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Pablo G. Bortz
This chapter reviews major trends in the last decades of economic development in advanced and emerging economies. It highlights and presents different explanations for the slowdown in economic activity observed in developed economies and in many developing countries (though not all); the increased disparity in income distribution along different measures; and the explosive growth in global capital flows and in the volatility of these flows. The chapter emphasizes the need for an economic theory with the ability to explain in an integrated manner these contemporaneous stylized facts.