countries that have experienced modern economic growth have also tended to
Some implications8 I turn now to a brief discussion of some social implications, of some effects of modern economic growth on conditions of life of various population groups in the countries affected. To the extent that this is true, and that the conditions of production in the developed countries differed greatly from those in the populous less developed countries today, the material technology evolved in the developed countries may not supply the needed innovations.

I hesitate to formulate them explicitly, since the data and the stock of knowledge on which the observations rest are limited.

These are primarily from United Nations publications, supplemented by some auxiliary sources (mostly for the Communist countries), and use conventional conversion rates to U.S. dollars in 1965. At the same time, the difficulty of making the institutional and ideological transformations needed to convert the new large potential of modern technology into economic growth in the relatively short period since the late eighteenth century limited the spread of the system. Get the detailed answer: Countries that have experienced modern economic growth have also tended to: A. adopt feudalistic institutions. The less developed areas that account for the largest part of the world population today are at much lower per capita product levels than were the developed countries just before their industrialization; and the latter at that time were economically in advance of the rest of the world, not at the low end of the per capita product range. Second, the growth position of the less developed countries today is significantly different, in many respects, from that of the presently developed countries on the eve of their entry into modern economic growth (with the possible exception of Japan, and one cannot be sure even of that). In conclusion, the experience of the postwar years has provided many lessons that form a basis for optimism. Thus, modern technology with its emphasis on labor-saving inventions may not be suited to countries with a plethora of labor but a scarcity of other factors, such as land and water; and modern institutions, with their emphasis on personal responsibility and pursuit of economic interest, may not be suited to the more traditional life patterns of the agricultural communities that predominate in many less developed countries. The learning of new skills and the declining value of previously acquired skills was clearly a costly process – to both the individuals and to society. Or, finally, is it merely a reflection of the temporarily favourable climate of the U.S. international policies?

According to…, Complicating the construction of stable, constitutional governments in the decades after independence were the economic circumstances that prevailed in the period. Countries that have experienced modern economic growth have also tended to: move toward more democratic forms of government. Its cumulative effects, all new, extend over a long period and result in an enormous transformation of economic production and of production relations. This improvement is due to product availability and better knowledge. First, as already suggested, such growth demands a stable, but flexible, political and social framework, capable of accommodating rapid structural change and resolving the conflicts that it generates, while encouraging the growth-promoting groups in society. Which of the following makes the distribution of income more equal? But the specific parameters differ widely, and because the obstacles to growth may differ critically in their substance, they may suggest different policy directions. The latter can only be conjectured, but reasonable estimates for Western Europe over the long period from the early Middle Ages to the mid-nineteenth century suggest that the modern rate of growth is about ten times as high for product per capita (see Simon Kuznets, Economic Growth of Nations: Total Output and Production Structure, Harvard University Press, Cambridge, Mass., 1971, pp. Many Schumpeterian entrepreneurs failed to grasp, by a wide margin, the full scope and significance of the innovations that they were promoting and that eventually brought them fame and fortune. 2 Nov 2020. This continuity is important particularly when we find that, except for Japan and possibly Russia, all presently developed countries were well in advance of the rest of the world before their modern growth and industrialization began, enjoying a comparative advantage produced by pre-modern trends. With the rather stable ratio of labor force to total population, a high rate of increase in per capita product means a high rate of increase in product per worker; and, with average hours of work declining, it means still higher growth rates in product per manhour. The productivity multiple for the Encyclopedia Britannica is vastly understated in the table because the Internet has made the encyclopedia far cheaper. Urbanization and secularization come easily to mind as components of what sociologists term the process of modernization. The underlying data are from Everett E. Hagen and Oli Hawrylyshyn, “Analysis of World Income and Growth, 1955-1965”, Economic Development and Cultural Change, vol. 15. That sort of improvement in our standard of living is what the statistics do not fully capture. Enter your email address to subscribe to our monthly newsletter: Economic Systems, Labor, Macroeconomics, The Marketplace. Yet one must not forget that pre-modern economic growth had similar problems, which, with the weaker technology, may have loomed even larger. By the early 1970s about 34 percent of the total world population belonged to the developed countries, which among them had 87.5 percent of the total world GNP. For a recent classification identifying the non-Communist developed countries see United Nations, Yearbook of National Accounts Statistics, 1969, vol. It seems fairly clear that a number of analytical and measurement problems remain in the theory and in the evaluation of economic growth in the developed countries themselves; and that one may look forward to major changes in some aspects of the analysis, in national economic accounting, and in the stock of empirical findings, which will occupy economists in the developed countries in the years ahead. However, some other countries borrowed in order to offset higher oil prices and in order to maintain an excess of expenditures over consumption, without developing the highly profitable investments with which to finance the debt-servicing obligations they incurred. The significant aspect here is that the surprises cannot be viewed as accidents: they are inherent in the process of technological (and social) innovation in that it contains an element of the unknown.

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