Development & growth : economic impacts of globalization

The growth paradigm or the economic growth generally been presented as a
positive, limitless and good for social problems. The term was hardly touched
in pre-capitalism by any academic research. With the rise of capitalism and
industrial revolution it became an important tool to measure production quantitatively
and qualitatively.
Industrialisation also encouraged the expansion of trade and gradual breakdown of the
pre-capitalist order in 18th century in Britain. The spread of market had facilitated the
specialisation, encouraging division of labour. Whilst for The Classical Political
Economists; Adam Smith, David Ricardo and Thomas Malthus; economic growth is
self-reinforcing. Marx pointed out importance of forces and relations of production and
significance of social classes within it (Marx, 1863).