Alternative Strategies for Economic Development

Alternative strategies for economic development create great controversy and intense debate among practitioners and academics concerned with economic and social progress in the third world. The core of the book analyzes the six most widely adopted strategies of development, namely, monetarism, the open economy, industrialization, the green revolution or agriculture-led develop-ment, redistributive strategies of development and socialist strategies. The strengths and weaknesses of each strategy are assessed and then compared. Evaluation of the strategies is based on their performance as regards resource utilization and the level of income; savings, investment and growth; human capital formation; poverty and inequality; the role of the state; and participation, democracy and freedom. The book contains a blend of economic theory, statistical evidence and numerous country case studies. The focus is on government policy and the implications of alternative policy approaches for material betterment and social equity in the Third World. This new edition opens with a new introduction discussing the human development strategy, the economic transition paths followed in the ex-socialist countries and the impact of globalization on development.