SINGAPORE, October 1 — Research presented at the NTU-SBF Centre for African Studies seminar on September 1 challenges conventional understanding of how special economic zones (SEZs) emerged in developing economies. Dr Corentin Cohen, Associate and Lecturer at the University of Oxford and editor of the Journal of Modern African Studies, revealed that global professional service firms (GPSFs) played a more extensive role in shaping economic policy than previously acknowledged.
The four-year research initiative, supported by a Marie Sklodowska-Curie grant under the EU Horizon programme, examined how GPSFs influence economic policy in emerging markets. Dr Cohen’s work bridges political economy, sociology, and business studies to analyze the impact of leading management consultancies and Big Four accounting firms on state transformation in Africa and Latin America.
Reframing Economic Policy Influence
The research challenges traditional narratives that attribute the expansion of professional service firms in developing economies solely to 1980s structural adjustment programmes. Instead, Dr Cohen demonstrated that GPSFs acted as pivotal brokers and intermediaries throughout the twentieth century. These firms diversified into advisory domains such as state planning policy design and institutional reshuffling, embedding their own interests while generating new markets for their services.
In a co-authored paper with Professor Ronen Palan, Dr Cohen showed how consultancies and accounting firms spearheaded the spread of SEZs and privatisation programmes, operating as both brokers and institutional architects.
Historical Case Studies
The presentation highlighted historical case studies where GPSFs became involved in high-profile corruption scandals and state capture in countries such as Angola and South Africa. The research provides concrete examples of how these firms shaped economic policies that favored their interests. The seminar sparked discussion among faculty and students at NTU-SBF Centre regarding the role of technical experts in development processes.
The findings suggest that the influence of GPSFs on economic policy in emerging markets extends beyond traditional narratives, with these firms playing more complex and extensive roles in shaping institutional frameworks.
Future Research Directions
Dr Cohen’s research opens new avenues for understanding how professional service firms continue to influence economic policy in developing regions. The work provides a foundation for further investigation into the relationship between technical expertise and economic development in emerging markets. The NTU-SBF Centre for African Studies plans to continue examining the role of technical experts in development processes, building on the insights presented in Dr Cohen’s research.
The findings have implications for how international development agencies and governments approach economic policy formulation in emerging economies.
