This paper analyzes the effect of trade on growth, when technology adoption is endogenous and depends on factor prices. It shows that trade can lead to an increase in income disparities across countries, as the rich countries grow much faster than the poor countries. This is due to...

The legacy of Adam Smith leads to a false confidence on the optimality of laissez faire policies for the global market economy. Instead, the polarized character of current globalization deeply affects both developed and underdeveloped economies. Current globalization is characterized by factor...

During the post-world war II period, industrialization was an irresistible trend made global by the dynamics of international trade. Today, the industrial society faces the risks created by its own success. Its growth has been accompanied by a voracious use of natural resources and increasing...

Purpose - The global crises that emerged during the last two decades proved that economies that focus their development on demand are the most vulnerable during crises. However, development strategies depend on specific internal and external circumstances impacting development of particular...