Why Isn't the Whole World Developed?

1981 ◽  
Vol 41 (1) ◽  
pp. 1-17 ◽  
Author(s):  
Richard A. Easterlin
Keyword(s):  
Economic Growth ◽  
World War Ii ◽  
Formal Schooling ◽  
World War ◽  
New Production ◽  
Almost Everywhere ◽  
Modern Economic Growth ◽  
The World ◽  
Production Techniques ◽  
Modern Economic

The worldwide spread of modern economic growth has depended chiefly on the diffusion of a body of knowledge concerning new production techniques. The acquisition and application of this knowledge by different countries has been governed largely by whether their populations have acquired traits and motivations associated with formal schooling. To judge from the historical experience of the world's twenty-five largest nations, the establishment and expansion of formal schooling has depended in large part on political conditions and ideological influences. The limited spread of modern economic growth before World War II has thus been due, at bottom, to important political and ideological differences throughout the world that affected the timing of the establishment and expansion of mass schooling. Since World War II there has been growing uniformity among the nations of the world, modern education systems have been established almost everywhere, and the spread of modern economic growth has noticeably accelerated.

Economic Growth and Human Development since 1820

2018 ◽  
pp. 22-54
Author(s):  
Şevket Pamuk
Keyword(s):  
Economic Growth ◽  
World War Ii ◽  
Human Development ◽  
Industrial Revolution ◽  
Physical Capital ◽  
Modern Economic Growth ◽  
Education Levels ◽  
Modern Economic ◽  
Proximate Causes ◽  
The One

This chapter examines the trends in economic growth and human development in Turkey during the last two centuries. Economists have learned a great deal about modern economic growth since the end of World War II. The large and growing literature has emphasized that increases in productivity, achieved through technological progress on the one hand, and increases in per capita physical capital and education levels, on the other, were the most important factors contributing to economic growth. In addition, the labor force is much better educated than in 1820. In short, technological change and higher rates of investment in both physical and human capital are seen today as the leading proximate causes of economic growth since the Industrial Revolution.

scholarly journals Financial transition in pre-World War II Japan and Southeast Asia

2007 ◽  
Vol 14 (2) ◽  
pp. 149-175 ◽  
Author(s):  
Gregg Huff
Keyword(s):  
World War Ii ◽  
Western Europe ◽  
Financial Instruments ◽  
World War ◽  
Financial Systems ◽  
Relative Contribution ◽  
Modern Economic Growth ◽  
Close Relationship ◽  
Modern Economic ◽  
Simon Kuznets

Self-sustaining, technologically based growth has always been accompanied by a process of financial transition which, as defined by Raymond Goldsmith, entails an increase in the financial superstructure to a status in the economy comparable to that in the leading countries of North America and Western Europe. The pattern of development along this transitional path may, of course, differ, as for example in the relative contribution of bank- or market-based financial systems. But all countries, Goldsmith observed, trace a similar transitional path in the increase in their superstructure of financial instruments and institutions relative to an infrastructure of output and wealth. Because of the close relationship between financial transition and modern economic growth as defined by Simon Kuznets, differences in speed at which countries traverse Goldsmith's transitional path are critical.

Economic and Political Geography

2017 ◽  
Author(s):  
Rabi S. Bhagat
Keyword(s):  
Economic Growth ◽  
World War Ii ◽  
South Korea ◽  
Financial Markets ◽  
World Trade Organization ◽  
World Trade ◽  
Political Geography ◽  
World War ◽  
The Third ◽  
The World

The development of the BRIC economies is being monitored on a regular basis by financial markets worldwide. This chapter discusses some of the reasons for their emergence and continued growth and the challenges they face. Next, it considers the third-largest economy, Japan, and the five Asian dragons, which grew at a phenomenal rate after World War II. It discusses “reactive modernization”—a path of fostering economic growth by negotiating with the ruling Western economies. Japan and South Korea are two classic examples of this kind of growth, where a hybrid of Western industrialization was combined with Eastern methods of operating. A closer inspection of the trading economies in the World Trade Organization would reveal that a growing number of them are from non-Western nations, and they play important roles in shaping the paths that globalizations need to follow in the new economic and political geography of the world.

6. Inequality

2017 ◽  
Author(s):  
Jenny Pearce
Keyword(s):  
Economic Growth ◽  
World War Ii ◽  
Developing World ◽  
World War ◽  
Middle Income ◽  
Income Levels ◽  
Relative Inequality ◽  
The World ◽  
Simon Kuznets ◽  
Ongoing Concern

This chapter examines the key conceptual debates on inequality that were common until the end of World War II and the birth of the field of ‘development’. Two inequality-related questions have dominated development debates for decades. Firstly, does growth inevitably lead to inequality? And if so, does it matter, as long as poverty declines? The debates around these questions began in the 1950s with Simon Kuznets’ introduction of the ‘inverted-U hypothesis’, which posited that relative inequality increases, but only temporarily, in the early stages of economic growth, improving once countries reach middle-income levels. The chapter considers the politics and economics of inequality in the developing world as well as inequalities in the age of globalization. It concludes with an assessment of the World Bank’s incorporation of the goal of ‘shared prosperity’ in its discourse alongside its ongoing concern to reduce poverty.

