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The Political Economy of Special Economic Zones (Routledge Studies in the Modern World Economy (Hardcover))

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Review

‘What do Special Economic Zones actually accomplish? And what are there drawbacks and limitations? Lotta Moberg's The Political Economy of Special Economic Zones mixes theory and empirics to offer the very best available answers to these questions.’ ― Tyler Cowen, Professor of Economics, George Mason University, USA ‘While researchers and policymakers constantly aim to unpack the determinants for SEZ success, all the evidence points to the central role of political economy. This book is a critically important contribution to understanding how political economy shapes the outcomes of SEZ programs, and I’m sure it will become a foundational piece in the still-nascent SEZ literature.’ ― Thomas Farole, Lead Economist, World Bank Group ‘Lotta Moberg here explains, with a rare combination of sophistication and clarity, the promises and pitfalls of Special Economic Zones. Packing impressive institutional and theoretical knowledge into each page, this study is by far the best single analysis that I’ve read on SEZs. It should - it will - become an instant classic on the subject.’ ― Donald J. Boudreaux, Professor of Economics, George Mason University, USA ‘The politics of protection, regulation, and taxation many developing nations into a pattern failure and volatile policy. A solution that many scholars, ranging from Buchanan to Weingast, have proposed is some variant of federalism. But federalism requires fundamental structural changes in governance. Can some of the benefits of competition among jurisdictions be achieved by a less extreme institution? In this literate, scholarly, and persuasive book Lotta Moberg takes a tough but fair-minded look at 'Special Economic Zones.' She examines successes and failures, and puts together a blueprint for nations might succeed, or perhaps just fail less often. The definitive work on Special Economic Zones in political economy.’ ― Michael C. Munger, Director Philosophy, Politics, and Economics Program, Duke University, USA 'Moberg’s analysis, well grounded in public choice theory, steers the conversation away from limited comparisons of observable before-after effects towards an appreciation of the potential of SEZs for inducing long-term institutional change. This is a thoughtful book that I would recommend wholeheartedly, both to specialists in the field as well as to researchers wishing to better understand issues concerning special economic zones.' ― Maxim Pinkovskiy 'In countries ranging from Ireland to China, creation of Special Economic Zones set the stage for broad liberalization of business climates – and put their societies on a path to prosperity. In other cases, areas designated as zones have languished and deflected energies from adopting wider reforms. In her masterful analysis of rent-seeking behaviors, Lotta Moberg provides often surprising yet practical insights on ways that the next generation of free economic zones can succeed.' ― Mark Frazier, president of Openworld and global advisor on free zones

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About the Author

Lotta Moberg is a Senior Macro Analyst on the Dynamic Allocation Strategies team at William Blair, USA.

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Product details

Series: Routledge Studies in the Modern World Economy (Hardcover)

Paperback: 204 pages

Publisher: Routledge; 1 edition (October 27, 2018)

Language: English

ISBN-10: 0367109263

ISBN-13: 978-0367109264

Product Dimensions:

6.1 x 0.5 x 9.2 inches

Shipping Weight: 10.6 ounces (View shipping rates and policies)

Average Customer Review:

5.0 out of 5 stars

2 customer reviews

Amazon Best Sellers Rank:

#2,025,475 in Books (See Top 100 in Books)

