The global recession of 2009 in a long-term development perspective
AbstractThis 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.
Volume (Year): 22 (2010)
Issue (Month): 6 ()
Contact details of provider:
Web page: http://www3.interscience.wiley.com/journal/5102/home
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- Carlota Perez, 2010. "Technological revolutions and techno-economic paradigms," Cambridge Journal of Economics, Oxford University Press, vol. 34(1), pages 185-202, January.
- 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.
- 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.
- Lall, Sanjaya & Teubal, Morris, 1998. ""Market-stimulating" technology policies in developing countries: A framework with examples from East Asia," World Development, Elsevier, vol. 26(8), pages 1369-1385, August.
- 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.
- Freeman, Chris & Louca, Francisco, 2001. "As Time Goes By: From the Industrial Revolutions to the Information Revolution," OUP Catalogue, Oxford University Press, number 9780199241071, September.
- 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.
- 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.
- 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.
- Mwenya, Mwenya, 2013. "Universal Insurance and the Prospect Theory," MPRA Paper 48203, University Library of Munich, Germany.
- Great Recession in Wikipedia English ne '')
- 대침체 in Wikipedia Korean ne '')
- Đại suy thoái in Wikipedia Vietnamese ne '')
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.