ИЭ НА АНГЛ

Korea, Malaysia, Singapore, Taiwan, Thailand. It should be noted that one of the surprising features of the modern world economy is that resource-poor economies often outperform resource-rich countries in economic growth.

Apart from the relationships between 'nucleus' and 'periphery' there is the struggle between the developed countries for superiority in the world economy (Figure II. 1.3). As for world trade, in the 17Ih century Holland played the leading role, in the 19th century Great Britain did, and in the 20,h century the US did. The intervals between the periods of hegemony were filled with economic and political antagonism between the economically strongest countries (Anglo-French wars in the 18th century, the world wars in the 20th century). In the modern world, there is a polycentric structure: the US, the European Union, Japan, the 'new industrial countries'. It is difficult to say whether this polycentric structure indicates a temporary period before the takeoff of a new hegemony or whether the position of hegemonists in the world economy will be relegated to the past.

Political restriction and economic Economic exploitation of exploitation of Periphery by Nucleus Periphery

Figure II.1.3 Evolution of the world capitalist economy during the 15th-20th centuries

The world-system approach helped elaborate assumptions concerning the origin and development of institutional theories formulated by the representatives of developing countries: R. Prebish's concept of 'peripheral economy', G. Amin's concept of 'dependency development', the concept of 'support on own forces', a 'new world order', and others. They played an important role in emerging selfconsciousness and the evolution of scientific thought in the third world.

To conclude, the analysis of institutional models has demonstrated that capitalist development includes not only an economic subsystem, but also the broad spectrum of non-economic variables, including formal and informal

institutions, culture and all systems of values without which a full evaluation of development is impossible (Figure II. 1.4).

Figure II.1.4 Interconnected development in a social system

Source: Hayami, 1997, p. 11

Notes

1 See, for example, the best known book of J. Hicks (2003).

2 See, for example, the works by R. Nureev (1989, Ch. 2, 3, 6, 7).

3 According to G. Plehanov, the development of productive forces itself is determined by properties of geographical environment in which the people live (1956, p. 689).

4 The first publication (in our country) concerning the concept of the 'three echelons of development' was the work of I. Pantin, E. Plimak and V. Horos (1986, pp. 31-53).

5 According to J. Nehru (1955), the past always with us, and all that we present by ourselves, everything that we have, proceeds from the past.

6 For a more detailed review of de Soto's works and his contribution into the concept of informal economy see: Latov, 1999.

See a review of the recent developments in law and economics of development in Buscaglia, 1999