This article analyses IMF estimates of economic growth in 180 countries (IMF, 2009),and links the results to the ¡°Re-orient¡± approach, put forward by Frank, 1998. With global economic gravitation shifting to the Indian Ocean/Pacific region, the article also analyses the role of MNC (foreign capital) penetration as the key variable of past quantitative dependency studies for contemporary economic growth and social performance. In a Schumpeterian fashion, MNC penetration reflects the power, which transnational oligopolies wield over local economies. Today, social polarization and stagnation increase as a consequence of the development model, based on high MNC penetration.
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Paper provided by Seoul National University, Technology Management, Economics and Policy Program(TEMEP) in its series Discussion Papers with number
200911.
Find related papers by JEL classification: F50 - International Economics - - International Relations and International Political Economy - - - General O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
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