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This text offers a hermaneutic-critical discussion of different strategies for the analysis of complex change (in particular peripheral capitalism) and is ordered around development discourses centred on state, market and polity. It is illustrated with empirical material drawn from the Southeast Asian case. The text argues against both the technocratic-paternalistic schemes of the development of theoretic orthodoxy, and against the atavistic celebrations of the market offered by the new Right. Instead, it argues in favour of a sceptical return to the modernist project of the rational pursuit of formal and substantive democracy.