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Research Articles

The Shock from "Loong, Elephant & Bear" ? -- Research on the Interaction Mechanism between Emerging Market Economies and the Neo-liberal Economic Order

Haocheng Yin1,*

1 School of International Relations and Public Affairs,Shanghai International Studies University,Shanghai,China
* Correspondence: Haocheng Yin, E-mail: hchyin@shisu.edu.cn
 
J. Int. Eco. Glo. Gov., 2024, 1(4), 57-74; https://doi.org/10.12414/jiegg.240271
Received : 29 Jul 2024 / Revised : 01 Aug 2024 / Accepted : 04 Aug 2024 / Published : 25 Sep 2024
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Abstract
 
Since the beginning of the 21st century, the rapid economic growth of emerging market economies represented by China, India and Russia has changed the international economic pattern. The rise of these emerging market economies has created a dynamic relationship with the Neo-liberal order that is both competitive and cooperative. In production structure, emerging markets tend to guide resource allocation and promote industrial development through government policies. Although this model is different from the market-oriented principle advocated by Neo-liberalism, it also shows the effectiveness of state power under specific conditions. In financial structure, while attracting foreign capital through marketization and liberalization, emerging markets also try to manage short-term capital flow through policy regulation to maintain financial stability, showing a balanced integration strategy with the Neo-liberal financial liberalization principle. In knowledge structure, emerging market economies face significant advantages over developed countries and their technology companies, especially in high-tech R&D and intellectual property, which has led them to rely heavily on and integrate into the existing Neo-liberal knowledge order. The relationship between emerging markets and Neo-liberalism is not binary, but highly complex. In the ever-changing international pattern, emerging market economies should cooperate with developed countries to play an active role, overcoming the logic trap of duality.
 
Keywords: Emerging Market Economies, Global Political and Economic System, Neo-liberalism, Structural Power
 
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Funding

   This research was funded by the project of the National Security Education Research Center of Shanghai International Studies University, "Study on Preventing the infiltration of Western Ideology in Universities from the perspective of Overall National Security" (Project No. 2023ZD002)

Conflicts of Interest:

    The authors declare that they have no conflicts of interest to report regarding the present study.

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© The Author(s). Published by MOSP. 
This is an open access article under the CC BY-NC license.

Yin, H. The Shock from "Loong, Elephant & Bear" ? -- Research on the Interaction Mechanism between Emerging Market Economies and the Neo-liberal Economic Order. Journal of International Economy and Global Governance 2024, 1 (4), 57-74. https://doi.org/10.12414/jiegg.240271.

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