The rapid development of a series of technologically advanced, industrial economies in the post-war period has challenged conventional understandings of economic growth. The emergence of these economies has reinvigorated the long-standing debate about why some countries grow quickly, and reach high levels of productivity, while others fall behind. Until the emergence of the new growth theory, few neoclassical economists focused upon this important issue despite the existence of a rich tradition among economic historians and economists from more heterodox traditions. The Dynamics of Technology, Trade and Growth draws upon contributions of scholars from different theoretical backgrounds to discuss why economies succeed, or fail, in creating the infrastructure, finance and technology to develop rapidly and 'catch-up' with others. After an overview by the editors of theoretical and practical developments in the economics of convergence and divergence, the book features chapters which discuss the origins of the post-war catch-up and convergence boom, convergence in trade and sectoral growth, capital accumulation, investment and resource allocation, specialization, technological change, and the potential contribution of information and communication technologies. The distinguished contributors bring together in one volume a breadth of scholarship on economic growth, convergence and divergence, ensuring that this book will be widely read by economists interested in growth, technical change and economic development.

Europe's performance relative to the US and countries in Asia is a topic that greatly preoccupies policymakers who are concerned that the European Union is losing ground compared to other, more dynamic, parts of the world. This book presents the scale and scope of the challenges that Europe faces in adjusting to globalization and advances in technology. The evidence assembled in this book points to trends in European Union performance that policymakers will find disconcerting. In many areas, Europe has not kept pace with the technological advances of competitors and seems to have lost its dynamism. Employment creation has been lacklustre, new specializations have been slow to emerge and the rate of innovation has been disappointing. The core message in this book is that the problems Europe faces in key areas such as growth, equality and employment are all related to its failure to take sufficient advantage of technological advances, particularly the information and communication technology (ICT) revolution. It is concluded that a coherent European strategy for upgrading technological capability and embedding new technologies, especially ICTs, in society is long overdue. This book will be indispensable to scholars and policymakers in the areas of economic growth, international competitiveness, innovation, regional development and European studies.