Journal of Political Sciences & Public Affairs
Open Access
ISSN: 2332-0761
ISSN: 2332-0761
Leshan Loonena Naisho*
Economic development and economic growth are two concepts usually used interchangeably, however, distinguishing them allows one to understand development and the role economic policy regimes play in attaining development. Neoliberalism and neomercantilism have been effective policy regimes in achieving economic growth as is evidenced by the rise of the African Lions: Ethiopia, Ghana, Kenya, Mozambique, Nigeria, and South Africa under a neoliberal regime and the rise of the Asian tigers under a neomercantilist regime. However, the key difference between both policy regimes is the extent to which they guarantee economic development, this is determined by how either regime influences the role of the state in the economy. This paper posits that it is under a neomercantilist policy regime that economic development can be achieved, using an institutionalist approach to economic development, the paper will compare the economic development of two neoliberal states (Kenya and Ethiopia) and two neomercantilist states (China and South Korea) to determine the success of neomercantilism in achieving economic development.
Published Date: 2025-06-17; Received Date: 2024-08-05