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Political Economy and the Idea of Development

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  • David Levine

Abstract

This paper explores the questions: what are the main organizing concepts of the older political economy of Smith and Marx; and how do they differ from those typical of more recent work in political economy? Special emphasis is placed on the importance of an idea of development in the older political economy, and on how that idea has been replaced in the newer political economy by notions of power and interest. The paper considers how the absence of a concept of development in the newer versions of political economy limits the scope and depth of these versions. Recent criticism of the idea of development is also considered. In light of this criticism, the paper considers weaknesses in the concept of development in the older political economy. However, rather than fully accepting the critique of the idea of development, the paper suggests that weaknesses in the classical construction can be corrected by paying closer attention to how we understand the ends of the development process.

Suggested Citation

  • David Levine, 2001. "Political Economy and the Idea of Development," Review of Political Economy, Taylor & Francis Journals, vol. 13(4), pages 523-536.
    • Handle: RePEc:taf:revpoe:v:13:y:2001:i:4:p:523-536
    DOI: 10.1080/0953825012009999
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    1. Caporaso,James A. & Levine,David P., 1992. "Theories of Political Economy," Cambridge Books, Cambridge University Press, number 9780521425780.
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    Cited by:

    1. Richard Westra, 2019. "Roy Bhaskar’s Critical Realism and the Social Science of Marxian Economics," Review of Radical Political Economics, Union for Radical Political Economics, vol. 51(3), pages 365-382, September.

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