The historical experience over the last few centuries has defined the path to social, political, and economic development and identified its basic requirements. It has proven that profound sociocultural trans-formations, industrialization, capital accumulation, technological innovation, freedom, knowledge, and trade are not only aspects of development but also major forces driving the development process. Nations that have attempted to develop since the 1950s but ignored two or more of these elements have failed to achieve their objectives. And because the developed nations have continued to make progress, the gap between the developed and developing nations has widened. These are gaps in scientific knowledge, levels of income and wealth, freedom, cultural achievements, political and military power, and quality of life. Such gaps are being widened at a time when capital as well as the whole body of knowledge and technology developed by all nations is increasingly becoming within reach of all states.
KeywordsPublic Debt Multinational Corporation Great Recession Economic Growth Rate Cultural Achievement
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