ABSTRACT
Unequal development has been a defining characteristic of capitalism. Throughout history, countries and regions have exhibited differences in economic growth and labor productivity, a key determinant in poverty reduction and development. Since 1945, the United Nations has expanded from 51 number states to 193, most of which are developing countries aspiring for economic development. In the introduction, we offer a concise overview of classical economics, Smith and Ricardo, and Marx regarding long-term capitalist development. Additionally, we also provide a brief analysis of the history of capitalism and its institutional transformations, particularly after World War II. We also discuss the relationship between profit rate and capital accumulation, and how these variables are related to technical change and the dynamics of catching up and falling behind. Each chapter in the book is self-contained, allowing for a personalized reading experience. Enjoy your journey.
