Changing Approaches to Development since 1950

Bibliographic Data

ID4297017
AuthorsF Stewart (0000-0003-2560-3126, corresponding author)
Year2018
Volume50
IssueS1
Pages17-38
Publication date2018-01-01
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueHistory of Political Economy (JOURNAL)
Journal identifiersISSN: 0018-2702 • E-ISSN: 1527-1919
PublisherDuke University Press (PUBLISHER • US)
DOI10.1215/00182702-7033824
OpenAlexW2907114424
LanguageEN
Citations received1
References cited27

The article reviews changes toward development in thought and policy over seven decades, drawing on Karl Polanyi’s analysis to explain the major changes that occurred. It argues that changes in thought and policies are the outcome of a Polanyiesque pendulum from state to market and back in response to problems arising from each approach, especially when taken as an extreme. While the pendulum was initiated in developed countries in response to their own economic and political circumstances and imparted to developing countries, often compelled by the international financial institutions, changing thought and policies also occurred in response to the social, economic, and political consequences in developing countries of the strategies adopted. Following this logic, the article traces the evolution from planning in the 1950s and 1960s to markets, from the 1980s; and from prioritizing growth to stabilization and adjustment and then to human development, culminating in the Millennium Development Goals and Sustainable Development Goals

Developing country · Development aid · Development economics · Economic growth · Economic system · Economics · Outcome (game theory · Pendulum · Political science · Politics · State (computer science · Sustainable development · Economic Theory and Policy · Indian Economic and Social Development · International Development and Aid · Law

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