Convergence, development and entrepreneurship in the process of economic globalization

The transformations imposed by globalization have restored the academic interest for long-run economic dynamics since the nineties of the twentieth century. On the one hand, belonging to mainstream economics, researchers within the "growth theory" are insisting on the analysis of convergence processes across the world economy. And, on the other hand, following a multidisciplinary approach and generally denying the existence of convergence, researchers within the "development theory" are deepening in the study of those factors which explain income differences between countries and regions. The first objective of this paper is, therefore, the analysis of the differences and similarities between these two branches of economic thought. Afterwards, the paper will focus on "development theory", and also in the role that entrepreneurship plays as a factor explaining divergence across the world economy. Besides, a typology will be elaborated regarding the different entrepreneurship models present in this globalized world.