The Strategies Compared

We approach the end of our journey. Six broad strategies of economic development have been identified and their features discussed. Five of these strategies apply to capitalist countries and one to the socialist countries. The first five we have called Monetarism, the Open Economy, Industrialisation, the Green Revolution and Redistributive strategies of development. The sixth strategy, the Socialist strategy, has been divided into four sub-strategies which we have called the Soviet or Stalinist strategy, the Yugoslav self-management strategy, the Chinese or Maoist strategy and the self-reliant strategy of North Korea. Although for purposes of analysis we have treated these six strategies as discrete, some of the features overlap or, if one prefers, some of the strategies combine together rather naturally. This is the case, say, of the redistributive and green revolution strategies as well as the open economy and monetarist strategies. These combinations cohere in a way that many assemblages of economic policies do not. In this chapter, however, we shall concentrate on our six “pure” strategies and attempt to compare these different paths to development.