Abstract

The purpose of this paper is to identify different patterns of economic development among the countries (222 countries/territories) in the world. The economic development was based on both economic growth (quantitative) and quality of life (qualitative) respectively. Several patterns of economic growth were identified: knowledge-based, trade-based, savings-based (resource/oil rich-based) and ethnic-religiously affected. The knowledge-based economy was found most predominant pattern of economic growth, followed by the trade-based. Neither the savings-based nor the ethnic-religiously affected pattern was found significant in affecting economic growth. The knowledge-based and trade-based patterns of economic growth have positive effects on both objective and subjective quality of life as well as on reducing conflict, domestic and international. Ethnic-religious fractionalization increases poverty level and unequal distribution of income, while the oil-richness increases conflict and relative deprivation. Although the dominance of the knowledge-based economy does diminish the effect of the 'traditional' pattern of the free-trade on economic growth, these two patterns are all significant in enhancing economic growth and quality of life. Countries featured with the patterns of ‘diseconomies' (savings-based/oil-richness, ethnic religiously-affected) need to follow suit to catch up with the most successful patterns of economic growth. When/if these countries, developing or developed, pursue policies for economic development, each of the variables out of which the patterns of the knowledge-based as well as the trade-based economy were built should be cross-national comparatively examined for their respective strengths.

Highlights

  • The purpose of this paper is to identify different patterns of economic development among the countries in the world

  • This paper differentiates between the economic growth and the quality of life in the economic development, Based on the variables, this paper will explore and detect first diverse patterns of economic growth. It will analyze how each pattern was built out of the diverse variables relevant to the economic growth. This multivariate approach for the patterning of economic growth variables is in contrast with a univariate or bivariate approach for economic growth based on a single or a few variables

  • The preeminence does indicate the following: Low labor cost advantage of the free-trade economy as well as factor-endowment based on natural resources of the oil/resource are diminishing in their respective role in enhancing economic growth in the world

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Summary

Introduction

The purpose of this paper is to identify different patterns of economic development among the countries in the world. This paper differentiates between the economic growth and the quality of life in the economic development, Based on the variables, this paper will explore and detect first diverse patterns of economic growth. It will analyze how each pattern was built out of the diverse variables relevant to the economic growth. Based on each pattern that is built out of the diverse variables, it will test hypothesis about the relations of variables in each pattern It will assess the effect of the 'growth,' quantitative dimension of economic development, on the 'quality' of life, qualitative dimension of economic development. By comparing between the different patterns of economic growth as well as their respective effects on the quality of life, it will suggest policies to the countries with the least successful

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