INDUSTRIALIZATION, CATCHING UP AND ECONOMIC-GROWTH - A COMPARATIVE-STUDY ACROSS THE WORLDS CAPITALIST ECONOMIES

Recent researchers have observed three economic "clubs' at different stages of development, with various degrees of convergence of income levels. This paper anlayses four possible explanations for this pattern: technological spillover, intersectoral disequilibrium in factor markets, sectoral differences in technical progress and capital deepening. Finally, attempts to reevaluate explanations previously offered for the performances within and between the three "growth clubs'. -after Authors