Essay

History of Development Trajectories and Outcomes

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Course
BUS147

Institution
Lakeland College ( )

To better understand and explain the current global economic and development trajectories, it’d be important to go back at least 65 years. This period is immediately after the end of the Second World War and the beginning of the Bretton Woods organizations. These organizations, which included th...

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Uploaded on May 7, 2021
Number of pages 3
Written in 2020/2021
Type Essay
Professor(s) Unknown
Grade A

global economy
development narratives
geographical and institutional explanations of development patterns around the world have converged in the era of globalization

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History of Development Trajectories and Outcomes

To better understand and explain the current global economic and development

trajectories, it’d be important to go back at least 65 years. This period is immediately after the

end of the Second World War and the beginning of the Bretton Woods organizations. These

organizations, which included the World Trade Organization (WTO), World Bank, and the

International Monetary Fund (IMF), have played a significant role in tracking and recording the

trajectory of development through open markets (Robinson & Acemoglu, 19). Although the

United States, Europe, China and most of Latin America had started their accounts earlier, global

development, guided by international trade and globalization, began with these international

organizations.

The narrative of development has only recently been merged. Before Bretton Woods, the

theory world inequality as observed by Robinson and Acemoglu (41) was entirely new. Two

countries, regions, or groups of people cannot be unequal unless they are comparable. Different

sections of the world became comparable when they started trading with each other under

common rules of engagement. It is also within the same period of 1950s that transport,

communication technology, and global cooperation initiatives picked up. The colonized nations

of the world gained independence from colonizers and joined the league of sovereign nations in

charge of their own destinies and accounts.

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