This study is a review of the recent trends in development economics research. The focus is on the development in the recent decades as a result of increased globalization of knowledge, technologies and economies. In particular I look at the development in a number area where similar trends are observed. The areas studied include globalization, in-sourcing and outsourcing activities, the increased flow of direct foreign investment and its heterogeneous regional distribution, the increased public investment in information and communication technologies as infrastructure for development, the importance of commercialization and transfer of technologies, and increased income inequality and concentration of severe poverty in certain regions. In addition I briefly elaborate on the role of education, research, and training to enhance development capability and capacity, the increased strategic importance of natural resources and the increased interregional trade flow. I also investigate the development in the Federal Region of Kurdistan since its gained self-governance in 1991 as a case study by referring to the above developments.