A Brief Note on the Sociology of Development
Per Cardoso and Faletto ( 1970), however, development in the periphery is possible if foreign capital creates spillover effects. Partial economic growth is viable through what Evans (1995) describes as ’dependent development’, in which there is a relatively strong tripartite relationship between the state, the local bourgeoisie, and foreing capital - an ‘embedded autonomy’ (Evans, 2002). Whether or not this is manifested is the extent to which, as Vernengo (2006) argues, a country does not suffer the inability to borrow in its own currency, especially in which the world economy is structured by the globalization of financial liberalization.
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