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1. Economic Development and Growth

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Chapter Summary

In analyzing economic development one may focus on technology, on the division of labor, on market exchange, on the moral and religious dimensions of work and production, on the institutional and political framework of the economy, on human capital, or even on geography. Although the focus of this chapter is on the determinants of development and growth, some of the consequences of growth are also discussed in the chapter. Capitalism became truly global when China and India joined the capitalist market economies. In a different perspective, economic development is largely driven by the division of labor. Even in advanced agricultural societies, subsistence production on farms constituted a major part of economic activity until the 20th century. Markets depend on the existence of recognized property rights. The market serves as a mechanism to coordinate human behavior.

Keywords: division of labor; economic development; economic growth; human capital; property rights



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