Scholarly record
COMPARATIVE ANALYSIS OF CURRENT THEORETICAL MODELS EXPLAINING THE ECONOMIC DEVELOPMENT UNEVENNESS
Abstract
The actual problem of the present is the overcoming of global inequality. This article discusses current theoretical models that seek to explain the uneven pace of economic growth. The aim of the research is to study the causes of the uneven economic development of the countries of the world and the proposed ways to make away economic backwardness. The research method is a comparative analysis of the concepts of the new institutional economic theory and the Other Canon on the origins of wealth and poverty of modern states. The interpretation of history in the light of the development of institutions, the difference between extractive and inclusive economic and political institutions, as well as the historical process of the formation of institutional ways of development of states, which explains the emergence or absence of inclusive institutions are considered. The difficulty of applying the theory of prosperity and poverty of neoinstitutionalism is related to its denial of any determinism, and to the assertion that the result of institutional development is unpredictable at historical turning points. The economic theory of the Other Canon gives more concrete recommendations. It comes to the conclusion that growing inequality is associated with a techno-economic paradigm shift. A country can get rich only if it engages in economic activity with increasing returns. Methods of overcoming backwardness are government intervention, economic emulation, protectionism and strategic investments, development of entrepreneurship and the implementation of innovations. At the same time, it should be noted that this point of view does not give an answer to the question of how to realize these proposals in conditions of unfavorable internal and international situation.
Publication Impact Profile
Publication details
ReferencesPending
Structured references will appear here after the reference import pass. The count is preserved now so the scholarly record is not incomplete.
View or Download full articleAccess options
SWS access login
Login as SWS Scientific CommitteeLogin as SWS Scientific PartnerLogin as SWS AuthorAuthors and approved SWS contributors will read and export their own linked papers after identity matching by SWS profile, email and SGEM GlobalID.
For librarian assistance: [email protected]
Purchase Instant Access
- Article can be downloaded after successful payment.
- Article may be used according to SWS library access terms.
- Article cannot be redistributed.