Development and Underdevelopment

This study will summarize five chapters from The Political Economy of Development and Underdevelopment, edited by Charles K. Wilber and Kenneth P. Jameson. In Chapter 3, "Conventional Foolishness and Overall Ignorance: Current Approaches to Global Transformation and Development," G.K. Helleiner writes that traditional approaches to development have failed because of the "foolishness and ignorance" of theorists and planners in the developed nations. He says there need to be major changes made in the definitions of terms used in development theory and in the way development is measured. He says his comments are aimed mainly at "economists and statisticians" (37), but he hopes all involved in development will consider his criticisms of the traditional approach and suggestions for a new approach.

Helleiner's chapter is divided into two sections: "Immediate Issues: Structural Adjustment," and "Longer-Term Issues: Measurement and Sustainability." In the first section, the author tries to come up with a clear picture of what "structural adjustment" means in terms of development. He gives his own definition:

My meaning relates purely to external balance of payments problems and the necessity of restructuring production toward exports and import substitutes in response to a worsening prospect of external imbalance (38).

Helleiner says that the governments of developed nations and international organizations such as the World Bank have a completely different definition for "structur

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Category: Economics - D