This is akin to chasing your own shadow! Indeed, no matter how hard you try, they will always have the right to say: “Sorry, sport! You’re not up to the standard yet.” There have been so many developing countries that went through this “ordeal by free market” that I do not even want to spend time listing them here. These considerations bring some modern economists and politicians to the thought about resurrecting the national understanding of economic reality. As of late, the focus has been less on national economic systems, but on global markets. Westernization deliberately disguised as globalization has been hooking their victims’ economies up to multinational production chains with final products ending up on the store shelves in the developed world thus imposing on developing countries particular niches in the international division of labor, which make them utterly dependant on the foreign supply of inputs and the foreign demand for outputs.
In this situation, the national economic system is left unattended. In the avalanche of revenues from abroad, few bother to assess the national economic viability when the global economic trends change. And they do – quite dramatically at times. To my mind, this underlines not only the need for a revision of the economic discipline as such by re-introducing political economy, but also a need for more emphasis on national socio-economic issues by introducing national political economy. I may write an extended article about my vision of this specialized economic discipline.
It is hopefully needless to mention that it is the economic basis that tends to bring about changes in the superstructure. While the latter can affect the former, the prominence still remains with the basis. Thus, the existing political institutions, ideals, slogans, public figures, etc. have all appeared as a direct result of the way the current economic system is run. When it collapses, so does the legitimacy of the political elite. On the contrary, we are told that bourgeois democracy is the only way to economic prosperity. As a political economist, I view modern-day politicians as products of the modern-day global economic model, which now lies breathless by the sideways of economic development. No matter what they say or do, they are part of the system. They have all been born into it (please note that I do not imply the hereditary transfer of political power) and few will dare to leave it. Whether it is religion, national identity, outward threat or anything else that they use to justify their existence, it does not matter.
Considering the above, I cannot see any mainstream political party or movement nowadays that treats economic pragmatism as the core of their political platform, which should envisage both systemic sustainability and flexible methodology, i.e. the qualitative development of the national economic system rather than the mere enrichment of the corporate elites, who only talk about adjusting the mechanism – taking the entire system to a new level of development will simply put them out of business. They are never going to consent to that.