growth of the political economy of development enables the exposure of the interconnected topics, ideas and the role played by such ideas towards shaping a country’s development aspects.
The assignment is put together in order to provide an understanding platform of the existing literature on economic development studies. The work is organised in a way that will elaborate more on the Post-war consensus that took place from 1950s and in the 1960s. During this period, the ideas portrayed in the literature indicate that they were focused on the theory of classical dualism.
This particular theory led to the development of policies that were concentrated more on the creation of the suitable pre-conditions to facilitate development. The study will shed light on the event of increasing awareness, and the role played by advancing ideas. The ideas were resulting from the reducing reliance on the state of developmental and the increasing dependence on structural adjustment lending that will be assayed.
In reference to Ranis (2004), the previously ignored sub-field of development economics was reinvented between the 1950s and the 1960s. During the time, the current models of the economy were deemed only to offer insights that were rather limited towards solving the challenges facing the third world. The Keynesian, Solow, and Harrod-Domar were the dominant economic models at the time. However, the ideas in these theories have little relevance for most societies.
In accordance with Cairney (2012), the ideas incorporated in this literature are more of connected to the business cycles and other steady-state properties. In a more specific tone, the contemporary development models are viewed as related to the advanced countries. The Keynesian theory, for instance, has an abstract theoretical construct that abides by the abundant assumptions portrayed by the macro- theory of neo-classics.
Contemporary development ideas also focused on full employment, perfect competition, and