Some Key Evolutionary Changes In Global Economic Development: A Historical Perspective

Abstract

Our knowledge regarding global economic development has increased as a result of three major changes: Changes in measuring economic development and particularly the introduction of the U.N. human development index; The recognition that non-economic or institutional factors are important in explaining development; the awareness that policy making has experienced “swing of the pendulum” whereby a policy position is followed by another with the end result a compromise or eclecticism.