บทความโดย วรรณพงษ์ ดุรงคเวโรจน์
Developed countries such as Thailand, Sub-Saharan Africa can catch up or converge the developed countries due to two main reasons. Firstly, it is technological transfer. The high level of technology is slightly available than now developed countries are used to undertake in the past. So, developing countries can grow faster than the developed countries’ s performance took place in the past. For example, Britain used 60 years first in industrial developed whereas Japan used merely 11 years. Secondly, due to the law of diminishing returns. The additional capital on output in production is expected to be smaller in the developed countries that have already a lot of capital in relation. As a result, there is higher level in investment in the developing countries contributing to grow in capital in the developing countries rapidly.
Advanced technology and more rapid capital accumulation or income would tend to converge in the long run. Faster-growing developing countries would be catching up with the slower-growing developed countries. In 1990-2003 High-income OECD countries grew in income equal to 24% while china grew 196%. This growth spurt is still far behind rich countries but they are in long-run path to catch-up’s rail. World is experiencing per capita income convergence – average citizen in the developing countries is catching up the average citizen in the developed world. However, many of the poorest countries remain in stagnation – were not catching up with richer in 1995 to 2005. China and south Asia however grow faster than Higher-income OECD countries which begin from lower starting point.
For the long run causes of comparative development, framework appreciates the major long-run causes. Institution plays an important role in comparative development. Institution supports a market economy by establishing role of property rights, contract, manages conflict, improves market performance and many things contributing to overall society. However, it’s entirely unclear that institution is the most important in development and also compensate any weakness in another. Clearly, there are multiple path to economic development remain. So, we can think democracy as a meta-institution for building other good institution. The development strategies that lead to greater human capital, improve access to new technologies, produce better –quality public goods, improve market functioning, address deep-rooted problem of poverty, improve access to finance, prevent environmental degradation, boost a vibrant civil society promote all development in nation.
The crucial situation of underdevelopment has to be viewed in both a national and an international context. Problem of poverty, inequality, low productivity, population growth, unemployment, primary- product-export dependence, international vulnerability can solve by economic and social force. Many countries achieve in raising income, lowering infant mortality, improving educational access, narrowing gender disparities, increasing life expectancy by pursuing an appropriate economic and social policies viewed from the developed countries. Poor countries have to realize developing countries’ s development aspiration. However, human capital, technology, social and institutional change have to take place if long-term economic growth is to be realized. Some transformation must occur not only within individual developing countries but in international economy as well. We need structural, attitudinal, institutional reform in world economy to rise the developing nation’s performance.
Despite apparent diversity of developing countries, most of them share a set of common and well-defined goals including a reduction in poverty, inequality, unemployment, provision of basic education, health, housing and food to every citizen, broadening of economic and social opportunities, and also stabilization in nation-state. Besides, the common set of problem shared are chronic absolute poverty, high level of unemployment, underemployment, distribution of income, low level of agricultural production, imbalance urban and rural level of living and economic opportunities, environmental decay, inappropriate education and health system, international debt problem and also substantial dependence on foreign technology or value system.
Thus, experience of the past over 50 years displays that while development is not inevitable in all nations throughout our globe and poverty traps are quite severe, it is feasible to escape from poverty and initiate sustainable development.