The purpose of this paper is to identify different patterns of economic development among the countries (222\ncountries/territories) in the world. The economic development was based on both economic growth (quantitative)\nand quality of life (qualitative) respectively. Several patterns of economic growth were identified: knowledge-based,\ntrade-based, savings-based (resource/oil rich-based) and ethnic-religiously affected. The knowledge-based\neconomy was found most predominant pattern of economic growth, followed by the trade-based. Neither the\nsavings-based nor the ethnic-religiously affected pattern was found significant in affecting economic growth. The\nknowledge-based and trade-based patterns of economic growth have positive effects on both objective and\nsubjective quality of life as well as on reducing conflict, domestic and international. Ethnic-religious fractionalization\nincreases poverty level and unequal distribution of income, while the oil-richness increases conflict and relative\ndeprivation. Although the dominance of the knowledge-based economy does diminish the effect of the 'traditional'\npattern of the free-trade on economic growth, these two patterns are all significant in enhancing economic growth\nand quality of life. Countries featured with the patterns of ââ?¬Ë?diseconomies' (savings-based/oil-richness, ethnic\nreligiously-affected) need to follow suit to catch up with the most successful patterns of economic growth. When/if\nthese countries, developing or developed, pursue policies for economic development, each of the variables out of\nwhich the patterns of the knowledge-based as well as the trade-based economy were built should be cross-national\ncomparatively examined for their respective strengths.
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