Globalization, Transition and Development Prospects
15 Pages Posted: 9 Nov 2003
Abstract
The paper discusses options and chances for sustained and equitable growth in emerging market economies, including the post-communist countries in transition. While eight of them already are joining the European Union in 2004, more than other twenty are struggling to restructure and build institutions what suppose to enable them to catch up in the long-run with more advanced economies. However, in the course of history less than 30 countries have become rich and still more than 80 percent of the world population is lagging behind. It is true not only for overwhelming majority of countries in the "Third World", but also for the new, emerging market economies of East Central Europe and the former Soviet Union. The postsocialist transformation has raised exuberant expectations for rapid economic and social progress. Unfortunately, these expectations to quite an extent can not be met. Only a few of the emerging markets indeed have a chance for catching up in a foreseeable future and the institution building together with a sound long-term strategy for development, led by the government policies, are of a crucial importance here.
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