Accelerated Economic Development – Theory and Practice

Ivan Angelov

Economic Thought journal, 2004, issue 1, 3-33

Abstract: This article offers a comparative analysis of some theories of economic growth and convergence: neoclassical, endogenic growth, new economic geography, the development as social transformation. The global economic history shows that development is possible but not inevitable. There is no definite tendency towards a global economic convergency. Growth is accompanied by even faster social polarization. Accession to the EU does not automatically lead to convergency. It is just an opportunity, the realization of which depends on the national policy and may last decades. “Economic miracles” may be explained post factum, but not be recreated. The new “economic miracles” have learned their lessons from previous ones but there are also other innovative elements. There are no magic formulas guaranteeing success. For the last 50 years in the CEU the trend has been one of lagging behind the developed countries as well as stagnation and internal stratification. These processes were re-activated during the past 15 years. The great internal regional differences in the CEU have grown during the last decade. Macroeconomic convergence with the EU will be accompanied by increased regional differences. There are no economic mechanisms valid for all times and all countries. What works in certain conditions may not work in others. We should seek the appropriate solutions to specific circumstances.

JEL-codes: O11 O19 O47 (search for similar items in EconPapers)
Date: 2004
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