>>2633304>https://archive.is/LKS8SThis was a good read, I read nearly all of it.
Among my main takeaways follow:
- The Volcker shock (perhaps) deindustrialized the US, and wiped out the commodity based industrialization of the developing world in one swoop.
- (Obvious to me) Industrialization is the means to become a developed country.
- It is no longer reasonable to expect capitalism to industrialize developing nations.
- The developing world is filled with masses of underemployed youths.
- The developmental state can't be dominated by rentiers because the movement to higher value-added industries means a transition away from the investments of the rentiers.
- Early financialization such as free-floating currencies (1997 Asian Financial Crisis in particular), removal of capital controls, and creation of debt markets further impoverish.
In short anything close to neoliberalism, and perhaps even democracy if we're to see this as an indirect control by rentiers endangers developing countries ability to develop.