Catch Up: Developing Countries in the World EconomyCatch Up analyzes the evolution of developing countries in the world economy from a long-term historical perspective, from the onset of the second millennium but with a focus on the second half of the twentieth century and the first decade of the twenty-first century. It is perhaps among the first to address this theme on such a wide canvas that spans both time and space. In doing so, it highlights the dominance of what are now developing countries and it traces their decline and fall from 1820 to 1950. The six decades since 1950 have witnessed an increase in the share of developing countries not only in world population and world income, but also in international trade, international investment, industrial production, and manufactured exports which gathered momentum after 1980. This book explores the factors underlying this fall and rise, to discuss the on-going catch up in the world economy driven by industrialization and economic growth. Their impressive performance, disaggregated analysis shows, is characterized by uneven development. There is an exclusion of countries and people from the process. The catch up is concentrated in a few countries. Growth has often not been transformed into meaningful development that improves the wellbeing of people. Yet, the beginnings of a shift in the balance of power in the world economy are discernible. But developing countries can sustain this rise only if they can transform themselves into inclusive societies where economic growth, human development, and social progress move in tandem. Their past could then be a pointer to their future. |
Contents
The Great Divergence and The Great Specialization | |
Underlying Questions and Answers | |
Beginnings of Convergence? | |
Engagement with the World Economy | |
Unequal Partners and Uneven Development | |
Inequality Exclusion and Poverty | |
The Future in the Past | |
Statistical Sources and Notes | |
8 | |
35 | |
Common terms and phrases
1990 international GearyKhamis 19th century 20th century Asia attributable Bairoch billion Brazil capita in industrialized capita income chapter China and India compared convergence countries in world countrygroups current prices decades decline developing countries developing world differences disaggregated by regions divergence economic growth estimates exports from developing Figure foreign direct investment former USSR GDP and GDP GDP growth rates GDP per capita Gini coefficient important increased India Indonesia industrialized countries inequality between countries international inequality international migration international trade Japan labour latecomers Latin America LDCs levels longterm Maddison Malaysia manufactured exports manufacturing value added market exchange rates National Accounts Statistics Nayyar onethird percentage points period from 1950 policies population and world poverty lines proportion remittances rose sector share in world share of developing share of industrialized significant South Korea structural change Table Taiwan Thailand trends Western Europe Western Offshoots world economy world GDP world income world population world trade