Long-Term Economic Growth in the World's Smallest Economies

This book investigates the historical, political, and economic circumstances of the world's smallest economies as key determinants influencing their economic growth and development. A historical survey of the global economy provides an introduction to the history of the world's smallest economies, which are examined based on their shared historical characteristics (colonialism, socialism and independence). In addition to historical factors, the reasons are sought in the political systems, especially the political regimes of the countries under study, as well as in the intensity of their integration with the global economy through membership in international organisations. The majority of the book is dedicated to economic aspects, which have been studied for nearly fifty years. This includes an investigation into the factors influencing GDP and GDP per capita fluctuations across all countries. To assess levels of socio-economic development and quality of life, the Human Development Index was employed as a means of assessment. This book is addressed to students and scholars engaged in research or with an interest in economic history, political systems, international relations, and thegrowth and economic development of the world’s 93 smallest economies, generating 1% of global GDP.