SLOWDOWN OF THE GLOBAL ECONOMY GROWTH AND (SEMI-) PERIPHERAL COUNTRIES
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SLOWDOWN OF THE GLOBAL ECONOMY GROWTH AND (SEMI-) PERIPHERAL COUNTRIES
Annotation
PII
S0321-50750000616-3-1
Publication type
Article
Status
Published
Authors
Vitalii Meliantsev 
Pages
27-34
Abstract
The article, based on a series of computations and models, shows that, despite considerable progress achieved during the last decades in the centers and (semi)periphery of the global economy in capital formation, technologies and innovations, a long-term slowdown occurred in dynamics of their GDP and productivity. The author argues that this paradoxical phenomenon was largely caused by massive distortions in the global economy, engendered by its excessive financialization, significant and nearly general increase in indebtedness and levels of income inequalities. Although some reallocation of incomes from super-rich to less well-to-do via progressive changes in taxation systems could promote growth of human capital and effective demand, this reform in developed and developing countries is hard to enact due to resistance of the mighty oligarchic elites.
Keywords
global economy, developed and developing countries, the economic slowdown, physical and human capital, information technology, debt, inequality
Date of publication
01.10.2016
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0
Views
210
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