![]() ![]() One must ask how come Cambodia seems to have succeeded with such a problematic, if not fatally flawed, policy model. Since the neoliberal policy package is widely associated with economic and social reversals in almost all adopting countries in the Global South (Chang and Grabel 2014)-and is responsible for having piloted the global economy into a wall on Wall Street in 2008 (Mirowski 2013)-this apparent paradox demands an explanation. ![]() Given that we know that proactive ‘developmental state’ policies lie behind the massive economic and social improvements evidenced in East Asia since the end of the Second World War (Johnson 1982 Amsden 1989 Wade 1990), what is so surprising about Cambodia’s recent success, especially in terms of poverty reduction, is that it appears to have been created by adhering to almost the exact opposite of this ‘developmental state’ approach: that is, Cambodia appears to have done well in spite of having adopted the standard neoliberal policy model promoted by the World Bank, International Monetary Fund, and Asian Development Bank (ADB). ![]() An equally remarkable observation, however, relates to the policy model that underpins this apparent success. These important gains might suggest that the country will eventually join the elite club of East Asian ‘miracle economies’. It has enjoyed several years of rapid growth, exports have risen dramatically, and quite significant progress has been made in reducing poverty (ADB 2018). The Cambodian economy has undoubtedly been on a roll over the last decade. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |