DEVELOPING COUNTRIES: GROWTH, EFFICIENCY, CONTRADICTIONS AND PROSPECTS
V. A. MELYANTSEV Doctor of Economics, Institute of Asian and African Studies, Moscow State University Keywords: developing countries, world economy, globalization, comparative and dynamic advantages, models, competitiveness 1. Tectonic shifts in the world economy. There is no doubt that we are witnessing major changes in the balance of power of the most important actors in global development. The significant deregulation and financialization of the global economy1 that has taken place over the past three or four decades, which is known to have caused destabilization and crisis phenomena in many developing countries (RS)2, has caused very serious damage to the developed countries (WG)3. These factors, no matter what ultra-liberal economists say, ultimately slowed down the development of the real sector of their economy, including due to the acceleration of its deindustrialization and the relocation of production capacities and jobs to countries with lower labor, environmental and social costs. Under these conditions, very rapid growth was found mainly in a number of Asian new-industrial and large DCS with considerable comparative and dynamic competitive advantages (China, India, Indonesia): (a) rather intensively involved in international value chains, (b) with a relatively strong pro-market state, (c) pursuing a generally balanced macroeconomic policy, (d) relying on advanced business-oriented elites, (e) huge masses of relatively cheap, capable labor. While the average annual growth rate of per capita GDP in the RG almost halved - from 3.6% in the 1950s-1980s to 1.7% in the 1980s (2.5% in the 1980s, 1.8% in the 1990s, and 1.1% in the 2000s-2013), in the RS as a whole, they are On the contrary, they grew, respectively, from 2.6% to 3.1%, including from 1.5% in the 1980s to 2.5% in the 1990s and 4.9% in 2000-2013 (see graph. 1 and 2). As a result, the share of DCS, which account for more than four-fifths of the world's population (together with transition economies-a ... Read more
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Vietnam Online · 246 days ago 0 169
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Hanoi, Vietnam
15.11.2023 (246 days ago)
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