Get A History of Development Economics Thought: Challenges and PDF

By Shahrukh Rafi Khan

ISBN-10: 0415676304

ISBN-13: 9780415676304

This ebook explores the historical past of monetary improvement suggestion, with an emphasis on substitute methods in macro improvement economics.

Given that the pioneers of improvement economics within the Forties and Fifties drew concept from classical political economists, this publication opens with a evaluate of key classical students who wrote in regards to the growth of the wealth of countries. In reviewing the taking into account the pioneers and people who undefined, either their theories of improvement and underdevelopment are mentioned. total, the publication charts the evolution of improvement monetary suggestion from the early developmentalists and structuralists, via to the neo-Marxist procedure and radical improvement conception, the neo-liberal counter revolution, and the talk among new developmentalists and neo-liberal students. It ends with an evaluation of the kingdom of the sphere this day.

This publication can be of curiosity to all students and scholars attracted to the evolution of improvement economics.

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Extra resources for A History of Development Economics Thought: Challenges and Counter-challenges

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The institutional development should be accompanied by appropriate social and physical infrastructure and management skills. Resources for these social investments would come from rising Developmentalism 31 productivity in extractive and primary commodity production (p. 21). Like Lewis, he viewed agriculture as key to providing food, materials, revenue, markets, and foreign exchange for industrial sector development (pp. 22–23). Rostow believed that take-off would finally occur once a modern manufacturing base was established and investment exceeded about 10 percent of GDP, signaling that output growth had surpassed population growth (p.

While they supported the case for import substitution industrialization (ISI) on the basis of trade theory, these market economists allowed competition and efficiency to take center stage in their work. Nor did their support of ISI preclude exports or openness; for example, Hirschman viewed exporting and ISI as complementary activities and Lewis also viewed the latter to follow logically from the former. One apparent oversight in developmentalist thinking was not anticipating that industrialization would be unable to absorb the labor surplus in many LICs, although there were exceptions as indicated above.

19 In revisiting the dual economy model, he added that another part of the problem was that the labor absorption capacity of industrial technology was limited because it was so capital intensive (p. 222). One way to limit the strain on urban municipalities was through land reform, which Lewis had recommended earlier, based on both equity and efficiency 30 Challenging the mainstream on (un)development grounds (1984, p. 20 Land Reform would generate employment in rural areas, raise agricultural productivity, create a market for industrial goods, and provide cheaper food and materials for industry.

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A History of Development Economics Thought: Challenges and Counter-challenges by Shahrukh Rafi Khan

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