Since the 1980s, competitive pressure has increased in the world economy. In addition to traditional trade flows, the globalisation of production and markets has greatly enhanced the complexity of the international division of labour. Declining transaction and information costs have stimulated...

Openness appears to have a strong impact on economic growth especially in DCs, which typically exhibit a high share of physical capital in factor income and a low share of labor. In the neoclassical growth model with partial capital mobility, physical capital?s share in factor income determines...

Easterly has written a unique book about the international differences in the standard of living, which have never been larger in the history of mankind than today. What makes Easterly's book unique is the masterly mixture of four elements: a first-hand knowledge of developing countries, a...