Economic convergence??? (1 Viewer)

[swagmeister]

So I thought international convergence was the adoption of similar government policies/systems, however my teacher has the idea that it is when countries per capita incomes grow at a faster rate than rich countries. The only source that says this was wikipedia. I found that in the 2010 HSC paper there was a question on international convergence, so I took the definition for it found in the sample answers and it says "The world economy is experiencing international convergence, which means that economies are becoming more similar in their economic systems, adopting market capitalism."

Obviously this is the best definition of it (at least for the next year haha), but how do I relate international convergence as an impact of globalisation on my case study country? I lost a mark for not including it as part of the impact of globalisation because I didn't think it was that important for China

 

[Evertone]

Yes, well, you're both right. Often adopting similar policy is the only way in which poorer countries can 'catch up'. It's worth noting that per capita incomes are independent of GDP so it isn't actually catching up. A nice analogy is if you consider how much more easier it is for a fat person to lose weight than a skinny person, i.e. diminishing returns.

 

[Tsonga]

'Catch up and convergence'. Many developing and emerging economies in the modern globalisation era have experienced big increases in their access to technology, where as advanced economies have already had access to and benefitted from the same technologies. The result is emerging and developing economies experiencing much higher rates of growth, thus 'catching up' to the developed nations.

 

[swagmeister]

bump

 

[mreditor16]

Tbh I wouldn't worry about international convergence at all. The reason you bumped into that concept was because it was in the HSC syllabus prior to around 2010. Then, the syllabus got amended and that particular dot point actually got taken out out of the syllabus, because there was a lot of different definitions and understandings of the concept amongst teachers etc. So I wouldn't worry about it at all haha