Externalities play a central role in most theories of economic growth. We argue that international externalities, in … particular, are essential for explaining a number of empirical regularities about growth and development. Foremost among these is … that many countries appear to share a common long run growth rate despite persistently different rates of investment in …

manufacturing. The growing literature on service sector primarily focuses on its development in the US and Europe and on Asian … emerging service economies like India. Not as much attention has been paid to the role that services can play in the economic … growth of African countries primarily due to the high prevalence of agriculture in these countries. But with avenues of …