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The Handbook of Political, Social, and Economic Transformation$
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Wolfgang Merkel, Raj Kollmorgen, and Hans-Jürgen Wagener

Print publication date: 2019

Print ISBN-13: 9780198829911

Published to Oxford Scholarship Online: March 2019

DOI: 10.1093/oso/9780198829911.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 24 June 2021

Internationalization

Internationalization

Chapter:
(p.531) Chapter 55 Internationalization
Source:
The Handbook of Political, Social, and Economic Transformation
Author(s):

Herman W. Hoen

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198829911.003.0055

This chapter examines internationalization, which is always seen as essential in fostering a country’s long-term economic growth. Based on the concept of comparative advantages, cross-border trade of goods and services is expected to generate positive welfare effects. However, not all countries have been conducive to internationalization. In particular, centrally planned economies failed to benefit. The system of central planning hindered participation in world markets. Due to the autarkic nature of ‘forced industrialization’, the countries had to rely on barter deals and bilateralism. This impeded internationalization, both within the Eastern bloc as well as between the communist ‘East’ and the market-oriented ‘West’. After the collapse of communism in 1989, the opening up of the economy became pivotal in the transition to a full-fledged market economy. Transition strategies have nonetheless been quite different and by no means implied a severely marginalized role for the state. On the contrary, state capitalism has emerged as a viable outward-looking alternative.

Keywords:   bilateralism, (in)convertibility, Council for Mutual Economic Assistance, EU membership, forced industrialization, internationalization, inward-looking policy, outward-looking policy, mercantilism, state capitalism

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