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Perspectives on Global Development 2019

Rethinking Development Strategies

image of Perspectives on Global Development 2019

In 2008, the weight of developing and emerging economies in the global economy tipped over the 50% mark for the first time. Since then, Perspectives on Global Development has been tracking the shift in global wealth and its impact on developing countries. How much longer can the dividends of shifting wealth benefit development, and what does this mean for development strategies?

This new edition first investigates what China’s transformation has meant for global development perspectives, and how shifting wealth has affected countries beyond economic terms, exploring well-being across the developing world. It also analyses and draws lessons from development paradigms over the past 70 years, showing that developing nations in the 21st century have to invent their own, original pathways to greater well-being and sustainability. The time has come to rethink international co-operation and foster more effective exchanges of social and human capital.

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A historical overview of development paradigms

OECD Development Centre

Development economics, and more generally development thinking, has changed significantly since it was conceived as a sub-discipline of economics at the outset of the Second World War. Since that time, one element of the debate has remained contentious: could the policies that led to successful and sustainable development in the early industrialising countries be repurposed as gold standards to follow in developing countries, or are the paths of developing countries sufficiently different to warrant alternative approaches? This chapter attempts to answer this question by reviewing how economic development has changed since 1945 and the subsequent creation of influential global economic institutions. It looks at changing approaches to development, critically reviews various periods and describes a long and complex learning process. To that end, it examines mainstream development thinking from the industrialised world, as well as “alternative” approaches that came out of regional experience in developing countries.

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