An Overview of Global Economic Development Experiences
This chapter reviews the global development experiences from the Industrial Revolution to the modern era under the lenses of the new General Theory of Economic Development. The chapter begins by explaining the differences in economic development between the pre- and post-Industrial Revolution periods. The author emphasizes the role of demographic change and the establishment of corporations as well as the importance of economic discrimination policies for economic take-off. This is contrasted to the problems of social democracy and egalitarianism in the post WWII era of economic slowdown and decline. A political-economy axis of social order is adopted to summarize development trends in various countries.
KeywordsPre- and post-industrial revolution Joint-stock company Agrarian vs. capitalist economy Corporate economy Egalitarianism Social democracy Egalitarian democracy
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