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Globalization and Growth in the Twentieth Century


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  • N. F. R. Crafts


This paper reviews the experience of economic growth during the twentieth century with a view to highlighting implications for both growth economists and policy-makers. The unprecedented divergence in income levels between the OECD economies and many developing countries is documented but so too is a more optimistic picture of widespread progress in terms of the Human Development Index. Various aspects of the changes in economic structure are explored in terms of their implications for growth performance both in retrospect and prospect. The possibility that the growth process will lead to another globalization backlash reminiscent of the 1930s is analyzed.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 00/44.

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Length: 75
Date of creation: 01 Mar 2000
Date of revision:
Handle: RePEc:imf:imfwpa:00/44

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Postal: International Monetary Fund, Washington, DC USA
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Keywords: Economic growth; growth rates; real gdp; growth accounting; growth rate; political economy; endogenous growth; transactions costs; merchandise trade; world economy; national income; trade liberalization; world trade; international trade; aggregate demand; gdp growth; trade wars; total factor productivity; growth model; endogenous growth theory; multinational enterprises; tariff barriers; terms of trade; capital formation; free trade; unskilled workers; high tariffs; domestic market; transport costs; interest groups; modern output growth; factor price equalization; tariff protection; non-tariff barriers; per capita income; liberalization of trade; transport equipment; exchange rate policy; average tariffs; competition policy; optimal tariffs; external finance; gnp; world markets; economic integration; domestic demand; factor price; economic cooperation; transition economies; trade restrictions; national income accounting; neoclassical growth model; domestic prices; trade barriers; antidumping measures; nontariff barriers; per capita income growth; growth rate of output; protectionist coalitions; conditional convergence; national income accounts; closed economy; wholesale trade; host country growth; investment flows; market opening; bargaining power; output elasticity; factor endowments; exchange rate regime; elasticity of substitution; unskilled labor; trade flows; market integration; commodity prices; perfect competition; reducing transactions costs; global integration; vertical specialization; accelerating growth; foreign trade; domestic savings; freer trade; import controls; distortionary taxes; world growth; voluntary export restraints; trade agreements; factor shares; factor accumulation; national income account; balance of payments; integration effects; relative price of capital; export markets; reciprocal trade agreements; consumption expenditure; investor protection;


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