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Dynamics of world economic developement

University of British Columbia

Each of us is solitary. Each of us dies alone. That is a fate against which we cannot struggle, but there is plenty in our condition which is not fate, and against which we are less than human unless we do struggle. The people in the industrialized countries are getting richer, and those in the non-industrialized countries are at best standing still: the gap is widening every day. Industrialization is the only hope of the poor. Health, food, education; nothing but industrialization could have made them available to the very poor. Economists are inclined to be impatient in attempting to ameliorate this social condition; and are inclined to think that it should be done. The lessons which the present underdeveloped countries can learn may lie as much in the past as in the contemporary history of their developed forerunners. Such common problems as capital accumulation, economic diversification, balance of payments, technological development, population, labour, employment, land distribution, colonialism, dualism or pluralism, political affairs and social ideology are of importance. However, what are absolutely necessary are systematic comparisons of the processes of economic growth and of the economic structures of different countries by linking non-economic factors to the structure of modern economics. Thereby it will be possible to clarify the character of the process of economic growth and to disclose the relative importance of the various factors. Without over-simplification, dynamic theory can be divided into two categories; economic dynamic approach and sociological institutional approach. No "dynamics of world economic development" is as simple as to be fully explained by one of these approaches. As a result of the inevitable process being a synthetic theory from different opinions founded on different bases, the theory of Professor Walt Whitman Rostow must be considered. It seems that his theory is cogent, and successful in establishing a sequence of cause and effect in the field of economic growth. A matter of factual history observed in the light of economics is fully discussed by using illustrations of sixteen countries in the world. The process of economic development is ascertained. The dynamics of Professor Rostow indicates the ways of mollifying the dangerous characteristics of the Union of Soviet Socialist Republics, of coping with the vast number of underdeveloped countries, and of clarifying the meaninglessness of Marxism. Here, our social hope can find the basis on which policies should be dependent. The trick of getting rich is no secret and the world cannot survive half rich and half poor.

Text

2011-12-14

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http://hdl.handle.net/2429/39674

Economics

University of British Columbia

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