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Dic Lo
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Dic Lo: University of London

Chapter 1 in Alternatives to Neoliberal Globalization, 2012, pp 1-9 from Palgrave Macmillan

Abstract: Abstract Viewed from the perspective of worldwide economic development, the era of globalization has been dominated by three waves of catastrophes. These are the long economic stagnation in most parts of the developing world in the 1980s and 1990s, the systemic crisis in countries of the former Soviet bloc between the mid-1980s and the end of the century, and the financial and economic crisis that devastated most parts of East Asia in the closing years of the century. Because of these catastrophes, there was little sign of the income level of the developing world converging with that of the developed countries. In fact, as can be seen from Table 1.1, the average annual growth rate of per capita real GDP for all low- and middle-income economies combined was substantially lower than that of high-income economies in the period 1980–2000. No wonder the 1980s and the 1990s are known as ‘the lost decades of development’.

Keywords: Economic Institution; Uneven Development; Soviet Bloc; Washington Consensus; Speculative Financial Activity (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-36116-4_1

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DOI: 10.1057/9780230361164_1

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