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The new development orthodoxy: a critique of the debate around the World Bank’s vision and elements for an alternative neo-Schumpeterian approach

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  • Carlos Augusto Grabois Gadelha

Abstract

The purpose of this paper is to criticize the debate about the new hegemonicview of the development process as proposed by the World Bank. First, it presents the theoreticalinsufficiency of the debate centered upon the concept of market failures, pointingthat the neoclassical approach dominates its terms. Second, some theoretical elements of analternative neo-Schumpeterian view are presented which breaks radically with the neoclassicalfoundations, embodying history, institutions and technological change in the analysisof the development process, independently of either optimum or market failures concepts. JEL Classification: B52; O31; O14.

Suggested Citation

  • Carlos Augusto Grabois Gadelha, 1998. "The new development orthodoxy: a critique of the debate around the World Bank’s vision and elements for an alternative neo-Schumpeterian approach," Brazilian Journal of Political Economy, Center of Political Economy, vol. 18(1), pages 3-22.
    • Handle: RePEc:ekm:repojs:v:18:y:1998:i:1:p:3-22:id:1119
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    More about this item

    Keywords

    Economic development; neo-Schumpeterian analysis; globalization;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology

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