States and economic development

Research output: Contribution to journalArticlepeer-review

11 Scopus citations

Abstract

Today the Washington Consensus on development lies in tatters. The recent history of the developing world has been unkind to the core claim that a nation that opens its economy and keeps government's role to a minimum invariably experiences rapid economic growth. The evidence against this claim is strong: the developing world as a whole grew faster during the era of state intervention and import substitution (1950-1980) than in the more recent era of structural adjustment (1990-2005); and the recent economic performance of both Latin America and Sub-Saharan Africaregions that truly embraced neoliberalismhas lagged well behind that of many Asian economies, which have instead pursued judicial and unorthodox combinations of state intervention and economic openness. As scholars and policy makers reconstruct alternatives to the Washington Consensus on development, it is important to underline that prudent and effective state intervention and selective integration with the global economy have been responsible for development success in the past; they are also likely to remain the recipes for upward mobility in the global economy in the future. "

Original languageEnglish (US)
Pages (from-to)212-227
Number of pages16
JournalBrazilian Journal of Political Economy
Volume29
Issue number2
DOIs
StatePublished - 2009

All Science Journal Classification (ASJC) codes

  • General Economics, Econometrics and Finance
  • Political Science and International Relations
  • Sociology and Political Science

Keywords

  • Growth in developing countries
  • India
  • Nigeria and Brazil
  • South Korea
  • State types and state capacity
  • States and industrialization

Fingerprint

Dive into the research topics of 'States and economic development'. Together they form a unique fingerprint.

Cite this