World Economy: A Quest for the New Growth Model

DOI: 10.20542/0131-2227-2014-2-3-12

S. Afontsev, Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO RAN), 23 Profsoyuznaya Str., Moscow, 117997, Russian Federation (

Abstract. As a consequence of the global crisis, a major shift to the new growth model is under way in the world economy. The article analyses principal changes in the role of resources, technologies, institutions, and economic policies in shaping new growth patterns in developed as well as developing markets. With human capital and capital intensive technologies replacing cheap labor and natural resources as principal sources of comparative advantage, global economy is likely to be rebalanced in favor of richer countries. The resulting adjustment calls for more flexible regulatory rules and social institutions, while growth-friendly economic policies at subnational level are expected to complement (and sometimes substitute for) more traditional national policies.

Keywords: world economy; growth pattern; “new normal”; re-industrialization; “green economy”; “innovation pause”; state policy; institutional transformations; comparative prices

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For citation:
Afontsev S. World Economy: A Quest for the New Growth Model. World Eonomy and International Relations, 2014, no. 2, pp. 3-12.

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