The Political Economy of Southeast Asia by Toby Carroll & Shahar Hameiri & Lee Jones

Author:Toby Carroll & Shahar Hameiri & Lee Jones
Language: eng
Format: epub
ISBN: 9783030282554
Publisher: Springer International Publishing

Conclusion

A key theme in Murdoch School scholarship has always been the analysis of the process by which capitalist classes form and become important political and social forces. This chapter has developed this scholarship further by examining the changing nature of the capitalist class, through its internationalisation in the 1990s and beyond. It has advocated for a fruitful and productive engagement with the Amsterdam School of political economy, which has focused on the formation of transnational capitalist class fractions, and its impact on the forms and outcomes of political order and alliances within the state (van Apeldoorn 2004; Jessop and Overbeek 2019; Overbeek 2004). Much of this work remains highly Eurocentric, but it does not need to be: there is clearly strong evidence of similar trends in Southeast Asia. The Murdoch School tradition provides an analysis of the development of the interior bourgeoisie in the specific circumstances of Southeast Asia’s political economy, which can explain the specific forms of state transformation we witness as domestically nurtured businesses internationalise.

Bringing these two traditions together, this chapter has explained the recent transformation of the capitalist class in Southeast Asia and attendant transformations in the form and functions of the state. There has clearly been a substantial shift from the consolidation of nationally oriented bourgeoisies through statist policies in the 1970s and 1980s to the emergence of new internationally oriented fractions of capital, especially after the Asian financial crisis, and states’ facilitation of their transnational expansion. The nature of this “interior bourgeoisie” and its political project, however, is shaped by the legacies of previous rounds of state-led development.

References

Akrasanee, N., & Stifel, D. (1992). The political economy of the ASEAN free trade area. In P. Imada & S. Naya (Eds.), ASEAN: The way ahead (pp. 27–47). Singapore: Institute of Southeast Asian Studies.

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