National development and the external environment

Awareness that the disarray of the world economy may be due to deep-rooted structural problems has been accompanied by renewed interest in theories of development and economic crisis. Unfortunately, the causes of growth are still not well understood, nor are the forces that shape a process of downward spiral. In the absence of a generally accepted theory of growth and stagnation, a historical view of global development can only provide a useful insight into “how we got here”. The discussion which follows focuses on a special aspect of the broader issue, namely, the interaction between national development and the external environment.

Related Subject(s): International Trade and Finance
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