Globalization and Development: Why East Asia Surged Ahead by Anthony Elson (auth.)

By Anthony Elson (auth.)

Comparing the adventure of East Asia and Latin the United States because the mid-1970s, Elson identifies the foremost inner components universal to every sector that have allowed East Asia to exploit the exchange, monetary, and technological effect of a extra globalized economic climate to help its improvement, whereas Latin the USA has not.

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Additional resources for Globalization and Development: Why East Asia Surged Ahead and Latin America Fell Behind

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In this connection, the focus on endogenous growth models envisaged a role for government in encouraging technological development and in fostering an environment that was conducive to innovation and entrepreneurship. As a result, there has been a surge in the development of cross-country growth studies since the early 1990s that have focused on the critical policy changes or the enabling environment (sometimes called the “social infrastructure”) created by governments that could account for changes in technological growth, or growth in TFP, as a key component of the economic growth process.

In the light of this kind of quantitative result, one is left with the basic question of what more fundamental factors can account for the Development of East Asia and Latin America ● 31 substantial difference in the rate of capital accumulation between the two regions that has occurred since the middle of the past century, which plays such a key role in determining the divergent pattern of economic growth between East Asia and Latin America. , the H-D model) and the neoclassical growth models, as explained in more detail in the next chapter.

By contrast, the ratio of domestic investment to GDP for Latin America during this same period was consistently higher than that for domestic savings. 4 Terms of trade ... (std. 4 ... 0 Overall govern... 6 imports (G&S) Trade balance ... Foreign Direct ... Investment Priv. cap. flows ... (std. 4 ... 6 ... 9 ... ... 3 Note : Data are averages for each region based on PPP country weights, except those for consumer prices, terms of trade, private capital flows, and foreign direct investment, which are based on equal country weights.

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