Final answer:
Conditional convergence is a tendency observed in developing economies where they become similar to developed ones as they grow. It is based on convergence theory, suggesting a shift towards greater similarity in societal structures as economies expand. Whether this will continue in the future is debated among economists.
Step-by-step explanation:
Conditional convergence refers to the tendency of economies, particularly among developing countries, to move toward similarity over time as they develop. This economic principle is observed when studying if developing economies pass through the same stages as developed nations previously did. Convergence theory, a sociological theory, suggests that societies become more alike as their economies grow, with people transitioning from job to job as opportunities arise, and governments providing more public services.
Arguments favoring economic convergence include the possibility that low-income countries have the potential for greater worker productivity and economic growth. This is because they can benefit from technology and knowledge transfer from more developed countries, cheaper labor, and the potential for more rapid institutional reforms. However, whether this pattern of economic convergence will persist into the future remains a controversial and debated question among economists.