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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)

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.

Suggested Citation

  • Charles Gore, 2010. "The global recession of 2009 in a long-term development perspective," Journal of International Development, John Wiley & Sons, Ltd., vol. 22(6), pages 714-738.
    • Handle: RePEc:wly:jintdv:v:22:y:2010:i:6:p:714-738
    DOI: 10.1002/jid.1725
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    References listed on IDEAS

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    Cited by:

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    2. Mwenya, Mwenya, 2013. "Universal Insurance and the Prospect Theory," MPRA Paper 48203, University Library of Munich, Germany.
    3. 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.
    4. Partridge, Mark D. & Tsvetkova, Alexandra, 2018. "Local ability to "rewire" and socioeconomic performance: Evidence from US counties before and after the Great Recession," MPRA Paper 89313, University Library of Munich, Germany.
    5. Molintas, Dominique Trual, 2013. "Impact of Globalisation on the British consumer motivations towards luxury commodities: Generation Y in focus," MPRA Paper 98878, University Library of Munich, Germany.
    6. Andreas A. Papandreou, 2015. "The Great Recession and the transition to a low-carbon economy," Working papers wpaper88, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    7. Frank W. Geels, 2013. "The Impact of the Financial and Economic Crisis on Sustainability Transitions: Financial Investment, Governance and Public Discourse. WWWforEurope Working Paper No. 39," WIFO Studies, WIFO, number 47014, February.
    8. Neil Reid & Michael C. Carroll & Xinyue Ye, 2013. "The Great Recession of 2007-2009," Economic Development Quarterly, , vol. 27(2), pages 87-89, May.
    9. Schot, Johan & Kanger, Laur, 2018. "Deep transitions: Emergence, acceleration, stabilization and directionality," Research Policy, Elsevier, vol. 47(6), pages 1045-1059.
    10. Pami Dua & Divya Tuteja, 2023. "Synchronization in Cycles of China and India During Recent Crises: A Markov Switching Analysis," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 21(2), pages 317-337, June.

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