One view in the literature is that the East Asian economic model is superior to other models in the Global South (i.e. in the developing world), at least in terms of catch-up development and possibly even in innovations beyond the technological frontier. Unlike economic models in Latin America...

We show that in a fully integrated economy, in which there is free mobility of goods and factors, each member’s share of total output will equal its shares of total stocks of productive factors (i.e., physical and human capital). We label this result the equal-share relationship. This...