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.

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.  

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.

Turkey in Crisis: Some Contradictions in the Kemalist Development Strategy

1983 ◽  
Vol 15 (1) ◽  
pp. 47-66 ◽  
Author(s):  
Özay Mehmet
Keyword(s):  
Economic Growth ◽  
Developing Countries ◽  
Economic System ◽  
Development Strategy ◽  
Growth Rates ◽  
Political System ◽  
Political Crisis ◽  
Half Century ◽  
The Right

The recent crisis in Turkey has been described primarily as a political crisis caused by an unworkable political system under attack from organized terrorism from both the right and the left. While this may be valid as an immediate cause, there are some structural and ideological contradictions in the Turkish economic system which must also be highlighted. These contradictions have evolved gradually over the last half century in the course of Turkey's efforts to achieve industrial and economic growth. They have been exacerbated in particular by a process of lopsided industrialization after 1960 which, as in most other developing countries, has resulted in increased poverty and unemployment while achieving overall growth rates of 6 percent or better.

Wage- and profit-led growth regimes: a panel-data approach

2021 ◽  
Vol 9 (3) ◽  
pp. 394-412
Author(s):  
Guilherme de Oliveira ◽  
Eduardo Prado Souza
Keyword(s):  
Economic Growth ◽  
Developing Countries ◽  
Panel Data ◽  
Latin American ◽  
Structural Characteristics ◽  
Developed Countries ◽  
Domestic Investment ◽  
Growth Regime ◽  
Investment Function ◽  
Trade Channel

The extensive empirical effort made in the growth and distribution literature to estimate whether economic growth is wage- or profit-led has not sufficiently considered the theoretical foundation of the Neo-Kaleckian model. This paper attempts to respect key tenets of the investment function by estimating a panel-data model in which country-specific structural characteristics and possible endogenous relationships in income distribution and economic growth are explicitly considered. The identification strategy is based on several estimates of the capital stock and the rate of capacity utilization for 61 countries over the period between 1995 and 2014. The main results suggest that the growth regime was wage-led in developed countries, while most developing countries exhibited a profit-led growth regime. Interestingly, however, while the profit-led regime occurs through the international trade channel in Latin American countries, in other developing countries, the causality channel is mainly related to the domestic investment function.

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.

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