Factors of Convergence and Divergence in the Global Economy: A Brief Review

The Great Divergence, namely the divergence in per capita GDP between the first and the third worlds, started around 1820 and continued at an accelerated pace during the next half of the 19th century and at a slower pace in the 20th century. Divergence of the West was primarily associated with a tec...

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Autor principal:	M. V. Kazakova
Formato:	article
Lenguaje:	EN RU
Publicado:	North-West institute of management of the Russian Presidential Academy of National Economy and Public Administration 2018
Materias:	economic growth world economy convergence divergence income inequality Political institutions and public administration (General) JF20-2112
Acceso en línea:	https://doaj.org/article/48c3cf8c45814a76997dc7237ff5fe68
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spelling	oai:doaj.org-article:48c3cf8c45814a76997dc7237ff5fe682021-11-12T10:46:07ZFactors of Convergence and Divergence in the Global Economy: A Brief Review1726-11391816-859010.22394/1726-1139-2018-7-96-110https://doaj.org/article/48c3cf8c45814a76997dc7237ff5fe682018-09-01T00:00:00Zhttps://www.acjournal.ru/jour/article/view/887https://doaj.org/toc/1726-1139https://doaj.org/toc/1816-8590The Great Divergence, namely the divergence in per capita GDP between the first and the third worlds, started around 1820 and continued at an accelerated pace during the next half of the 19th century and at a slower pace in the 20th century. Divergence of the West was primarily associated with a technological breakthrough and economic development that led to higher labor productivity and GDP per capita. However, in the late 1980s the Great Convergence, which implied substantial advance of economic growth rates of developed West by developing countries of the third world, replaced the Great Divergence. Great Divergence was due to the improving of education and public health systems, in other words, to human capital development. There is a bulk of literature focusing on convergence or divergence of various countries. The purpose of this article is to study these factors by the means of review and systematization of relevant literature. Authors briefly analyze theoretical and empirical studies describing drivers of convergence and divergence in the global economy. They also consider statistical data on world regions for the period since 1960 until present days to justify conclusions. The article concludes that there are quite a large number of works devoted to the analysis of factors explaining the divergence or convergence trends in the world. This review is useful in terms of understanding current trends in the world economy, as well as developing scenarios of its development in the future.M. V. KazakovaNorth-West institute of management of the Russian Presidential Academy of National Economy and Public Administration articleeconomic growthworld economyconvergencedivergenceincome inequalityPolitical institutions and public administration (General)JF20-2112ENRUУправленческое консультирование, Vol 1, Iss 7, Pp 96-110 (2018)
institution	DOAJ
collection	DOAJ
language	EN RU
topic	economic growth world economy convergence divergence income inequality Political institutions and public administration (General) JF20-2112
spellingShingle	economic growth world economy convergence divergence income inequality Political institutions and public administration (General) JF20-2112 M. V. Kazakova Factors of Convergence and Divergence in the Global Economy: A Brief Review
description	The Great Divergence, namely the divergence in per capita GDP between the first and the third worlds, started around 1820 and continued at an accelerated pace during the next half of the 19th century and at a slower pace in the 20th century. Divergence of the West was primarily associated with a technological breakthrough and economic development that led to higher labor productivity and GDP per capita. However, in the late 1980s the Great Convergence, which implied substantial advance of economic growth rates of developed West by developing countries of the third world, replaced the Great Divergence. Great Divergence was due to the improving of education and public health systems, in other words, to human capital development. There is a bulk of literature focusing on convergence or divergence of various countries. The purpose of this article is to study these factors by the means of review and systematization of relevant literature. Authors briefly analyze theoretical and empirical studies describing drivers of convergence and divergence in the global economy. They also consider statistical data on world regions for the period since 1960 until present days to justify conclusions. The article concludes that there are quite a large number of works devoted to the analysis of factors explaining the divergence or convergence trends in the world. This review is useful in terms of understanding current trends in the world economy, as well as developing scenarios of its development in the future.
format	article
author	M. V. Kazakova
author_facet	M. V. Kazakova
author_sort	M. V. Kazakova
title	Factors of Convergence and Divergence in the Global Economy: A Brief Review
title_short	Factors of Convergence and Divergence in the Global Economy: A Brief Review
title_full	Factors of Convergence and Divergence in the Global Economy: A Brief Review
title_fullStr	Factors of Convergence and Divergence in the Global Economy: A Brief Review
title_full_unstemmed	Factors of Convergence and Divergence in the Global Economy: A Brief Review
title_sort	factors of convergence and divergence in the global economy: a brief review
publisher	North-West institute of management of the Russian Presidential Academy of National Economy and Public Administration
publishDate	2018
url	https://doaj.org/article/48c3cf8c45814a76997dc7237ff5fe68
work_keys_str_mv	AT mvkazakova factorsofconvergenceanddivergenceintheglobaleconomyabriefreview
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Factors of Convergence and Divergence in the Global Economy: A Brief Review

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