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Comparison of Development Theories

Four common theories of economic development are discussed: mercantilism focused on increasing prosperity through restrictive trade; nationalism emphasized loyalty to the nation state; the linear stages of growth model assumed industrialization was key to growth; and structural change theory examined how economies transition from agriculture to manufacturing and services. The document also outlines several main development theories, including modernization, dependency, world systems, and globalization.

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Lyka Bhelle Mackay
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183 views1 page

Comparison of Development Theories

Four common theories of economic development are discussed: mercantilism focused on increasing prosperity through restrictive trade; nationalism emphasized loyalty to the nation state; the linear stages of growth model assumed industrialization was key to growth; and structural change theory examined how economies transition from agriculture to manufacturing and services. The document also outlines several main development theories, including modernization, dependency, world systems, and globalization.

Uploaded by

Lyka Bhelle Mackay
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Comparison of development theories

Four common theories of development economies include mercantilism, nationalism ,the


linear stages of growth/ model and structural change theory.
Mercantilism – was a form of economic nationalism that sought to increase the prosperity
and power of nation through restrictive trade practice.
Nationalism – is an ideology that emphasizes loyalty devotion or allegiance to a nation or
nation state and holds that such obligation out weigh other individual or group interest.
The linear stages of growth model
Is an economic model which was used to revitalized. Europe’s economy after World War
II. It assumes that economic growth can only be achieved by industrialization.
Structural change theory
Focus on the mechanism by which underdeveloped economies transform their domestic
economic structures from a heavy emphasis on traditional subsistence agriculture to a more
modern,more urbanized and more industrially diverse manufacturing and service economy.

Main theories of development

 Modernization– used to explain the process of modernization within societies.


 Dependency– coordinate thing especially a country or province controlled by
another.
 World System– a socio economic system under system theories that encompasses
part or All of the globe.
 Globalization– is a term used to describe how trade and technology have made the
world into more connected and interdependent place.

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