The evolution of Development thinking
future of theory and practice
Abstract
The article emphasizes a fundamental need in modification of development thinking and practice. The basic development theories — modernization theory, dependency theory and neo-liberal theory — are examined. The necessity of modern development theorizing contributing to the redesigning of the current global financial architecture and to the creation of an international legal framework capable to prevent states with expansionary monetary and fiscal policies policy to shift their domestic economic problems on to developing countries holding back their development is justified.
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