Westernizing the Third World: The Eurocentricity of Economic Development Theories

by Mehmet; Ozay

• ISBN13: 9780415205733
• ISBN10: 0415205735
• Edition: 2nd
• Format: Hardcover
• Copyright: 1999-08-17
• Publisher: Routledge

Summary

Westernizing the Third Worldexposes the dangers inherent in the use of eurocentric development theories and prescriptions. Arguing that both Classical theory and its postwar Neo-Classical theoretical counterparts are fundamentally flawed, the text discusses model building, macro-planning and the New Economic Order. The conclusion offers an examination of the future agenda for development studies.

Table of Contents

List of figures	viii
List of boxes	ix
Preface to the second edition	xi
Westernizing the Third World	1	(32)
Defining key terms and delineating the scope of the study	5	(2)
The central argument of the study	7	(3)
What is Eurocentricity?	10	(3)
The trickle-down theory	13	(4)
The basic mainstream model	17	(2)
The flaws of the model	19	(5)
Capitalization: the inner logic of mercantilism, old and new	24	(4)
Appendix on capitalization	28	(5)
Classical (pre-1914) economic development theories	33	(25)
The Ricardian growth model	35	(3)
The Malthusian population theory	38	(6)
Trade as the engine of growth	44	(1)
Smith's vent-for-surplus theory	44	(4)
Ricardian comparative advantage theory	48	(6)
`Pure' trade theory: textbook analysis and empirical reality	54	(1)
Markets and ethics	55	(1)
Values, institutions and Eurocentricity	56	(2)
Postwar neo-classical theories, 1945--1973	58	(37)
New agenda, new terminology: the two-axes worldview	58	(5)
The golden age of modelling	63	(1)
Vicious circles of poverty and the population trap	64	(3)
The Big Push theory of industrialization	67	(3)
The Rostowian stages theory	70	(2)
Balanced versus unbalanced growth	72	(2)
Economic dualism: the Lewis two-sector model	74	(5)
Import substitution industrialization (ISI), export promotion and the infant industry argument	79	(5)
Neo-classical growth and distribution theories	84	(3)
The `trickle-down' theory and Western capitalism	87	(2)
Disenchantment with the `trickle-down' theory	89	(1)
Migration modelling	89	(2)
Gender bias of development	91	(1)
The basic needs approach	92	(3)
Model-building and macro-planning	95	(16)
Neo-classical structuralism	95	(1)
The mystique of planning	96	(2)
Macro-modelling	98	(13)
The new economic order: false start 1973	111	(10)
The four Dragons	113	(1)
The NIC challenge: the rise and fall of the Asian Dragons	114	(3)
The Asian currency collapse, 1997	117	(4)
The latest state of the art: economic development theorizing since 1980	121	(26)
The new institutionalism	122	(3)
Debt, deficit and structural adjustment	125	(8)
Sustainable development	133	(4)
Endogenous development: human capital revisited	137	(2)
Social capital	139	(1)
Globalization or tripolarity?	140	(5)
Towards a rule-based global trade system	145	(2)
Conclusion and future agenda	147	(22)
`Trade is not enough'	163	(1)
Reforming international relations	164	(3)
Development ethics	167	(2)
Bibliography	169	(23)
Index	192