Introduction

Abstract

Today the world economy is increasingly integrated through the globalization of markets, information, and the division of labor. The integration process is transforming the landscape of the world economy, blurring boundaries among developed, developing and underdeveloped terrains. Some economies stagnant in the past are emerging as fast-growing economies. Meanwhile developed economies are facing unprecedented challenges to sustain growth under evolving environmental, demographic, and global market conditions. Will these transformations generate a new convergence of economic structure and performance across economies? Or will differences in structure and institutional framework across economies remain in spite of global market integration, entailing differentiated developmental performances?

The editors acknowledge valuable editorial cooperation provided by Bina Agarwal of the University of Delhi and Jan Svejnar of Columbia University.