Convergence: myths and realities

John Rapley
Additional contact information
John Rapley: Department of Government, University of the West Indies, Jamaica, West Indies, jrapley@uwimona.edu.jm

Progress in Development Studies, 2001, vol. 1, issue 4, 295-308

Abstract: Although economists have become increasingly agnostic about convergence, neo-liberal policies tend to presume it. Such policies assume that economic liberalization, open markets and minimalist states will encourage the globalization of capital, thereby spreading economic growth from the First World to the Third World. In this, they resemble orthodox Marxist theories of the internationalization of capital. However, divergence rather than convergence continues to prevail in the global economy, and neo-liberal policies may be intensifying these trends. It appears the flaw common to both neo-liberal and Marxist thinking on convergence is a supply-sided approach that neglects the important role demand plays in attracting investment.

Keywords: convergence; foreign investment; globalization; income distribution; Marxism; neoliberalism (search for similar items in EconPapers)
Date: 2001
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://journals.sagepub.com/doi/10.1177/146499340100100402 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sae:prodev:v:1:y:2001:i:4:p:295-308

DOI: 10.1177/146499340100100402

Access Statistics for this article

More articles in Progress in Development Studies
Bibliographic data for series maintained by SAGE Publications ().