The global development formula

Abstract

Development remains a central concept for policy design and implementation aimed at improving the quality of life of the world population, despite a manifest rise in neoliberalist economic growth policy strategic guidance rationales. In accepting the relevance of development processes, this paper proposes a global development formula embracing four main pillars and their respective components: (i) global governance; (ii) global wealth; (iii) global resources; and (vi) global sustainability. Ultimately, this global development perspective presents a more comprehensive and holistic lens than current development visions to demonstrate the development status of territories at all territorial scales. By using existing indexes associated with the proposed main pillars of development, the research presents a novel global development index for 2020.