Synopsis
Economic growth and development theory and policy are undergoing major transitions. Empirically, the rapid per capita income convergence of many nations attests to a world economy that will defy the slow historic patterns of economic growth. After World War II, development economists divided the world into rich and poor countries, followed by the "twin peaks" notion that divided the world into three camps. The modern theory of per capita convergence asserts the end of poverty and the disappearance of income classification among nations at rapid rates. Since the 70s, some 2.9 billion people have graduated out of $1, $2, and $3 per day poverty income levels. The implications of this transformation are enormous. Nation states can reach prosperity in a matter of decades rather than centuries. World tension will diminish as rich countries seek alternatives to war for dispute resolution. At one point in time all nations were poor and there will be a point in time when all nations are rich. And finally, the world citizens will be the kings of international consumer sovereignty. Dr. Nake Kamrany, born in Kabul, Afghanistan, is an economics professor and Director of the Program in Law and Economics at the University of Southern California. His previous professional appointments include Massachusetts Institute of Technology, the World Bank, UCLA, and the Stanford Research Institute. He has served as advisor to the World Bank, UNDP, the governments of the United States, Ghana, Lebanon, the Philippines, Jamaica and the Sahel-Sudan countries of Africa. Dr. Kamrany's research has appeared in fifteen books and over 100 scientific-economic papers. His awards include "The Associate Award" at USC and research grants from the National Science Foundation, the Agency for International Development, the World Bank, the Advanced Research Project Agency and others. His recent research on the Global Economic Convergence Theory includes an analysis of per capita income performance of 126 countries and the prospects for less developed countries (LDCs) to catch up with developed countries within the 21st century. Georgi Vassilev, born in Plovdiv, Bulgaria, is a doctoral candidate in the Department of Economics at the University of Southern California. His research interests are in the area of International Macroeconomics and Finance. Currently he is working on hedging, using commodity futures subject to liquidity constraints.
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