This study builds a simultaneous equation model that establishes inter-connections among the measures of globalization, measures of democracy, human development, corruption perception index and per capita income, which in turn jointly influence social progress. The model has eleven equations in...

A broad summary of the theoretical literature on economic growth shows this theory has transcended the neoclassical paradigm and that market rationality does not govern the human development process. Instead human development is the appropriate standard for rationality. Using Gidwitz et al’s...