Growth and Modernization Models Essay by JPWrite

Growth and Modernization Models
An analysis of the economic development in the developing countries from 1945 to the 1960s.
# 66961 | 2,400 words | 9 sources | MLA | 2006 | US
Published on Jun 25, 2006 in Economics (International) , International Relations (Non-U.S.)

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This paper studies the meaning and purpose of development for the third world during the period of 1945 to the 1960s. The paper begins with a review of various theories of growth and modernization, which all focused on the lack of capital infusion. Next the paper assesses structuralist theory, which saw industrialization as the principle path to modernization. This, too, was being hampered by a lack of capital. The paper then critiques both of these models, before turning to a review of the basic needs approach.

From the Paper:

"Martinuusen discussed the structuralist model based on the works of Latin American structuralists and Gunnar Myrdal, an author of vast sphere but whose basic proposition coincides with those of the classical structuralists. According to Martinussen (1997) the structuralists regard industrialization as the principal path to development. Celso Furtado and Oswaldo Sunkel (cf. Furtado, 1965) cited by Martinuusen (1997, 74) asserted that development can be achieved with industrial growth and the subsequent absorption of the workforce in the manufacturing sector. This is something which the structuralists share with Lewis though they (the structuralists ) further argued for increasing wages in the modern sector in order to achieve increased purchasing power for the domestic market. Industrialization, however is hampered by lack of capital which could be attributed to at least two reasons."

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