New Characteristics Of Economic Growth In Developed Countries Since The1990s

This paper studies the unique characteristics of economic development from the90sup to the present in several representative developed countries. In the introduction, theauthor first explains the significance of the topic and outlines the argument, then reviewsrelated literature. IN the second chapter, from a technological perspective, the authorsummarizes how developed countries’ economies have been boosted by the growth of newtechnology (especially information technology). The third chapter is launched from asystem perspective, and discusses the positive and negative effects of the currentdemocratic system in the developed countries on their economic development. Governmentexpenditure on social welfare and Gini coefficient are examined, along with societyimmobility in developed countries. IN the fourth chapter, from the perspective ofglobalization, the author reviews the characteristics of globalized economic behavior in theage of information, and analyzes the role developed nations play in the process ofglobalization. The author also explains the double edged effect of labor segmentation on theeconomic growth of developed countries. At last, the paper presents potential paths ofgrowth and important lessons for developing countries today.From the perspectives of technology, system, and globalization, this paper aims toextract and expand upon economic development characteristics in developed countries inthe past twenty years. Therefore, in chapter two, when the author discusses thetechnological side, the emphasis is not on the technology itself, but on the new features ofeconomic growth spurred by the use of new technology. Similarly, in chapter three and four,when the author discusses system and globalization, it is also with the goal of observingand understanding new characteristics of economic growth in developed countries in recentyears.The reason for choosing technology, system, and globalization as starting points is asfollows: the development level of a society and economic structure is directly decided bytechnology level, and the current system aids or limits the advancement of technology, thusmaking system and technology dependent on each other. This is also why the author firstdiscusses the impact of technology on economic development in chapter two, and thendiscusses system factors in chapter three. After analyzing the relationship betweentechnology and systems, which are relatively micro, we hope to launch a more macrodiscussion, from the perspective of globalization. In fact, the globalization phenomenon today is the result of the interchange between technology and current systems. At the sametime, as globalization increases, the global trend starts to impact each country’stechnological research environment and economic trade policies.In summary, the reasoning of this paper is: technology decides system--the systemimpacts technology development--technology and system decide globalization--globalization impacts the other two. Although each chapter looks only at a specific angle,as a whole this is a complete and closed logic loop. Lastly, it is important to emphasize thatthe goal of this paper is not to describe the surface events, but to extract new characteristicsof economic development in developed countries based on these events.