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Shifting patterns of economic growth and rethinking development

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  • Justin Yifu Lin
  • David Rosenblatt

Abstract

This paper provides an historical overview of both the evolution of the economic performance of the developing world and the evolution of economic thought on development policy. The twentieth century was broadly characterized by divergence between high-income countries and the developing world, with only a limited number (less than 10% of the economies in the world) managing to progress out of lower or middle-income status to high-income status. The last decade witnessed a sharp reversal from a pattern of divergence to convergence -- particularly for a set of large middle-income countries. The latter phenomenon was also driven by increasing economic ties among developing countries and, on the intellectual scale, increased knowledge generation and sharing among the developing countries. Re-thinking development policy implies confronting these realities: twentieth century economic divergence, the experience of the handful of success stories, and the recent rise of the multi-polar growth world. This paper provides descriptive data and a literature survey to document these trends.

Suggested Citation

  • Justin Yifu Lin & David Rosenblatt, 2012. "Shifting patterns of economic growth and rethinking development," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 15(3), pages 171-194, September.
  • Handle: RePEc:taf:jpolrf:v:15:y:2012:i:3:p:171-194 DOI: 10.1080/17487870.2012.700565
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    References listed on IDEAS

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    Cited by:

    1. Ben Fine & Elisa Van Waeyenberge, 2013. "A Paradigm Shift that Never Will Be?: Justin Lin’s New Structural Economics," Working Papers 179, Department of Economics, SOAS, University of London, UK.
    2. Kuznetsov, B. & Simachev, Yu., 2014. "Evolution of State Industrial Policy in Russia," Journal of the New Economic Association, New Economic Association, vol. 22(2), pages 152-178.
    3. Clifton, Judith & Díaz-Fuentes, Daniel & Revuelta, Julio, 2014. "Financing utilities: How the role of the European Investment Bank shifted from regional development to making markets," Utilities Policy, Elsevier, vol. 29(C), pages 63-71.
    4. Peter A.G. van Bergeijk, 2013. "Earth Economics," Books, Edward Elgar Publishing, number 14673, September.
    5. repec:eee:wdevel:v:97:y:2017:i:c:p:279-297 is not listed on IDEAS
    6. Peter A.G. van Bergeijk & Charles van Marrewijk, 2013. "Heterogeneity and development: An agenda," The Journal of International Trade & Economic Development, Taylor & Francis Journals, pages 1-10.
    7. Justin Yifu Lin & Célestin Monga & Samuel Standaert, 2017. "The Inclusive Substainable Transformation Index," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 17/932, Ghent University, Faculty of Economics and Business Administration.
    8. Bhisma K. Bhusal & James R. Wilson & Susana Franco, 2014. "Rethinking Policy Intervention for the Transition towards Competitive Trade-Led Green Growth," Working Papers 2014R02, Orkestra - Basque Institute of Competitiveness.
    9. Lin, Justin Yifu & Fardoust, Shahrokh & Rosenblatt, David, 2012. "Reform of the international monetary system : a jagged history and uncertain prospects," Policy Research Working Paper Series 6070, The World Bank.
    10. repec:wsi:serxxx:v:62:y:2017:i:04:n:s021759081740032x is not listed on IDEAS
    11. Fernando Gabriel Im & David Rosenblatt, 2015. "Middle-Income Traps: A Conceptual and Empirical Survey," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 6(03), pages 1-39.
    12. International Monetary Fund, 2015. "Republic of Estonia; Selected Issues," IMF Staff Country Reports 15/337, International Monetary Fund.
    13. Justin Lin & Monga Célestin & Standaert Samuel, 2017. "Working Paper 257 - The Inclusive and Sustainable Transformation Index," Working Paper Series 2368, African Development Bank.

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