When borders don't matter: development and global culture - North and South, rich and poor - Development economics
4 important questions on When borders don't matter: development and global culture - North and South, rich and poor - Development economics
What did many Western academics stress about the Bretton Woods conference?
- Many of the poorer countries attending the 1944 Bretton Woods conference had pushed for the adoption of a worldwide economic development scheme, but the leading powers dismissed these efforts.
- Western academics then took up the cause, asserting that only massive state intervention and foreign assistance could help newly independent states to achieve modest levels of economic well-being for their citizens.
What did proponents say about investing in poor countries?
- Proponents of what came to be known as "development economics" claimed that poor countries faced insuperable barriers to growth in a world where industrialized economies dominated existing markets.
- In particular, developing countries lacked a trained workforce, experienced political leaders, and strong constitutional and legal traditions. Most were agricultural export economies, where low levels of productivity were coupled with low levels of savings and investment.
- Breaking out of these conditions required unprecedented amounts of aid from the international community.
What controversial policy should poor countries adopt, according to developmental economists?
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What anchored belief did developmental economists have in general?
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