Swings of the Pendulum: A Review of Theory and Practice in Development Economics

Abstract

The first purpose of this paper is to reveal some insights offered by our experiences in theorizing about development economics and in doing so to shed some light on the current state of economic development. The second purpose of this paper is to review some practices of economic development planning. These practices have initially followed swings in antithetical positions. Yet, it will be argued that eventually development practices have followed a synthetic or evolutionary process. Some of the findings of the paper include that theories and policies have a time and place; that development planning strategies must recognize both the economic and non economic characteristics of less developed countries; that development planning strategies should be country specific.