Growth and Development Theories

Paper Summary:

The paper analyzes various theories of growth and modernization and finds that they share a prognosis that lack of capital is a critical element. The paper gives several reasons for this lack. The paper reviews the history of different growth and modernization models, focusing on Asian economies. It compares the structuralist and substantivist schools' approaches to development and examines the dependency theory in the context of the Philippine economy. The paper concludes with the contemporary evaluation of economic development, the Human Development Index, first released by the United Nations Development Program in 1990, noting that the HDI much better measures the problems of poverty and ignorance.

Table of Contents:
Theories of Growth and Modernization
Structuralist Theories
Critique of the Growth and Modernization Models
A Shift to Basic Needs Approach
Bibliography

From the Paper:

"The Latin American experience with import substitution together with the fact that a large segment of the population did not get sizable benefits from the growth in the modern industrial sector and the limitation imposed by the domestic market led structuralists to adjust their approach beginning in the 1980's. Among the adjustments were: emphasis on developing the entrepreneurial class to lead in the export thrust without abandoning their basic proposition that development must come from within; redefine the role of the state by deemphasizing control-centered interventions in favor of a more facilitating kind."

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• Essay # 138020 : "Age-related Growth and Development"

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