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Conclusion

In: A General Theory of Economic Development

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Chapter 9 concludes the book by dispelling the myths listed in Chapter 1, and ultimately making development economics face up squarely to the realities of economic development. It summarizes the debate raised in earlier chapters regarding the function of markets and the idea of market failure as evolutionary failure. Corporations are viewed as important for economic development, as market expanders into new areas. However, markets and corporations are not enough for economic development and require economically discriminating government to ignite and sustain economic development. The chapter further discusses the role of politics, economic inequality and democracy in economic development. The chapter ends by putting into perspective the General Theory of Economic Development in contemporary economic thought, and explains why it is indeed a general theory as well as the beginning of a capitalist manifesto.

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  • ., 2017. "Conclusion," Chapters, in: A General Theory of Economic Development, chapter 9, pages 175-190, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17144_9
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