Der Staat als Schuldner — Quadratur des Bösen?

Abstract

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Foreign direct investments and the dynamics of trade and capital flows: Schumpeterian insights for sustained development

“…In China, where the share of FDI in GFCF reached more than 15% in the 1990s, we find a continuous decline over the past two decades to <3% in 2018. This is consistent with China's overall development trajectory, which initially relied on foreign capital, but which has become less FDI‐dependent and increasingly technologically advanced through domestic investments (Flassbeck et al, 2020). In countries such as Japan or Korea, which protected their domestic economies and merely imported advanced technologies, FDI played a negligible role in GFCF throughout the past 30 years (<5%).…”

“…Wage policy followed the golden rule: Nominal wages increased in line with expected productivity growth and the national inflation target. This allowed to stabilise prices, while the coordinated adjustments of exchange rates prevented the emergence of large and persistent trade imbalances, which are so common in the post-Bretton Woods era (Flassbeck et al, 2022). These wage agreements also ensured that productivity gains were shared widely in the economy, which kept inequalities in check and stimulated demand.…”

“…At the same time, such wage conditionality would prevent that TNCs outcompete and suffocate the rest of the host economy in times of emigration and concomitant labour market shortages. Especially in Central and Eastern European economies, this poses an existential threat to many domestic firms (Flassbeck et al, 2022). Since Central and Eastern Europe experiences wide‐ranging emigration of labour towards the west—due to high nominal wage differences and economic crises—strong labour market shortages emerge.…”