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The Rise and Fall of Export-led Growth

In: Neoliberalism and the Road to Inequality and Stagnation

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Abstract

This chapter traces the rise of export-led growth as a development paradigm and argues it is exhausted owing to changed conditions in both emerging market (EM) and developed economies. The global economy needs to be recalibrated so as to facilitate a new paradigm of domestic demand-led growth. Globalization has so diversified global economic activity that no country or region can act as the lone locomotive of global growth. Yet, political reasoning suggests EM countries are unlikely to abandon export-led growth, and nor will the international community implement the international arrangements needed for successful domestic demand-led growth. Consequently, the paper predicted the global economy would likely confront asymmetric stagnation, marked by slower growth in EM economies and stagnation in developed economies.

Suggested Citation

  • ., 2021. "The Rise and Fall of Export-led Growth," Chapters, in: Neoliberalism and the Road to Inequality and Stagnation, chapter 15, pages 232-252, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20890_15
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