Flexible Production and Industrial Restructuring in Hong Kong: From Boom to Bust?
Many states, however, have done more than simply pursue developmental goals in the post-World War II era. In Polanyian terms, some states have also strived for “reembedding the market” in society or in the state so as to minimize the harm done by unrestrained market forces. In the global north, the “Keynesian Welfare National States” (Jessop, 2002, p. 59) promoted full employment, welfare rights, collective consumption, and antisexism and antiracism laws and developed a social contract with labor within their national boundaries. In the global south, the developmental states set up regulations to prevent the domination of their domestic markets by foreign capital.