Overview

This is an Open Access book. The international political economy is confronted by a number of overlapping crises. These include the climate emergency, rapid technological advancement, the high volume of globalised trade and financial flows, cross-border labour movement, rising inequality, geopolitical tensions, and frequent economic crises and natural disasters. Many developing countries are going through a period of urgent transformation and transition to adopt new policies to cope with such challenges and achieve and maintain sustainable and inclusive socioeconomic development. This path-breaking volume explores the issues shaping the response of Brunei Darussalam, long dependent on its oil and gas sector, to these challenges. The discussions presented here are framed by the notion of ‘development in transition’—a mix of well-designed policies driven by timely implementation, enforcement and monitoring, as well as international cooperation to ensure sustainable development and distribution of benefits on an equitable basis. Through fine-grained analyses of key economic sectors—including natural resources, employment patterns, financial services, global value chains, international trade, tourism and the role of the public sector—the contributors offer a critical assessment of Brunei’s policy responses. This transitional policy mix is situated in relation to the overarching development strategy called Wawasan Brunei 2035 (Brunei Vision 2035), which broadly maps onto the United Nations 2030 Agenda for Sustainable Development Goals. Academic scholars, university students and others interested in the study of contemporary Brunei and broader questions of economic transition in Asia will find this volume an invaluable resource for a deeper understanding of how development paths and priorities are being managed to meet pressing global and local challenges.

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Ahmed M. Khalid is an Adjunct Professor and former Dean of UBD School of Business and Economics, Universiti Brunei Darussalam and Visiting Professor at the Department of Economics, Lahore University of Management Sciences, Pakistan. He holds a PhD in economics from Johns Hopkins University, USA. He previously worked at Bond Business School, Bond University, Australia, and the National University of Singapore. He has considerable experience of working as a consultant with the World Bank and as an adviser to the Ministry of Planning Development and Special Initiatives, Pakistan, as well as visiting appointments at various academic and research institutions. He is the editor-in-chief of Journal of Business and Economic Analysis and associate editor of The Singapore Economic Review and member of the editorial boards of several regional and international journals. His publications include five books, several refereed journal articles, chapters in books and numerous consultancy/project reports, technical reports, working papers and conference papers. His most recent publication, as coeditor, is Economic integration among D-8 Muslim countries (2023).   Bruno Jetin is currently an Associate Professor at the Faculty of Law, Politics and Social Sciences, Université Sorbonne Paris Nord, France, and he holds a PhD in economics from the same university. He was previously an Associate Professor and former Director of the Institute of Asian Studies, Universiti Brunei Darussalam. His current work focuses on the geopolitics of electric batteries, corruption and foreign direct investment, income distribution and growth in Asia, and the Belt and Road Initiative. His recent publications include: Wage-led demand as a rebalancing strategy for economic growth in China. Journal of Post Keynesian Economics 43(3) (2020, with Luis Reyes-Ortiz); Electric batteries and critical materials dependency: A geopolitical analysis of the USA and the European Union. International Journal of Automotive Technology and Management 23(4) (2023); and, The effect of corruption on foreign direct investment at the regional level: Positive or negative relationship? In Corruption and illegality in Asian investment arbitration, ed. Nobumichi Teramura, Luke Nottage and Bruno Jetin (2024, with Jamel Saadaoui and Haingo Ratiarison).

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