By Shahrukh Rafi Khan
This ebook explores the historical past of monetary improvement suggestion, with an emphasis on substitute techniques in macro improvement economics.
Given that the pioneers of improvement economics within the Nineteen Forties and Nineteen Fifties drew concept from classical political economists, this ebook opens with a assessment of key classical students who wrote concerning 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 e-book charts the evolution of improvement fiscal inspiration from the early developmentalists and structuralists, via to the neo-Marxist process and radical improvement conception, the neo-liberal counter revolution, and the talk among new developmentalists and neo-liberal students. It ends with an evaluate of the nation of the sector this day.
This publication may 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
By undermining spinning, weaving, and other handicrafts in India, British commerce tore apart the “unity of industrial and agricultural production,” which Marx referred to in many newspaper essays on India (p. 44). The English he observed had a similar effect in China when, after wresting five ports by force, they flooded the markets with cheap machine-made goods that wiped out handicrafts. Marx’s assessment of the political economy of imperialism was that it was a mechanism to benefit some British subjects at tax-payers’ expense.
While the nature of the unemployment was analyzed to be different, as were the policy prescriptions, Keynes nonetheless laid the groundwork for state intervention. The idea that the state could be an agency for development was also endorsed by the Soviet Union’s ability to industrialize and apparently cure its unemployment problem via a planned process over one generation. This belief in the state’s ability to solve economic problems and initiate development represents the origin of the term developmentalist in the development literature; developmentalism refers to the prescriptions of developmentalist scholars.
Rostow became famous for his “stages of growth” description of the historical progression from poor to rich country status. Rostow (1960) proposed a linear historical progression but not one based on any underlying conceptual framework. This was posed as an alternative to the Marxian theory of historical materialism, which was based on Hegelian dialectics and conceptualized the progression from one stage to another as the result of social contradictions which, through their creation and resolution, propelled the onward march of history through various stages including feudalism, capitalism, socialism, and communism.
A History of Development Economics Thought: Challenges and Counter-challenges by Shahrukh Rafi Khan