Development 3.0
Despite talk of a rising Asia, only a handful of its economies have moved from low- to high-income status during the past several decades, and very few countries worldwide have converged with US per capita income over the last 60 years. A new development economics is needed to grasp the nature and causes of modern economic growth.
https://prosyn.org/s3iUCYG
BEIJING – Until the Industrial Revolution, the world was quite flat in terms of per capita income. But then fortunes rapidly diverged, with a few Western industrialized countries quickly achieving political and economic dominance worldwide. In recent years – even before the financial crisis erupted in 2008 – it was clear that the global economic landscape had shifted again. Until 2000, the G-7 accounted for about two-thirds of global GDP. Today, China and a few large developing countries have become the world’s growth leaders.