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Industrialisation in the Periphery of the EU and NAFTA

In: Money, Pricing, Distribution and Economic Integration

Author

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  • Philip Arestis

    (University of East London)

Abstract

A number of theories have been developed, or existing ones utilised, to explain economic development, or lack of it, in the periphery. Dependency theories of development see capital from the centre as infiltrating the periphery in search of new markets and cheap labour, thus incorporating the periphery into the capitalist mode of production. The emergence of dependent political and economic structures distorts the path of development of these countries, leading to underdevelopment rather than development. These theories are unable to explain the rapid growth that has taken place in parts of the periphery. Conformity to free-market principles, which produces rapid economic growth, is the gist of the argument of orthodox economic policies. This explanation has been no more successful than that of dependency theories (Amsden, 1990; Singh, 1995).

Suggested Citation

  • Philip Arestis, 1997. "Industrialisation in the Periphery of the EU and NAFTA," Palgrave Macmillan Books, in: Money, Pricing, Distribution and Economic Integration, chapter 10, pages 175-191, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37448-5_11
    DOI: 10.1057/9780230374485_11
    as

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