Global Transition: A General Theory of Economic Development
Global Transition is an innovative study that analyses the problems and prospects of the Third World by building on the theoretical contribution - ... Show synopsis Global Transition is an innovative study that analyses the problems and prospects of the Third World by building on the theoretical contribution - the dynamic-strategy model - made in the author's acclaimed Longrun Dynamics (1998). It formulates a general economic and political theory of development that he calls the global strategic transition (GST) model. The GST is the process by which an increasing number of societies are drawn into the vortex of dynamic interaction between the world's most economically advanced nations. The central feature of this model is the global strategic demand-response mechanism involving an interaction between the world's expanding strategic core and its economic fringe, which is facilitated through strategic inflation. In this model the familiar production function and technological change are replaced with the novel strategy function and strategic change. This model also provides the basis for a new policy approach to economic development.