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Introduction

The Rest Beyond the West

Vladimir Popov

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Vladimir Popov and Jomo Kwame Sundaram

The chapter reviews catch-up or converging growth in parts of the Global South. By 1950, US per capita national income, adjusted for purchasing power, was nearly five times the world average. Since then, Western Europe and Japan have closed their per capita income gaps with the USA. East Asia, South Asia and some other developing countries have also started to close gaps with the West in recent decades. Thus, after two centuries of growing economic divergence, the world has witnessed an era of uneven convergence between parts of the South and the North. Alternative scenarios and some future implications are considered.

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Acknowledgments

The Rest Beyond the West

Edited by Vladimir Popov and Piotr Dutkiewicz

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Kenneth A. Reinert

This volume on globalisation and development is part of a larger Elgar Handbook series on globalisation. Its chapters engage two multidimensional concepts: globalisation and development. In doing so, it does not impose a particular conception of either. Rather, authors were given full rein to treat these subjects as they thought best in light of their particular subjects. The volume is structured around seven subjects: international trade, international production, international finance, migration, foreign aid, a broader view and challenges. The volume’s chapters provide important insights into each of these realms of globalisation and development.

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Edited by Kenneth A. Reinert

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Roy E. Allen

Since the 1970s, the rapid expansion and globalization of financial markets shadows most other developments in international economics. This chapter documents and defines financial globalization and discusses what caused it: developments in information-processing technologies; government deregulation; and the more global nature of all economic activity. International interest rate and financial strategy ‘parities’ are presented as new, dominant, dynamic patterns in the global economy. Financial market globalization has been a driving force behind recent imbalances in trade and investment between countries. And, the self-adjustment mechanisms within the global economy have been irreversibly changed by financial globalization.
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  • Elgar Research Reviews in Economics

Raghbendra Jha and Raghav Gaiha

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Pascal Salin

Studying an international system implies having a definition of a nation, in order to assess to what extent the analysis of an international phenomenon can be different from an analysis which does not take into consideration the existence of nations. This chapter stresses that several definitions of a nation can be given, but what is important is defining a nation from the point of view of monetary problems. By comparison with the traditional definition of a nation in trade theory, a monetary area – or a monetary nation – can be defined as an area of circulation of a currency. The chapter also discusses whether or not a monetary area should coincide, for instance, with a political area.
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Edited by Marek Belka, Ewald Nowotny, Pawel Samecki and Doris Ritzberger-Grünwald

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Edited by Marek Belka, Ewald Nowotny, Pawel Samecki and Doris Ritzberger-Grünwald