Institutions, geoeconomics, and strategies for developing economies

The world is entering a profound transitional phase. The assumptions that shaped the global economic order for decades are being challenged and reversed. Globalization is not coming to an end, but it is being restructured under new rules. Protectionism has returned in more sophisticated forms, institutionalized through policies related to industry, technology, security, and risk governance. In this context, global capital flows do not remain static; they are being reoriented.

This book seeks to clarify the nature of these transformations and their implications for development. As the rules of the game change, capital no longer moves solely in response to low costs or market size. Instead, it is increasingly shaped by institutions, trust, and policy predictability. This shift places developing economies before a fundamentally new challenge, while also opening new opportunities for those able to proactively reposition their development strategies.

Part I of the book examines the changing global rules. It explains why the return of protectionism does not represent a retreat from globalization, but rather a transition toward a more fragmented form of integration, in which geoeconomics and the role of the state have become increasingly prominent. This section provides the analytical foundation for rethinking development strategies that were built on earlier assumptions about capital flows and global integration.

Building on this foundation, Part II analyzes the reorientation of global capital flows. It shows that capital has not withdrawn from developing economies, but has become more selective, more conditional, and more closely tied to new standards related to security, technology, environmental sustainability, and governance. This reorientation is generating a new stratification of globalization, in which institutions function as the key filter determining each country’s position within global value chains.

Part III addresses the most critical strategic question: what developing economies must do not only to attract reoriented capital flows, but also to retain capital, generate spillovers, and transform external capital into endogenous development capacity. This section emphasizes institutions as a form of development infrastructure and proposes a selective approach to integration, the reorganization of economic space, and the strengthening of resilience in an increasingly uncertain world.

Across all three parts, the book advances a central argument. In an era marked by the return of protectionism, advantage no longer belongs to the most open economies, but to those capable of designing institutional frameworks strong enough to anchor capital, enable diffusion, and create long-term value. Development, therefore, is no longer a race to open markets, but a deliberate journey of building institutional foundations and strategic vision for the future.

The Author

Huynh Thanh Dien, PhD

Mua sách: TẠI ĐÂY