Globalization and Growth in the Twentieth Century
March 1, 2000
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Summary
This paper reviews the experience of economic growth during the twentieth century with a view to highlighting implications for both growth economists and policy-makers. The unprecedented divergence in income levels between the OECD economies and many developing countries is documented but so too is a more optimistic picture of widespread progress in terms of the Human Development Index. Various aspects of the changes in economic structure are explored in terms of their implications for growth performance both in retrospect and prospect. The possibility that the growth process will lead to another globalization backlash reminiscent of the 1930s is analyzed.
Subject: Expenditure, Income, Labor, National accounts, Production, Productivity, Public expenditure review, Total factor productivity
Keywords: adverse selection, Africa, convergence, developing world, diminishing returns, East Asia, Eastern Europe, financial crisis, foreign policy, globalization, Growth, Income, Productivity, Public expenditure review, real GDP, South Asia, TFP growth, third world, Total factor productivity, Western Europe, WP
Pages:
75
Volume:
2000
DOI:
Issue:
044
Series:
Working Paper No. 2000/044
Stock No:
WPIEA0442000
ISBN:
9781451846409
ISSN:
1018-5941
