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development in its different stages. Firstly, we identify the three development stages that prevailed in the world between 1996 … and 2011 according to the income classification of the World Bank corroborated with data from the UNDP Human Development …
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This Paper utilizes 188 countries' world panel data (i.e. Penn World Table, see Heston, Summers and Aten, 2006 …
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some parts of the world that also dwarfed anything seen up to that point. Also, the massive differences in how countries …
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