Economic Growth: The New Perspectives for Theory and Policy by Tai-Yoo Kim, Almas Heshmati

By Tai-Yoo Kim, Almas Heshmati

This booklet indicates that the present theories on monetary development have transparent barriers when it comes to how a lot they could successfully give a contribution to real monetary progress. as a result, this ebook provides a more advantageous conception on monetary progress for nations and leaders seeking to advertise financial progress. it's basically based round the conception of monetary progress and thought of nationwide improvement, written for agricultural constructing nations pursuing industrialization and late-starting industrialized nations pursuing their very own improvement. however, it additionally makes an important contribution to the very improvement of human civilization throughout the progress of constructing nations, late-starting industrialized nations and early industrialized nations during the international.

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In this study, we consider the decelerating agricultural society from a historical long-term perspective. The time spans are much longer than those in the usual longterm analysis used in economics. Therefore, we ignore economic factors that influenced production in the short terms within our study period and investigate the impact of technology advancement in history. The technologies in agricultural societies discussed include all kinds of knowledge, skills, and tools developed for improving agricultural productivity.

Financial services, which are the representative service in production support services industries, assist in the accumulation of capital. Additionally, financial services also increase liquidity of capital to more quickly and more productive industries, so they contribute to the efficient distribution of capital. Particularly, Schumpeter (1911) mentioned that the proper functions of finance services such as mobilizing savings, evaluating projects, managing risk, monitoring managers, and facilitating transactions are necessary for economic development.

In addition, bigger and bigger commodity markets are required. If the resources and markets fall short, the expansive reproduction system strays from the virtuous cycle. In this case, the way to make an economy of the developed country grow steadily is by securing abroad resources and markets through trade; otherwise, armed conflicts are inevitable. The history of breaking colonies in the age of modern imperialism demonstrates the above phenomenon properly. First, empires demanded that weak countries engage in trade with them, and armed protests were conducted if the weak countries did not comply.

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