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Development Theories and Development Strategies: An Alternative Theoretical Framework

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  • Behzad Yaghmaian

    (Stockton State College, Pomona, NJ 08240)

Abstract

The study of economic development in the Third World has been dominated by the comparison of import-substitution industrialization (ISI) and export-led industrialization as two "alternative strategies' of development. Using the theory of the internationalization of capital and Marx's expanded reproduction, I argue that ISI and export-led industrialization are two stages of the internationalization of production as opposed to two alternative strategies and that, in both cases, developing capitalist countries inherit a built-in instability in the process of accumulation.

Suggested Citation

  • Behzad Yaghmaian, 1990. "Development Theories and Development Strategies: An Alternative Theoretical Framework," Review of Radical Political Economics, Union for Radical Political Economics, vol. 22(2-3), pages 174-188, June.
    • Handle: RePEc:sae:reorpe:v:22:y:1990:i:2-3:p:174-188
    DOI: 10.1177/048661349002200209
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    References listed on IDEAS

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    1. Raymond Vernon, 1966. "International Investment and International Trade in the Product Cycle," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 80(2), pages 190-207.
    2. Westphal, Larry E., 1978. "The republic of Korea's experience with export-led industrial development," World Development, Elsevier, vol. 6(3), pages 347-382, March.
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