The Economic Depression of 1930s had wide ranging impact on economic and political thinking. The affects of Great Depression of 1930s brought the timely modifications in Classical Growth Model of development. This was provided by the Neo-Classical economist J.M.Keynes, whose ideas were dominated the 20th century economic thought in the West and Third World countries … Read more
The most essential principle of Classical Economic Thought is the independence of market mechanism in bringing development. Capital occupies a prominent place in their approach to development. They consider the cause of underdevelopment or backwardness as the inadequate generation and availability of capital. Consequently the way to achievement of development is possible through the more … Read more
This post discusses the evolutions of concept of development in the light of Liberal Economic Thought. The 20th century witnessed different variants of social change under the basic current of liberal capitalism. These are the welfare state model, developmental state, the modernization theories and the contemporary neo-liberal rhetoric under aegis of World Bank and IMF, … Read more
The historical and intellectual roots of the idea of development could be traced back to the period, when major social changes took place in the world. The period from 17th to 19th centuries witnessed marked social, economic and political changes. The Industrial Revolution, the American War of Independence, the French and Russian Revolutions are among … Read more