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Peculiarities of economic growth in developed countries at the end of XX-beginning of XXI century

Traditionally, the cyclical development is associated with an excessive expansion of production arising from the desire to earn extra income. At the same time, the reduction of production during the crisis leads to a massive renewal of fixed capital, improve the level of development of productive forces and, as a consequence, the adaptation to the new conditions of capital reproduction. This is the very foundation of economic cycle and frequency fluctuations of national economic development.

Also, it must be noted that the industrialized countries play a leading role in international trade and international capital movements. They determine the ways of development in different spheres of human life.

However, the overflow of resources to services accelerates the development of education, health, social security and environmental protection. It also contributes to a rapid increase in the volume of work associated with the service of tourism, recreation and entertainment. But it contributes to the development of the complex maintenance of computer equipment and information on the Internet in the greatest extent. Also, the bulk of investments is directed to expand the scope of services. Foreign investments are increasing rapidly in the telecommunications and software.

In general, developed countries are still leading in the world economy. Only few developing countries have been able to catch up with them, which suggest that industrialized countries are quite resilient to economic hardship and can, though not without loss, to overcome them.

Bibliography

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