Assessing the success of Special Purpose Vehicles (SPZs), Moberg evaluates their general welfare contribution, not just that of the stand-alone SEZ. Notably, Moberg employs a political economy point of view rather than a more traditional macroeconomic assessment.Moberg concentrates on institutions and policies from the perspective of the knowledge and incentive problems. The knowledge problem is one of government’s insufficient fundamental knowledge to improve on the market through policy making. Failure to sufficiently solve this problem results in misallocated resources. The incentive problem is of the misalignment between political actors’ incentives and those that promote general welfare. Misaligned incentives permit rent-seeking behavior, often in the guise of welfare promotion, and exploitation of resources by those controlling the levers of regulation, their cronies and those willing and able to pay for rent-seeking advantages.Analysis of SEZ general welfare implications is more complex than I had realized. Moberg comes to the perverse yet straightforward observation that policy makers can use SEZs to advance exactly the opposite economic outcomes from what the SEZ itself purports to resolve. Since SEZ costs inflicted on the non-SEZ community are opaque, rent-seeking policy makers can leverage non-SEZ lack of awareness to forestall opposition.The knowledge problem is best resolved through private decision-making with respect to locations and constituents. The incentive problem resolution comprises limited corruption (selfish officials self-interested in beneficial policies), democracy (officials accountable for the economic outcomes of their policies) and private zones (with robust rule of law, private actors act in their self-interest, which is that of society).SEZs can benefit general welfare by:· Fostering backward linkages: SEZ constituents can purchase inputs and services from domestic non-SEZ agents. However, there appears little evidence for such development. In fact, Moberg says, “the great paradox of SEZs: Countries use them to promote sectors in which they do not have a comparative advantage, such as manufacturing or high technology, rather than agriculture. As a result, SEZ investors are unlikely to find domestically produced inputs for their production. Meanwhile, sectors such as agriculture, where backward linkages can more easily be formed, are the least popular sectors to expand.”· Public policy test beds: SEZ’s are good “tools to identify the best policies and spread them more widely through the country”. I was particularly intrigued by her observation that SEZs can be used as “Petri dishes for economic policies, places where it [a benevolent government] can observe policies’ effects before introducing them in the country as a whole.” In the case study of China, Moberg illustrates the use of test beds as Petri dishes. Moberg’s makes the point that China’s application of the test-bed Petri dish theory relies on a unified government.· SEZs as showcases: The showcase argument is that a government can use SEZs to demonstrate policy effects to the general public, particularly the results of the policies it wants to implement more broadly. This is a useful way to advance regulatory liberalization.“A pervasive and fundamental problem in economic development is that governing elites often do not have an incentive to promote economic progress. Market-distorting and anticompetitive policies benefit government officials, who can offer privileges to business and demand favors in return.” At their best, SEZs overcome the incentives of powerful elites otherwise against reforms that would limit or end their rent-seeking opportunities by providing them with higher payoffs from economic liberalization. Liberalize a small part of the country such that a favoring minority can pass reforms that may reach a majority agreement. Modest reforms are less threatening to reform-averse officials.Moberg specifies two initial conditions for an SEZ to appear in a hostile political environment: political decentralization (local policy-makers can do something that central ones won’t or can’t) and fiscal decentralization (local elites have an incentive to pursue reform). Otherwise, governments can maximize rents by using SEZs to appease those pushing for reform and avoiding broad economic liberalization.The case studies of India, China and the Dominican Republic provide interesting perspectives on and insights from the theory. India is the case of SEZ failure. My take-away is that endemic corruption can be an insurmountable barrier. China is the SEZ success story. Local decentralization from central authority and official promotions and demotions based on economic success or failure led to Chinese local leaders “engaging in something of a tournament of economic performance with their SEZs.” Both the knowledge and the incentive problems were sufficiently ameliorated such that political and fiscal (specific tax revenue sharing – a municipal property right) decentralization could spawn more and larger SEZs. The larger SEZs, such as the Shenzen municipality, afford breadth and diversity making rent-seeking more difficult and affording greater general welfare. Isolated areas of reform turned into an avalanche of liberalization. Lastly, the Dominican Republic is an interesting case of limited success.

"The Political Economy of Special Economic Zones" offers a must-read book for anyone who wants to understand the most important new tool in the arsenal of international development: SEZs. At first glance, special economic zones seem to embody a paradox: politicians willingly ceding some of their power. But as Dr. Moberg's book explains, politicians often have self-interested reasons to promote special economic zones. They hope the zones will attract investment, create jobs, and increase exports—and that voters will reward them for it.Such hopes are not always realized. Moberg's book lays out the reasons, deeply informed by public choice reasoning, why SEZs too often distort economies rather than help them grow. Politicians lack the information and incentives required to plan and run SEZs well. Many projects have become burdens to their hosts. SEZs can distract policy makers from broader and more essential reforms.But "The Political Economy of Special Economic Zones" also reveals an underappreciated benefit of SEZs: Under proper conditions, they can help free an economy from pervasive rent-seeking and transition it to a more open system of market exchange. The book concludes with insightful suggestions for how reformers can help to ensure that SEZs fulfill this, their greatest potential. Moberg argues that SEZs that offer little more than fiscal incentives—a practice already under scrutiny by the World Trade Organization for unfairly subsidizing exports—can no longer compete with zones that offer more comprehensive reforms. Successful SEZS must, like China’s, go broad and deep. Moberg also agrees with the World Bank that privately created and managed special jurisdictions generally outperform public ones."The Political Economy of Special Economic Zones" offers a valuable resource for policy makers, people working in SEZ-related industries, and serious students of this burgeoning field. It has something to teach the rest of the world, too.

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