THE PROCESS OF GLOBALIZATION AND GROWTH DISPARITIES ACROSS WORLD'S REGIONAL ECONOMIES
This paper empirically looks at the growth dynamics of the world economy at large and regional economies during the period 1960 - 2000. The analysis is based on the neoclassical growth framework which goes back to the seminal work of Robert Solow (1956). The results of the regressions from a cross-section of the world economy at large seem to suggest that there was a substantial disparity in the growth dynamics of the world economy during the period under consideration. The results also indicate that this disparity was worst in the 1980s and 1990s, the decades known for intensive development in the process of globalization. One possible explanation therefore is that so far some regional economies have failed to benefit from the process of globalization and moved to wrong growth paths. Nevertheless, globalization alone may not be accountable for the world growth disparity given the complexity of issues when it comes to long-term determinants of economic growth.
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