recent crises in the world economy, namely the Mexican and Turkish crises of 1994 and the Asian crises of 1997. Whilst the magnitude of the capital flows and the dimensions of the subsequent crises are strikingly different, there are nonetheless important elements common to all three cases studied. One such common element involves the overdependence of the countries concerned on the short-term financial flows, in a setting characterised by premature capital account liberalisation in the absence of adequate regulation. It is striking that, contrary to the conventional IMF wisdom, financial crises have occurred in spite of 'sound fundamental', namely fiscal equilibrium and low inflation. The recent financial crises highlights a paradoxical situation: the need for effective regulation at a time when the capacity of the nation state to undertake the type of regulation needed severely circumscribed. Hence, the establishment of an effective regulatory framework at the global level emerges as a major requirement if successive financial crises, with significant economic and social cost, are to be avoided in the future.     

National development and the globalisation discourse: Confronting 'imperative' and 'convergence' notions

The Bonn Agreement of December 2001 lays the foundations for a political transition in Afghanistan after 23 years of war. The agreement excludes the defeated party, the Taliban, while seeking to commit the remaining groups to a long-term and loosely defined peace process. With Afghan regionally based political-military groups defined largely along ethnic lines, and closely linked to external powers, rebuilding national authority will be a slow and conflictual process. Rebuilding the coercive capacity of the state is essential to overcome strong centrifugal tendencies, yet must be timed so as not to get ahead of the restoration of legitimate political authority. International assistance can support the political recovery by being conscious of the need to neutralise the 'spoilers' of the peace process. Making haste slowly in aiding economic recovery can prevent armed competition for power at the centre. To promote this kind of transition, and promote Afghan influence in the peace-building process, the international aid community must fundamentally reorient the strategies and methods of past involvement in the country.     

Independence referendums and nationalist rhetoric: the Kurdistan Region of Iraq

Using the case study of the Kurdistan Region of Iraq (KRI) and the 2017 independence referendum, this article examines the nexus between independence referendums, nationalism and political power. It argues that the referendum in the KRI was held due to internal political competition and growing rebellion from the population against the poor economic performance and political situation rather than because the time was right for independence referendum. Focusing on the poor political and financial dynamics, as well as the lack of regional and international support for Kurdish independence, the article argues that independence was not a realistic goal and was rather used as a distraction amid internal turmoil. The example of the referendum in the KRI poses questions about the democratic credibility of such referenda, as the population were voting for an unachievable result and the referendum itself became a tool of internal political competition.     

Neoliberal globalisation and the triple crisis of 'modernisation' in Africa: Zimbabwe,the Democratic Republic of the Congo and South Africa

Neoliberal globalisation has renewed and accelerated the triple crisis of capitalist modernisation in Africa. Primitive accumulation, nation-state formation and democratisation remain uncompleted tasks. Neoliberal globalisation simultaneously encourages these trends yet makes them difficult to resolve, given its anti-statism, its exclusionary version of democracy, and the violence inherent in the emergence of private property rights out of pre-capitalist modes of production that have been mediated by colonial and postcolonial institutions and the dynamics of the Cold War. The elements of the modernisation triad are inextricably intertwined, yet in varying social contexts take on unique patterns. To highlight each element in the triple crisis of 'modernisation', this article separates and 'applies' them to three 'southern' African countries. The notion of primitive accumulation is the theoretical lens through which the Zimbabwean crisis is viewed. The war in the Democratic Republic of the Congo is analysed through the prism of nation-state construction. South Africa, the most 'developed' (albeit particularly unevenly 'developed') society under study here will be examined through the framework of 'democratisation'.     

Before Seattle: The historical roots of the current movement against corporate-led globalisation

The purpose of this article is to enrich the understanding of the precursors to today's global citizen movement against corporate-led globalisation and to draw on that history for its relevance to the contemporary period and movement. In doing this, we provide snapshots of three dynamic waves of economic integration that provoked cross-border resistance: 1) the period of European colonialism, with case studies of the anti-slave trade and the international workers' movements; 2) the early post-World War II period (1940s-60s), when a vibrant debate erupted about how developing countries should relate to the world economy; and 3) the 1970s, when Southern governments banded together to pose alternative rules and institutions, and when popular resistance to different aspects of economic integration spread in many nations.     

Celebrity-led development organisations: the legitimating function of elite engagement

The past decade has seen a frontier open up in international development engagement with the entrance of new actors such as celebrity-led organisations. We explore how such organisations earn legitimacy with a focus on Madonna’s Raising Malawi and Ben Affleck’s Eastern Congo Initiative. The study draws from organisational materials, interviews, mainstream news coverage, and the texts of the celebrities themselves to investigate the construction of authenticity, credibility, and accountability. We find these organisations earn legitimacy and flourish rapidly amid supportive elite networks for funding, endorsements, and expertise. We argue that the ways in which celebrity-led organisations establish themselves as legitimate development actors illustrate broader dynamics of the machinery of development.     

