COMPARISON OF SOCIAL POLICY PRACTICES IN OECD COUNTRIES WITH PANEL ANALYSIS

This study employs a panel data analysis method to examine the impact of social policy practices in OECD countries on economic development levels. The advent of the Industrial Revolution and subsequent technological developments have led to a widening of the development gap between countries. The study examines the relationships between governance components and gross domestic product (GDP) in detail. Governance is a pivotal factor in the formulation of social policies, with the involvement of the state, private sector and non-governmental organisations. The study demonstrated the impact of the rule of law and other governance components on economic growth. It has been argued that governance practices and social policies have a significant effect on development on a global scale.