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Third World indebted industrialization: international finance and state capitalism in Mexico, Brazil, Algeria, and South Korea

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  • Frieden, Jeff

Abstract

The past fifteen years have seen two important developments in the international economic system: the rapid industrialization of many less developed countries (LDCs) and their increasing indebtedness to private financial institutions. Massive bank loans have been used to fund industrial growth in many LDCs; international financial markets have replaced multinational corporations as the Third World's most important source of private foreign capital. In four major borrowing countries—Mexico, Brazil, Algeria, and South Korea—the process of indebted industrialization has its roots in the internationalization of finance, the increasing role of the state, and the use of funds raised on the international capital markets to finance industrial development. The results include rapid expansions of LDC industrial production and LDC exports of manufactured products, as well as the formation of an implicit partnership between private financial institutions and state-capitalist elites in the Third World.

Suggested Citation

  • Frieden, Jeff, 1981. "Third World indebted industrialization: international finance and state capitalism in Mexico, Brazil, Algeria, and South Korea," International Organization, Cambridge University Press, vol. 35(3), pages 407-431, July.
  • Handle: RePEc:cup:intorg:v:35:y:1981:i:03:p:407-431_03
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    Cited by:

    1. Fischer, A.M., 2016. "Aid and the symbiosis of global redistribution and development: Comparative historical lessons from two icons of development studies," ISS Working Papers - General Series 618, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
    2. Robert Wood, 1985. "The Aid Regime and International Debt: Crisis and Structural Adjustment," Development and Change, International Institute of Social Studies, vol. 16(2), pages 179-212, April.
    3. Maxfield, Sylvia, 1998. "Understanding the Political Implications of Financial Internationalization in Emerging Market Countries," World Development, Elsevier, vol. 26(7), pages 1201-1219, July.
    4. SBIA, Rashid & Al Rousan, Sahel, 2015. "Does Financial Development Induce Economic Growth in UAE? The Role of Foreign Direct Investment and Capitalization," MPRA Paper 64599, University Library of Munich, Germany.
    5. John M. Rothgeb Jr., 1987. "Trojan Horse, Scapegoat, or Non-Foreign Entity," Journal of Conflict Resolution, Peace Science Society (International), vol. 31(2), pages 227-265, June.

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