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Edited by Mark Setterfield
Chapter 8: The Paths of Transformational Growth
8 The paths of transformational growth Davide Gualerzi 1 Introduction Transformational growth is the key concept of a long-term theory centered on structural transformation and the growth of the market. It defines an approach to the analysis of the growth pattern that has characterized the development of advanced industrial economies as a result of the operations of the market. The focus, however, is not on the allocation function of the market, but rather on its mode of operation as an institution of change determining the forms of economic development and their evolution. At the same time, the structure of the market, its “structural development”, is the object of the analysis. Transformation is the key to the main question, the growth of the market, an issue that (a) addresses the problem of the demand side of economic development; and (b) changes the very outlook on the process of growth and the role of the market in development. Transformational growth is, then, a particular perspective from which to analyze growth patterns, with their inherent uncertainties and periodical tendencies towards stagnation. We have an established history of this process, which the theory aims at interpreting, but the future directions it can take are ultimately open-ended. The question of the paths of transformational growth is of great importance for advanced market economies, and helps to put into perspective the ultimate causes of the severe recession that we now face at the end of the 2000s. The dynamics of transformation affect many aspects of the...
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