Economic Growth And Development Of Development

6644 Words Nov 16th, 2016 27 Pages
In this write-up, I examine the idea of development and briefly looked at its historical development until the age of neo-liberal and market propelled development we are current witnessing with a view to proposing directions for future development. As I do these, I will examine the of this importance development for Africa.

Development can be seen as the study of the causes and consequences of economic change in society. Development can mean different things to different people depending on the lens used in viewing it. It was seen as part of the geopolitical project to lure newly independent countries of the world away from communism to capitalist orientation of the countries of Western Europe and North America (Sachs, 1992). It was a geopolitical project that has to do with economic growth, industrialization and modernization (Veltmeyer, 2011).

Setting up the liberal dimension of development, W.W. Rostow (1960) in his work The Stages of Economic Growth, set the stage for capitalist economic development as he identified five stages of development to include (1) the traditional which has to do with primitive technology, hierarchical social structure and barter trade relation, (2) pre-conditions for take off where education, entrepreneurship capital mobilizing institutions assist economic progress, (3) take-off stage is one with rapid economic growth, technological application and investment and urbanization; (4) drive to maturity is the stage of more sophistication in…
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