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The Rise of “The Rest”Challenges to the West From Late-Industrializing Economies$
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Alice Amsden

Print publication date: 2001

Print ISBN-13: 9780195139693

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0195139690.001.0001

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From Mechanisms of Control to Mechanisms of Resistance

From Mechanisms of Control to Mechanisms of Resistance

(p.251) 9 From Mechanisms of Control to Mechanisms of Resistance
The Rise of “The Rest”

Alice H. Amsden (Contributor Webpage)

Oxford University Press

The expansionist tendencies inherent in industrial developmental policies became overexpansionist when, by virtue of success itself, access to foreign capital eased. Two foreign debt crises ensued, one in Latin America starting in 1982, and the other in East Asia starting in 1997. The economic and political costs of financial disequilibria were enormous, involving prolonged falls in output and wages in Latin America and greater foreign political intervention throughout the developing world. This chapter examines how the institutions centred around the developmental state in late industrializing countries absorbed external shock and adapted to a more advanced stage of development internally.

Keywords:   debt, East Asia, expansionism, industrial development, institutions, late industrialization, Latin America, newly industrialized countries, overexpansionism

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