The global recession of 2009 in a long-term development perspective

Charles Gore
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Charles Gore: United Nations Conference for Trade and Development, Geneva, Switzerland, Postal: United Nations Conference for Trade and Development, Geneva, Switzerland

Journal of International Development, 2010, vol. 22, issue 6, 714-738

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.

Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:wly:jintdv:v:22:y:2010:i:6:p:714-738

DOI: 10.1002/jid.1725

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