Modern economic growth of developing countries: the most important trends, proportions, factors and social consequences

2021 ◽  
pp. 203
Author(s):  
Vitalii A. Meliantsev
Keyword(s):  
Economic Growth ◽  
Developing Countries ◽  
Latin American ◽  
Middle Eastern ◽  
Financial Economic ◽  
Social Consequences ◽  
Political Crisis ◽  
Modern Economic Growth ◽  
The World ◽  
Modern Economic

The article, based on a number of author's calculations, shows that in the mechanism of modern economic growth, which over the last two hundred years has led to colossal progress in the now advanced economies (AES) and a part of developing countries (DCS), there occurred serious failures in the last 3-4 decades. Despite the information revolution and deepening of the international division of labor, compound annual growth rates (CAGRS) of per capita GDP (PCGDP) and total factor productivity (TFP) in the AES and many DCS have demonstrated a significant tendency to slowdown. Although the AES are still leading the world in the field of fundamental technological innovations, due to the loss of the demographic dividend, decrease in the efficiency of government effectiveness, hypertrophied development of the financial sector, they are noticeably losing their positions in the world economy. Unlike many African, Middle Eastern and Latin American countries, a number of Asian countries (including the PRC, India and NICS), due to the policy of pragmatic reforms and openness, has succeeded in acceleration of CAGRs of their PCGDP and TFP. However, given that in many AES and DCS after the global crisis of 2009 there was no significant mitigation of financial and social problems, and on the eve and during the pandemic they aggravated, it cannot be ruled out that if serious socially oriented reforms are not carried out in the AES and DCS, a deep financial, economic and socio-political crisis may arise in the world in the next year or two.

Origins

2012 ◽  
Author(s):  
Ian W. McLean
Keyword(s):  
Economic Growth ◽  
Eighteenth Century ◽  
Political Institutions ◽  
Physical Capital ◽  
Historical Narrative ◽  
Modern Economic Growth ◽  
Rapid Changes ◽  
Ancient Lineage ◽  
Production Techniques ◽  
Modern Economic

This chapter considers Australia's historical narrative, beginning with an assessment of the Aboriginal contribution to the economy constructed by the first European settlers. In Europe, modern economic growth from the late eighteenth century onward occurred in the context of societies and economies that, though undergoing rapid changes in some regions and industries, also exhibited much continuity with centuries past. Furthermore, institutions and production techniques of ancient lineage persisted into the period of modernization, though undergoing varying degrees of adaptation. Similarly, when modern economic growth began in Japan in the middle of the nineteenth century, there was much to build on in terms of physical capital, human capital, social organization, and political institutions in order to facilitate the transition to industrialization and sustained higher levels of prosperity.

Introduction

2020 ◽  
pp. 1-5
Author(s):  
Robert L. Tignor
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
World War Ii ◽  
Race Relations ◽  
British Empire ◽  
Academic Career ◽  
Public Life ◽  
World War ◽  
The World ◽  
Manchester School

This introduction provides an overview of W. Arthur Lewis's biography. Three considerations that surfaced so forcefully in the aftermath of the World War II—decolonization, race relations, and economic growth—were preeminent issues in the life of W. Arthur Lewis. As a person of color who grew up in an impoverished and largely ignored corner of the British Empire, he devoted much of his academic career and public life to elucidating these matters and promoting a vision of a decolonized, color-blind, and prosperous community of independent nations. Lewis's contributions to the field of development economics were significant and pioneering and made him the founding figure of a wholly new branch of economics in the 1950s. His 1954 article on economic development using unlimited supplies of labor, published in Manchester School, was arguably the single most influential essay in this field.

Book Reviews

2016 ◽  
Vol 54 (4) ◽  
pp. 1396-1398
Keyword(s):  
Economic Growth ◽  
World War Ii ◽  
World War ◽  
Economic Resilience ◽  
The World

Michael C. Burda of Humboldt-Universität zu Berlin reviews “The Seven Secrets of Germany: Economic Resilience in an Era of Global Turbulence,” by David B. Audretsch and Erik E. Lehmann. The Econlit abstract of this book begins: “Analyzes seven dimensions of Germany that have allowed it to achieve significant economic growth after World War II in ways that seem to be unique and distinct from any other country in the world, including its European neighbors.”

Main trends, determinants and problems of modern economic growth in developed and developing countries

2021 ◽  
pp. 203
Author(s):  
Vitalii A. Meliantsev
Keyword(s):  
Economic Growth ◽  
Developing Countries ◽  
Latin American ◽  
Middle Eastern ◽  
Financial Economic ◽  
Political Crisis ◽  
Modern Economic Growth ◽  
Advanced Economies ◽  
The World ◽  
Modern Economic

The article, based on a number of author's calculations, shows that in the mechanism of modern economic growth, which over the last two hundred years has led to colossal progress in the now advanced economies (AES) and a part of developing countries (DCS), there occurred serious failures in the last 3-4 decades. Despite the infor-mation revolution and deepening of the international division of la-bor, compound annual growth rates (CAGRS) of per capita GDP (PCGDP) and total factor productivity (TFP) in the AES and many DCS have demonstrated a significant tendency to slowdown. Although the AES are still leading the world in the field of fundamental technological innovations, due to the loss of the demo-graphic dividend, decrease in the efficiency of government effec-tiveness, hypertrophied development of the financial sector, they are noticeably losing their positions in the world economy. Unlike many African, Middle Eastern and Latin American countries, a number of Asian countries (including the PRC, India and NICS), due to the policy of pragmatic reforms and openness, has succeeded in acceleration of CAGRs of their PCGDP and TFP. However, given that in many AES and DCS after the global crisis of 2009 there was no significant mitigation of financial and social problems, and on the eve and during the pandemic they ag-gravated, it cannot be ruled out that if serious socially oriented re-forms are not carried out in the AES and DCS, a deep financial, economic and socio-political crisis may arise in the world in the next year or two.  

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