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The global recession of 2009 in a long-term development perspective

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  • Charles Gore

    (United Nations Conference for Trade and Development, Geneva, Switzerland)

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    Abstract

    This paper argues that the global recession of 2009 marks the ending of a global development cycle which began in the early 1950s. The long-wave rhythm of production and prices in the global development cycle is generated by the life cycle of investment and innovation during a technological revolution, related changes in supply and demand for natural resources, and inertia and transformation in the socio-institutional framework within which development takes place. From this perspective, the global recession is interpreted as a blocked structural transition. Whilst failings in the financial system triggered the global financial crisis, that crisis and the recession are more deeply rooted in contradictions in the global development trajectory. A paradigm shift in development theory and practice is a crucial element of the socio-institutional transformation now necessary to re-boot the global development cycle. Copyright © 2010 John Wiley & Sons, Ltd.

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    File URL: http://hdl.handle.net/10.1002/jid.1725
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    Bibliographic Info

    Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

    Volume (Year): 22 (2010)
    Issue (Month): 6 ()
    Pages: 714-738

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    Handle: RePEc:wly:jintdv:v:22:y:2010:i:6:p:714-738

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    Web page: http://www3.interscience.wiley.com/journal/5102/home

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    1. Freeman, Chris & Louca, Francisco, 2001. "As Time Goes By: From the Industrial Revolutions to the Information Revolution," OUP Catalogue, Oxford University Press, number 9780199241071.
    2. Carlota Perez, 2010. "Technological revolutions and techno-economic paradigms," Cambridge Journal of Economics, Oxford University Press, vol. 34(1), pages 185-202, January.
    3. Geels, Frank W., 2004. "From sectoral systems of innovation to socio-technical systems: Insights about dynamics and change from sociology and institutional theory," Research Policy, Elsevier, vol. 33(6-7), pages 897-920, September.
    4. Carlota Perez, 2009. "The double bubble at the turn of the century: technological roots and structural implications," Cambridge Journal of Economics, Oxford University Press, vol. 33(4), pages 779-805, July.
    5. Justman, Moshe & Teubal, Morris, 1991. "A structuralist perspective on the role of technology in economic growth and development," World Development, Elsevier, vol. 19(9), pages 1167-1183, September.
    6. Ugo Pagano & Maria Alessandra Rossi, 2009. "The crash of the knowledge economy," Cambridge Journal of Economics, Oxford University Press, vol. 33(4), pages 665-683, July.
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    8. Charles Gore, 2007. "Which Growth Theory is Good for the Poor?," European Journal of Development Research, Taylor and Francis Journals, vol. 19(1), pages 30-48.
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    Cited by:
    1. Mwenya, Mwenya, 2013. "Universal Insurance and the Prospect Theory," MPRA Paper 48203, University Library of Munich, Germany.
    2. Andersson, Fredrik N.G. & Karpestam, Peter, 2013. "CO2 emissions and economic activity: Short- and long-run economic determinants of scale, energy intensity and carbon intensity," Energy Policy, Elsevier, vol. 61(C), pages 1285-1294.
    3. Frank W. Geels, 2013. "The impact of the financial-economic crisis on sustainability transitions: Financial investment, governance and public discourse," WWWforEurope Working Papers series 39, WWWforEurope.

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    1. Great Recession in Wikipedia English ne '')
    2. Đại suy thoái in Wikipedia Vietnamese ne '')
    3. 대침체 in Wikipedia Korean ne '')

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