{"title":"The “EU‐Leash”: Growth Model Resilience and Change in the EU’s Eastern Periphery","authors":"Gergő Medve-Bálint, Jakub Szabó","doi":"10.17645/pag.7449","DOIUrl":null,"url":null,"abstract":"Although the EU’s Eastern periphery has been afflicted by a series of crises over the past two decades, the region’s dependent market economies have shown puzzling resilience. Since the global financial crisis, the FDI-led, export-oriented growth models of the Visegrád countries have been reinforced. Meanwhile, the debt-based, consumption-oriented capitalism of the Baltic states has not experienced dramatic shifts either, despite a strengthening of its export component. Scholarly accounts from a comparative political economy perspective explain this resilience as the product of country-specific factors and tend to downplay the role of external influence. Instead, we aim to bridge these approaches with international political economy scholarship by arguing that European integration, in general, and the EU’s transnational regulatory influence, in particular, serves as an external anchoring mechanism for both semi-peripheral growth models. In addition to the region’s structural characteristics, such as deep embeddedness in global value chains, high exposure to trade with the EU, and dependence on external sources of finance, which already limit domestic agency in changing national growth models, we argue that European transnational regulatory integration involves an “EU-leash” that sets the boundaries for domestic economic policies, thereby influencing growth model trajectories. This ensures institutional continuity and prevents sudden and radical changes in semi-peripheral growth models. We demonstrate these mechanisms through two country studies (Estonia and Hungary).","PeriodicalId":51598,"journal":{"name":"Politics and Governance","volume":null,"pages":null},"PeriodicalIF":2.5000,"publicationDate":"2024-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Politics and Governance","FirstCategoryId":"90","ListUrlMain":"https://doi.org/10.17645/pag.7449","RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"POLITICAL SCIENCE","Score":null,"Total":0}
引用次数: 0
Abstract
Although the EU’s Eastern periphery has been afflicted by a series of crises over the past two decades, the region’s dependent market economies have shown puzzling resilience. Since the global financial crisis, the FDI-led, export-oriented growth models of the Visegrád countries have been reinforced. Meanwhile, the debt-based, consumption-oriented capitalism of the Baltic states has not experienced dramatic shifts either, despite a strengthening of its export component. Scholarly accounts from a comparative political economy perspective explain this resilience as the product of country-specific factors and tend to downplay the role of external influence. Instead, we aim to bridge these approaches with international political economy scholarship by arguing that European integration, in general, and the EU’s transnational regulatory influence, in particular, serves as an external anchoring mechanism for both semi-peripheral growth models. In addition to the region’s structural characteristics, such as deep embeddedness in global value chains, high exposure to trade with the EU, and dependence on external sources of finance, which already limit domestic agency in changing national growth models, we argue that European transnational regulatory integration involves an “EU-leash” that sets the boundaries for domestic economic policies, thereby influencing growth model trajectories. This ensures institutional continuity and prevents sudden and radical changes in semi-peripheral growth models. We demonstrate these mechanisms through two country studies (Estonia and Hungary).
期刊介绍:
Politics and Governance is an innovative offering to the world of online publishing in the Political Sciences. An internationally peer-reviewed open access journal, Politics and Governance publishes significant, cutting-edge and multidisciplinary research drawn from all areas of Political Science. Its central aim is thereby to enhance the broad scholarly understanding of the range of contemporary political and governing processes, and impact upon of states, political entities, international organizations, communities, societies and individuals, at international, regional, national and local levels. Submissions that focus upon the political or governance-based dynamics of any of these levels or units of analysis in way that interestingly and effectively brings together conceptual analysis and empirical findings are welcome. Politics and Governance is committed to publishing rigorous and high-quality research. To that end, it undertakes a meticulous editorial process, providing both the academic and policy-making community with the most advanced research on contemporary politics and governance. The journal is an entirely open-access online resource, and its in-house publication process enables it to swiftly disseminate its research findings worldwide, and on a regular basis.