The global recession of 2009 in a long-term development perspective
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.
Volume (Year): 22 (2010)
Issue (Month): 6 ()
|Contact details of provider:|| Web page: http://www3.interscience.wiley.com/journal/5102/home|
References listed on IDEAS
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.:
- Freeman, Chris & Louca, Francisco, 2001.
"As Time Goes By: From the Industrial Revolutions to the Information Revolution,"
Oxford University Press, number 9780199241071, May.
- Freeman, Chris & Louca, Francisco, 2002. "As Time Goes By: From the Industrial Revolutions to the Information Revolution," OUP Catalogue, Oxford University Press, number 9780199251056, May.
- 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.
- 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, 2010. "Technological revolutions and techno-economic paradigms," Cambridge Journal of Economics, Oxford University Press, vol. 34(1), pages 185-202, January.
- 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.
- 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.
- 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.
- Charles Gore, 2007. "Which Growth Theory is Good for the Poor?," The European Journal of Development Research, Taylor and Francis Journals, vol. 19(1), pages 30-48.
When requesting a correction, please mention this item's handle: RePEc:wly:jintdv:v:22:y:2010:i:6:p:714-738. See general information about how to correct material in RePEc.
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 references are entirely missing, you can add them using this form.