DEVELOPMENT
THEORIES

HETERODOX SCHOOL

STRUCTURALISTS

Prebisch-Singer hypothesis

advanced center countries and less-developed periphery

ISI: import substitution industrialization

INSTITUTIONALISTS

Technology

Ceremonialism

DEPENDENCY THEORY

Focus on external barriers to development

Non-marxist

Marxist

THEORY OF BIG PUSH

hidden potential of less-developed nations

simultaneous investment in multiple sectors of economy

virtuous cycles

social overhead capital

THEORY OF BALANCED GROWTH

export pessimism

propensity to import

dynamic fiscal policies

import substitution industrialization

UNBALANCED GROWTH

realistic approach:
not enough financial resources for a "big push"

prioritize key sectors

market disequilibriums could be used
to foster economic growth

backward and forward linkages

social organization in the workplace

antagonistic growth?

THE LEWIS MODEL

THE STAGES OF GROWTH THEORY

Traditional Society

Preconditions for take-off

Take-off

Drive to maturity

Mass consumption