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New Developments in the World Economy: A Tough Agenda for MICs (Middle Income Countries)?

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  • Ajit Singh

Abstract

We are living through extraordinary times. During the first 12 years of the new millennium, unusually, developing countries (DCs) expanded faster than advanced countries (ACs). IMF suggests that the improvement in DCs during this crisis is due to their ability to absorb shocks. In the most recent period, there has been a reduction in growth rates in most middle-income countries (MICs) as well as in advanced countries. The paper's second part examines the epic story of South Korean industrialisation. A fundamental argument here is that developing countries have much to learn from each other. This brief presentation ends on an important point that the South-South cooperation is not intended to replace North-South cooperation but rather to supplement it.

Suggested Citation

  • Ajit Singh, 2014. "New Developments in the World Economy: A Tough Agenda for MICs (Middle Income Countries)?," Working Papers wp461, Centre for Business Research, University of Cambridge.
    • Handle: RePEc:cbr:cbrwps:wp461
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    References listed on IDEAS

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    1. Amsden, Alice H. & Singh, Ajit, 1994. "The optimal degree of competition and dynamic efficiency in Japan and Korea," European Economic Review, Elsevier, vol. 38(3-4), pages 941-951, April.
    2. Dani Rodrik, 2011. "The future of economic convergence," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 13-52.
    3. Amsden, Alice H., 1994. "Why isn't the whole world experimenting with the East Asian model to develop?: Review of the East Asian miracle," World Development, Elsevier, vol. 22(4), pages 627-633, April.
    4. Shailaja Fennell & Amandeep Kaur & Ajit Singh, 2013. "India and the Eurozone: A Commentary on the Political Economy of Adjustment and Correction," Contributions to Political Economy, Cambridge Political Economy Society, vol. 32(1), pages 151-167.
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    More about this item

    Keywords

    New millennium; IMF; South-Korean industrialisation;
    All these keywords.

    JEL classification:

    • J2 - Labor and Demographic Economics - - Demand and Supply of Labor
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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