ECONOMIC GROWTH IN DEVELOPED AND DEVELOPING COUNTRIES
Keywords:
Economic growth, Economic development, economic decline, Kondratiev super cycles, labor productivityAbstract
The paper overviews existence of the short-term, mid- and long-term wave cycles of the developed countries lasting for 50 years and having general global nature (Kondratyev Cycles).
The Cycles of Kondratyev have the investment nature and is directly linked to the scientific and technical progress, while the share of the agriculture in many developing countries against Gross Domestic Product is still high.
The paper demonstrates the difference of the national income between developed and developing countries linked to the low competitiveness of the developing countries, on extremely low wages and poor working conditions there. While a number of popular stores in the West are proud of their products. At this time, a large part of the world's population is in constant crisis, depending on the degree of exploitation.
