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Cambridge Journal of Economics 2006 30(1):137-159; doi:10.1093/cje/bei090
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© The Author 2006. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Commentary

This section is designed for the discussion and debate of current economic problems. Contributions which raise new issues or comment on issues already raised are welcome.

Globalisation, history and development: a tale of two centuries

Deepak Nayyar*

Address for correspondence: Centre for Economic Studies and Planning, School of Social Sciences, Jawaharlal Nehru University, New Delhi 110 067 INDIA; email: deepaknayyar{at}mail.jnu.ac.in

Abstract

This paper situates globalisation in historical perspective to analyse its implications for development. It sketches a picture of globalisation during the late nineteenth and twentieth centuries. A comparison of these two epochs reveals striking parallels, unexpected similarities and important differences. It shows that globalisation did not lead to rapid growth and economic convergence in the world, either then or now. Indeed, growth slowed down, and income levels diverged, while the gap between the industrialised and developing countries widened, in both epochs. The story of globalisation, it turns out, does not conform to the fairy tale about convergence and development.

Key Words: Globalisation • Uneven Development • Convergence • Divergence • Exclusion

JEL classifications: F02, O10, N00

Manuscript received March 14, 2005; final version received August 24, 2005.


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