alexa Patterns of Economic Development in the World
ISSN: 2375-4389

Journal of Global Economics
Open Access

OMICS International organises 3000+ Global Conferenceseries Events every year across USA, Europe & Asia with support from 1000 more scientific Societies and Publishes 700+ Open Access Journals which contains over 50000 eminent personalities, reputed scientists as editorial board members.

Open Access Journals gaining more Readers and Citations

700 Journals and 15,000,000 Readers Each Journal is getting 25,000+ Readers

This Readership is 10 times more when compared to other Subscription Journals (Source: Google Analytics)

Research Article

Patterns of Economic Development in the World

Hae S Kim*

Department of University College, Ft. Walton Beach Campus, Troy University, USA

*Corresponding Author:
Hae S Kim
Department of University College
Ft. Walton Beach Campus, Troy University, USA
Tel: +8503012120
E-mail: [email protected]

Received April 06, 2014; Accepted May 28, 2014; Published June 04, 2014

Citation: Kim HS (2014) Patterns of Economic Development in the World. J Glob Econ 2:113. doi: 10.4172/2375-4389.1000113

Copyright: © 2014 Kim HS. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.

Abstract

The purpose of this paper is to identify different patterns of economic development among the countries (222 countries/territories) in the world. The economic development was based on both economic growth (quantitative) and quality of life (qualitative) respectively. Several patterns of economic growth were identified: knowledge-based, trade-based, savings-based (resource/oil rich-based) and ethnic-religiously affected. The knowledge-based economy was found most predominant pattern of economic growth, followed by the trade-based. Neither the savings-based nor the ethnic-religiously affected pattern was found significant in affecting economic growth. The knowledge-based and trade-based patterns of economic growth have positive effects on both objective and subjective quality of life as well as on reducing conflict, domestic and international. Ethnic-religious fractionalization increases poverty level and unequal distribution of income, while the oil-richness increases conflict and relative deprivation. Although the dominance of the knowledge-based economy does diminish the effect of the 'traditional' pattern of the free-trade on economic growth, these two patterns are all significant in enhancing economic growth and quality of life. Countries featured with the patterns of ‘diseconomies' (savings-based/oil-richness, ethnic religiously-affected) need to follow suit to catch up with the most successful patterns of economic growth. When/if these countries, developing or developed, pursue policies for economic development, each of the variables out of which the patterns of the knowledge-based as well as the trade-based economy were built should be cross-national comparatively examined for their respective strengths.

Keywords

Share This Page

Additional Info

Loading
Loading Please wait..
 
Peer Reviewed Journals
 
Make the best use of Scientific Research and information from our 700 + peer reviewed, Open Access Journals
International Conferences 2017-18
 
Meet Inspiring Speakers and Experts at our 3000+ Global Annual Meetings

Contact Us

Agri & Aquaculture Journals

Dr. Krish

[email protected]

1-702-714-7001Extn: 9040

Biochemistry Journals

Datta A

[email protected]

1-702-714-7001Extn: 9037

Business & Management Journals

Ronald

[email protected]

1-702-714-7001Extn: 9042

Chemistry Journals

Gabriel Shaw

[email protected]

1-702-714-7001Extn: 9040

Clinical Journals

Datta A

[email protected]

1-702-714-7001Extn: 9037

Engineering Journals

James Franklin

[email protected]

1-702-714-7001Extn: 9042

Food & Nutrition Journals

Katie Wilson

[email protected]

1-702-714-7001Extn: 9042

General Science

Andrea Jason

[email protected]

1-702-714-7001Extn: 9043

Genetics & Molecular Biology Journals

Anna Melissa

[email protected]

1-702-714-7001Extn: 9006

Immunology & Microbiology Journals

David Gorantl

[email protected]

1-702-714-7001Extn: 9014

Materials Science Journals

Rachle Green

[email protected]

1-702-714-7001Extn: 9039

Nursing & Health Care Journals

Stephanie Skinner

[email protected]

1-702-714-7001Extn: 9039

Medical Journals

Nimmi Anna

[email protected]

1-702-714-7001Extn: 9038

Neuroscience & Psychology Journals

Nathan T

[email protected]

1-702-714-7001Extn: 9041

Pharmaceutical Sciences Journals

Ann Jose

[email protected]

1-702-714-7001Extn: 9007

Social & Political Science Journals

Steve Harry

[email protected]

1-702-714-7001Extn: 9042

 
© 2008- 2017 OMICS International - Open Access Publisher. Best viewed in Mozilla Firefox | Google Chrome | Above IE 7.0 version
adwords