The birth and development of the language of global development in light of trends in global population,international politics,economics and globalisation

The 1940s saw an intensification of worldwide interest in the problems of development and underdevelopment. One consequence of this was a rapid evolution of the language of global development. The reconstruction of its genesis is most commonly attempted through the analysis of literature on the subject and accounts by those who took part in or observed the debates of the time concerning the world’s development and structure. This article proposes a different approach which locates important events in the evolution of the modern language of global development on timelines tracing populational, political, socio-economic and civilisational processes.     

On the nature of power: an examination of the governing elite and institutional power in Spain, 1939–92

This article summarizes a study of the political, bureaucratic and economic elites in Spain, from the Franco regime through the democratic transition to the socialist governments of the 1990s. Data on the people holding posts in one or more of these elite groups were used to test and extend the theory of elite circulation first formulated by Vilfredo Pareto. The data confirms that Spanish elites became more open to others in the democratic period. Up to the present time, they continue to be integrated through multi-positionality – many bureaucrats also hold political or economic posts – though to a lesser extent than in the past. Our empirical findings enable finer distinctions to be made about the different modes of elite circulation. These results show the changing nature of the networks that form when posts in different sectors become associated through multiple post-holding. These networks are an important component of the social fabric in Spain and elsewhere and deserve further investigation.     

Transition strategy,corporate exploitation,and state capture: An empirical analysis of the former Soviet states

It is difficult to find, at a glance, a clear connection between corruption and the reform processes in the states of the former Soviet Union (FSU). The key to untangling this issue is to look at the peculiarities of their transition strategies and economic crisis compared with those of Central and East European countries. This paper aims to unravel the complex ties between the transition process and corruption in the FSU states through theoretical and empirical analyses of the impact of multiple factors. These factors include the extent of decentralization of the government–enterprise relationship and the degree of state intervention in corporate management as well as the impact of economic distress that have been affecting the frequency and degree of corporate exploitation and state capture. In this manner, our study aims to complement earlier achievements in this field.     

The Mutual Obligation Policy in Australia: The rhetoric and reasoning of recent social security policy

Since 1997, the Australian Federal Liberal Government has introduced policies which have sought to reduce rates of unemployment, particularly long-term unemployment. The policy, known as Mutual Obligation, increased the expectations on unemployed people in return for their social security payment. At the same time, previous labour market programmes and government assistance schemes were scrapped or privatised. This article explores the justification of the term 'Mutual Obligation' by examining both the language and the underlying principles of the policy. By defining the problem of unemployment in terms of flaws in the previous social security system, the stage is set for the government to introduce policies which remedy those flaws by emphasising self- reliance in favour of government assistance. Further, by invoking notions of fairness and mutuality, the article argues that the term 'Mutual Obligation' masks both the extent and the strength of the obligations imposed on unemployed people.     

Intellectuals and political strategy: hegemony,posthegemony, and post-Marxist theory in Latin America

Recent work on posthegemony has sought to displace the theory of hegemony as the primary mode of understanding politics, particularly with respect to Latin America. However, this work has yet to address the history of the theory of hegemony in Latin America itself. The present article traces the history of the theory of hegemony as a reference point for Marxists in twentieth century Argentina, working through key texts from the theory’s regional introduction by Héctor Agosti, through the work of Pasado y Presente, to that of Ernesto Laclau. I argue that the theory of hegemony in the Argentine context has historically served to place intellectuals and their productions at the centre of history, and has conceived of political strategy and organisation from this perspective. Understanding this limitation and its history, I conclude, will give posthegemony theory the strategic and conceptual bearings by which to surpass the problematic of hegemony.     

The "other diseases" of the Millennium Development Goals: rhetoric and reality of free drug distribution to cure the poor's parasites

The sixth MDG aims 'to combat HIV/AIDS, TB, malaria and other diseases'. The residual category of 'other diseases' has become the focus of intense interest, partly because it has provided an opportunity to increase resources for the control of the mostly parasitic 'neglected tropical diseases' (NTDs). Intense lobbying has secured large amounts of funding from donors, as well as generous donations of medicines from the major drug companies. A massive programme is now underway to treat the parasites of the poor in Africa via integrated vertical interventions of mass drug administration in endemic areas. The approach has been hailed as remarkably effective, with claims that there is now a real prospect of complete control and, for some NTDs, even elimination. However, a closer look at evaluation and research data reveals that much less is known about what is being achieved than is suggested. Competition between implementing organisations is leading to potentially counterproductive exaggerations about treatment coverage. Detailed local-level research in Uganda and Tanzania shows that actual rates of drug take-up among target populations are often lower than is necessary to effectively control the diseases, and that methods of drug distribution may even lead to active resistance to treatment. If current trends are not corrected, declining rates of NTD infection will not be sustained. Much more rigorous and effective monitoring is essential.