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Human development theory is a theory which uses ideas from different origins, such as ecology, sustainable development, feminism and welfare economics. It wants to avoid normative politics and is focused on how social capital and instructional capital can be deployed to optimize the overall value of human capital in an economy.
Postdevelopment thought arose in the 1990s [1] as a set of criticisms against development projects led by Western nations and legitimized under development theory. For postdevelopment theorists, "development" is an ideological concept that works to preserve the hegemony of the Global North [2] while increasing the dependency of the Global South ...
In this, developmentalists created plans for development that were mostly inflexible, as they relied heavily on the Western model of development as their primus modus. Western development, supposedly, held the keys to unlocking the door to the Global South’s development, and as such, could shed light on the changes that were occurring there.
Criticism of Western development became an important goal in the late 1980s, after the wake of severe economic crisis brought disease, poverty, and starvation to countries and sectors that were the focus of large Western structural adjustment development projects throughout Latin America, Africa, and other parts of the former colonial world.
Rostow's model is descendent from the liberal school of economics, emphasizing the efficacy of modern concepts of free trade and the ideas of Adam Smith.It also denies Friedrich List’s argument that countries reliant on exporting raw materials may get “locked in”, and be unable to diversify, in that Rostow's model states that countries may need to depend on a few raw material exports to ...
Non-Western countries can attempt to achieve isolation to preserve their own values and protect themselves from Western invasion. He argues that the cost of this action is high and only a few states can pursue it. According to the theory of "band-wagoning" non-Western countries can join and accept Western values.
The theory arose as a reaction to modernization theory, an earlier theory of development which held that all societies progress through similar stages of development, that today's underdeveloped areas are thus in a similar situation to that of today's developed areas at some time in the past, and that, therefore, the task of helping the ...
Development economics is a branch of economics that deals with economic aspects of the development process in low- and middle- income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether ...