Theoretical approaches to the study of the impact of foreign direct investment to a host economy: alternative to economic "mainstream" concepts and their relevance in the context of Kazakhstan

Purpose – (i) to analyze the alternative to current economic «mainstream» theories dealing with the nature of international capital migration (including in the form of FDI) and the problem of the foreign capital impact to the host economy; (ii) to consider the possibility of applying the alternative theoretical approaches for assessing the role of foreign capital in the economy of Kazakhstan (including in the form of FDI).

Methodology – General scientific and economic methods are applied: historical and normative analysis, induction and deduction.

Originality/value – The author conducts a retrospective analysis of the theoretical views on the role of foreign capital in the host economy (including in the form of FDI) that do not belong to schools of economic "mainstream": (neo-) Marxist theory, theories of dependency, the theory of unequal exchange, and worldsystem approach. Aiming a deeper understanding of the impact of inflow of FDI to the economy of Kazakhstan the possibility of mentioned non-mainstream economic theories appliance is considered.

Findings – In the result of the study the author derives the following assumptions: (i) the theoretical apparatus of the neo-liberal theory of «Modernization» as well as the models of «Catch-up development» are not an adequate tool for the assessment of the role of foreign capital in the economy of Kazakhstan (including in the form of FDI); (ii) the application of conceptual framework of the theory of unequal exchange and worldsystem analysis (Prebisch, Wallerstein, Frank, Furtado and others) are seen as more suitable in the sociohistorical and economic conditions of Kazakhstan.

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