Growth and Modernization in Developing Countries

Paper Summary:

The writer of this paper discusses the basic tools needed for the economic development of poor and underprivileged countries which include: Capital accumulation, industrialization, foreign aid and development planning. This paper focuses on the years after WWII and up to the 1960s and the economic problems facing poor and under-developed countries. After WWII these countries could not rely on international trade. The less developed countries needed substantial capital and resources to start the industrialization process which would result in more jobs and an increase in productivity which in turn would increase the income of the working class citizen. The writer of this paper discusses the methods and strategies that were utilized to increase productivity in various Latin-American countries. This paper also touches on the World Bank's involvement in assisting these same countries while committing to end poverty and social injustice.

Outline:
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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