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Globalization and Growth in the Twentieth Century
Author:
Mr. N. F. R. Crafts null

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Series:
IMF Working Papers
Volume/Issue:
Volume 2000: Issue 044
Language:
English
Publication Date:
01 Mar 2000
DOI:
https://doi.org/10.5089/9781451846409.001
ISBN:
9781451846409
ISSN:
1018-5941
Pages:
75
Keywords:
WP; real GDP; TFP growth; financial crisis; third world; Growth; convergence; globalization; diminishing returns; developing world; foreign policy; adverse selection; Total factor productivity; Productivity; Income; Public expenditure review; East Asia; Africa; Eastern Europe; Western Europe; South Asia
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund