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Post-Crisis Capital Controls in Developing and Emerging Countries: Regaining Policy Space? A Historical Materialist Engagement

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  • Ilias Alami

Abstract

Recent political economy scholarship has interpreted the recent resurgence of capital controls across the Global South as attempts by some developing countries to preserve their policy space to pursue heterodox economic policies. This article critically engages with this literature and argues for the need to study capital controls in light of the social constitution and the class character of the capitalist state, money, and private capital flows. This argument is substantiated through a class analysis of the deployment of capital controls in Brazil from 1945 to 2014, which emphasizes the crucial role that capital controls have historically played in the reproduction of capitalist social relations and particular forms of class rule in Brazil. JEL Classification: F30, F32, F38, F54

Suggested Citation

  • Ilias Alami, 2019. "Post-Crisis Capital Controls in Developing and Emerging Countries: Regaining Policy Space? A Historical Materialist Engagement," Review of Radical Political Economics, Union for Radical Political Economics, vol. 51(4), pages 629-649, December.
    • Handle: RePEc:sae:reorpe:v:51:y:2019:i:4:p:629-649
    DOI: 10.1177/0486613418806635
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    References listed on IDEAS

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    Cited by:

    1. Chris O’Kane, 2020. "Capital, the State, and Economic Policy," Review of Radical Political Economics, Union for Radical Political Economics, vol. 52(4), pages 684-692, December.
    2. Ilias Alami, 2019. "Taming Foreign Exchange Derivatives Markets? Speculative Finance and Class Relations in Brazil," Development and Change, International Institute of Social Studies, vol. 50(5), pages 1310-1341, September.

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    More about this item

    Keywords

    capital controls; policy space; development; Marxist political economy; state theory; Brazil;
    All these keywords.

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • F54 - International Economics - - International Relations, National Security, and International Political Economy - - - Colonialism; Imperialism; Postcolonialism

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