"HAS GROWTH ENDED?” ECONOMIC DEVELOPMENT AND ITS LIMITATIONS
In a dictionary form, economic development is the process through which economies are transformed from ones in which most people have very limited resources and choices to ones in which they have much greater resources and choices. And development economics as a mainstream discipline refers to studies of economies with relatively low per capita resources, so-called “developing economies” and “emerging markets.” In our age economic growth is combined with astonishing population increase. Moreover many emerging economies have been transforming from rural economy and life style to urbanized economies with complicated manufacturing and service sectors within last three decades. As a matter of fact, on the other hand, economic development has serious outcomes such as the cyclical financial crisis, the instability of developing countries’ geopolitics, increasing dependence on energy, escalating environmental problems and suchlike abound. All economies face at least one main obstacle to return to normalcy, and the global economy is intertwined with such conundrums more than ever. The bottom line is that we need a new global growth framework, one that is compatible with social and environmental objectives, key challenges and potential solutions to achieve development in the 21st century. Yet more, the crisis of mainstream development economics as an explanatory scientific field is too patently obvious to be discarded.
Emerging economies is an ambiguous terminology to define via mainstream development economics and it’s difficult to make an exact list of emerging (or developed) markets even referring to mainstream institutions and sources, such as the IMF, World Bank, the Economist or market index markers. Many scholars agree that some of the most prominent emerging market economies are Brazil, Argentina, China, Egypt, India, Indonesia, Mexico, Philippines, Poland, Russia, South Africa, South Korea, Taiwan and Turkey. Despite of deficiencies defining, explaining and locating emerging economies, in last three decades, most of these emerging economies have played significant roles in globalization processes. The ever-increasing world population; the rising demand for food, energy, water; access to goods and efficient services or lack of it hereof for many regions of the world; greenhouse effect and ever increasing gas emissions are some of the key indicators of a paradigmatic growth crisis. Models of growth have many shortcomings despite refinements in the neoclassical paraphernalia and development strategies do not inspire confidence. Moreover, the "dual track" thesis whereby emerging economies would be the new engines of growth seems increasingly delicate as a result of their huge accumulation and consumption appetite.
The International Conference on Emerging Economies (EMECON) will gather as an interdisciplinary conference and will seek to understand some of the major problems and opportunities that face developing countries. The 2nd International Conference on Emerging Economies (EMECON) is organizing a Special Issue on Economic Development and Its Limitations in Emerging Markets and raising a main discussion question: “Has Economic Growth Ended?” This year’s conference will focus on theoretical and empirical contributions for understanding growth, development, sustainability and its implications for emerging economies. The main objectives of the conference are:
· Making a comparative analysis of various issues in global trade, markets and reforms and sustainability
· Evaluating recent trends and progress in sustainability and development from a societal and institutional perspective
· Analyzing recent environmental issues and discussions in new and emerging economies
· Discoursing social uprisings such as occupy movements, urban transformation politics, gender movements and ethno-cultural risings in terms of emerging economies
· Introducing philosophy of economics and history of economics in theories about emerging economies
· Appeasement of economy theories with issues on growth, sustainability, development in terms of emerging markets
Venue: Nâzım Hikmet Cultural Center