“Beginning in the 1980s, a “Washington Consensus” that free markets were the solution to poverty dominated development theory, policy, and practice around the world. Today, just as faith in deregulated markets has evaporated in the nightmare on Wall Street, so too is the long reign of market fundamentalism (or neoliberalism) ending in the development arena. And, a debate over the best route to development — a debate that was vibrant in the 1970s and earlier — has returned. Various phenomena account for this. We highlight these below, along with some of the alternative approaches that are springing up around the world. ”
This is the introduction of a FPIF book review: Development Redefined: How the Market Met Its Match, a book by Robin Broad and John Cavanagh recently published by Paradigm Publishers.
I was recently asking myself about the cooperation paradigm and its challenges from the realism one. With the meltdown of the current model of financial system (and a whole philosophy , actually) , it seems that some people are trying to redifine the development model, which honestly can only be a good thing. Hopefully, the debate will not swing the pendulum to the other extreme but will take stock of what happened in the last decades and find, maybe, a model that finally can really help some countries to get rid of poverty.
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