This special issue places the change in how industrialisation/servicification is happening in Asia and other developing countries in the historical background of secular stagnation.
This special issue is a follow-up to the JPE special issue on “Structural change in Asia: Can the services sector lead growth?” The Japanese Political Economy, 43:1-4. It investigated whether India illustrates the possibility of a trajectory where the services sector leads growth.
Thomas Palley (2011) argues that export-led growth as a development paradigm is exhausted owing to changed conditions in emerging markets (EM) and developed economies. EM countries are not likely to abandon export-led growth, nor are developed economies to implement the international arrangements needed for successful domestic demand-led growth. Consequently, the global economy likely faces asymmetric stagnation.
This special issue investigates the rise and fall of the export-led industrialisation model and argues how the global economy recalibrates a new paradigm of economic growth.
