Capital account regulation and national autonomy : the political economy of the New Welfare Economics

The 2007-2009 Global Financial Crisis (GFC) eroded the consensus around the benefits of capital mobility within mainstream economics. Against this background, this paper discusses to what extent the new mainstream position on capital flow management measures, based on the New Welfare Economics, expands the policy space of developing and emerging economies (DEEs). This paper argues that the new position can be classified as an embedded neoliberal one, given that it keeps liberalization as its ultimate goal, while nonetheless accepting to mitigate some of its harmful consequences. After comparing the capital account policies of China and Brazil, this paper concludes that the policy prescriptions of the New Welfare Economics do not lead to higher levels of national autonomy for DEEs and are likewise unable to curb financial instability in these countries

O conceito de potência emergente na hierarquia política e econômica internacional

Este trabalho tem por objetivo analisar o conceito de potências emergentes criado para a compreensão dos assuntos internacionais. O trabalho observa que o emprego do léxico emergentes – em relação aos mercados, países ou poderes – como qualificador para uma gama de fenômenos de relações internacionais tornou-se parte integrante da questão. Apesar disso, a denotação empírica do predicado está à frente da quantidade de esforços em sua contextualização teórica. Nossa hipótese metodológica é que a negação racional dos conceitos predominantes do espectro conotativo, reconhecendo a sabedoria incorporada sobre fenômenos cognatos sintetiza um quadro teórico sobre a sua utilização precisa.This paper aims to analyze the concept of emerging power established to the understanding of international affairs. The work observes that the use of the lexicon emerging – regarding to markets, countries or powers – as qualifier for a range of international relations phenomena became a constituent part of the matter. In spite of that, the empirical denotation of the predicate is ahead of the amount of efforts on its theoretical contextualization. Our methodological hypothesis is that the rational denial of the concepts prevailing connotative spectrum by acknowledging the embedded wisdom about cognate phenomena synthesizes a theoretical framework on its accurate use