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Satybaldieva, Elmira and Sanghera, Balihar (2022) Economics. In: Montgomery, David, ed. Central Asia: Contexts for Understanding. Central Eurasia in Context . University of Pittsburgh Press, pp. 457-470. ISBN 978-0-8229-4678-6. (The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided) (KAR id:70160)

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The post-Soviet economic development has been predominantly explained through transition paradigm, where countries are assessed to what extent authoritarian and centralized economies have been liberalized and privatized towards a market economy. Its underlying normative assertion is that economic growth and development are achieved through market mechanisms, and poor economic performance and stagnation are outcomes of lack of political will for reforms and domestic conditions (Heatherhaw and Cooley 2015). This chapter examines the economic development trajectory of Central Asian countries, and argues that the 'economic transition' paradigm is flawed because it fails to discern the complexity of neoliberalism-led capitalism (see Soederberg 2012; Robison 2006). In particular, there is little scrutiny between 'market reforms' and high levels of indebtedness, socio-economic inequality, corruption and unsustainable development in the region. This chapter will examine how Western-led international financial institutions pursued two neoliberal economic strategies of extraction-based and debt-led growth in Central Asia, and their negative impact on society. It will also examine the emergence of two alternative economic imaginaries that counter the US neoliberal global hegemony.

Item Type: Book section
Subjects: H Social Sciences
H Social Sciences > HM Sociology
J Political Science > JA Political science (General)
Divisions: Divisions > Division for the Study of Law, Society and Social Justice > School of Social Policy, Sociology and Social Research
Depositing User: Balihar Sanghera
Date Deposited: 17 Nov 2018 11:16 UTC
Last Modified: 19 Jul 2022 07:20 UTC
Resource URI: (The current URI for this page, for reference purposes)

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