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Development Theory and the Multilateral Development Banks: An Assessment of the Effectiveness of Strategies Used in International Development Finance

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  • Jonathan Sanford

Abstract

. Although they are leading institutions in the world of modern development finance, the multilateral development banks have not been very explicit in outlining the development theories upon which they base their loan operations. This paper assesses the utility of the three prime theories employed by these institutions: the project approach, the macroeconomic (gap theory) approach, and the social welfare (or income distribution) approach. It indicates the questions to which each approach addresses itself, and it indicates weaknesses and theoretical inadequacies of each as a primary or sole development tool. Only a balanced and careful use of all these sometimes contradictory approaches will permit the multilateral lending institutions to fulfill their multifaceted obligations.

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  • Jonathan Sanford, 1975. "Development Theory and the Multilateral Development Banks: An Assessment of the Effectiveness of Strategies Used in International Development Finance," American Journal of Economics and Sociology, Wiley Blackwell, vol. 34(2), pages 175-195, April.
    • Handle: RePEc:bla:ajecsc:v:34:y:1975:i:2:p:175-195
    DOI: 10.1111/j.1536-7150.1975.tb01176.x
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    Cited by:

    1. A. Casagrande & M. Spallone & Fabio Massimo Mango & Pina Mure, 2018. "SME Development Banks: Conceptual Framework and Empirical Analysis," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 9(2), pages 112-121, April.
    2. Victoria Kuzenkova, 2021. "Effective Development Institutions," Public administration issues, Higher School of Economics, issue 5, pages 161-175.

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