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The perspectives and development

The perspectives and development - The perspectives and...

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The perspectives and development: The realist and liberal perspective can be divided into the neo-classical and revisionist schools of economic development (as identified by the World Bank in a 1993 report). Both schools essentially interpret development according to the respective perspective. 1. Liberals take a free-market approach to development. They focus on increased specialization, competition, and markets. Development fosters interdependence in the global system that further fosters cooperation and the construction of international institutions. Following the Washington Consensus, the World Bank in 1993 was much more in favor of the neo-classical school and argued that states should pursue free market policies in order to insure development. From this perspective, the market should be the primary economic force – government should not intervene to protect firms from the market or otherwise distort market forces. However, the neo-classical school argues that government can play a support role to enhance market competition. 2.
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