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Economic Development and the Belt and Road Initiative

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The Belt and Road Initiative and the Global Economy

Abstract

This chapter analyses processes of economic development and its relationship to the BRI. The chapter begins with the processes of economic development, including the pre-existing social and economic conditions which feed into or hinder economic development before describing theories of economic growth and economic development. Subsequently the stages of economic development together with the different production cycles and the production ladder will be analysed. Policies of comparative advantage and how they affect globalization and economic development are discussed; however the necessity of diversification leads us into an argument about the necessity of technological change through creative, destructive and defensive innovation, and the necessity of China’s transformation towards high-technology. The importance of the upgrading of technology in shifting a comparative advantage has been emphasized.

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Authors and Affiliations

  1. Shui Mu Shan Cheng, Fushun, Liaoning, China

    John Joshua

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Correspondence to John Joshua .

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Joshua, J. (2019). Economic Development and the Belt and Road Initiative. In: The Belt and Road Initiative and the Global Economy. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-28030-7_3

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  • DOI: https://doi.org/10.1007/978-3-030-28030-7_3

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  • Publisher Name: Palgrave Macmillan, Cham

  • Print ISBN: 978-3-030-28029-1

  • Online ISBN: 978-3-030-28030-7

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