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The World Economy, Prosperity and Conflicts

In: Government Intervention in Globalization

Author

Listed:
  • Carlos M. Peláez
  • Carlos A. Peláez

Abstract

The world produces over $44 trillion per year. There is significant inequality among nations, with most production and wealth concentrated in countries that have only a small share of the world’s population. The application of science to practical problems of production, or technology, remained relatively subdued until around 1750. Technology surged around the industrial revolution first occurring in England in the second half of the eighteenth century, spreading to Europe, the US and other regions. Growth of production accelerated rapidly not only by the use of more labor and capital but mainly by more efficient methods of production and the organization of business and nations caused by waves of innovation. A significant part of progress originates in improving education and training of the labor force, or human capital. Institutions also play an important role in the progress of nations. There are numerous conflicts in globalization and multiple views on resolving them.

Suggested Citation

  • Carlos M. Peláez & Carlos A. Peláez, 2008. "The World Economy, Prosperity and Conflicts," Palgrave Macmillan Books, in: Government Intervention in Globalization, chapter 1, pages 13-24, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-22834-4_2
    DOI: 10.1057/9780230228344_2
    as

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