The Rise of New Developmentalism in South East Asia
In this chapter, we discuss the third wave of developmentalism in South East Asia, which was a post-Lewis transition or even a ‘premature’ deindustrialization. There was a divergence across Malaysia, Indonesia, and Thailand in terms of managing Kuznetsian forces. The period begins with the crisis of the second wave of structural transformation and capital accumulation in the late 1990s. We identify the next incarnation of developmentalism in a nascent, new developmentalism and the ascendancy of Polanyi’s regulator or handmaiden, in the form of state intervention in the economy and a less liberal approach to international capital. The period has also been one of emerging democratic and popular political forces.
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