Business Reference Guide: Economic Growth & Development

ebook

By The Editors of Salem Press

cover image of Business Reference Guide: Economic Growth & Development

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The volume begins with an essay by Simone I. Flynn that highlights the main theories of economic growth. These theories include neoclassical growth theory, new growth theory, and modern political growth theory. Of these concepts, the two that pertain to national growth are the neoclassical and new growth theories; according to Marie Gould, because “the aid per capita to developing countries was reduced by one third in the 1990s,” more individuals will likely be turning their attention to these two theories to help spur economic growth in developing nations. Gould also provides some insight as to which policies and procedures multinational corporations should adopt to assist with the economic growth of underdeveloped countries. In building off Gould’s work, Francis Duffy suggests that multinational business should end the zero-sum games of international economic development, and concentrate instead on applying more methods that will create a win-win situation for all sides. Due to the lack of balance between nations, the gap of disparity between developed nations and developing nations continues to grow. To help lessen the distance between the two types of nations, Flynn proposes that countries address the prominent issues affecting developing areas and their respective cultural and historical contexts. As Steven R. Hoagland and Gould discuss, there are many approaches that developing nations can use to achieve economic maturation. These maturing countries often attract the attention of multinational corporations constantly looking for growth opportunities and emerging markets.
Business Reference Guide: Economic Growth & Development