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Rethinking development as structural transformation: a new structural economics perspective

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  • Xu, Jiajun

Abstract

The past decade has witnessed a trend towards micro-level development interventions as witnessed in the increasing deployment of randomized controlled trials in the field of development economics. Despite the merits of this micro-level approach, it fails to address structural challenges and does not build capacities necessary to achieve structural transformation. The present paper starts with the diagnosis of the merits and limitations of the micro-level approach to development interventions and then makes the case for the imperative of bringing structural transformation back to the research agenda. It then examines the theoretical insights that New Structural Economics as a third wave of development thinking after the World War II brings to the study on structural transformation. Finally, it offers policy recommendations on financing Sustainable Development Goals through the lens of conceptualizing development as structural transformation.

Suggested Citation

  • Xu, Jiajun, 2026. "Rethinking development as structural transformation: a new structural economics perspective," World Development, Elsevier, vol. 204(C).
    • Handle: RePEc:eee:wdevel:v:204:y:2026:i:c:s0305750x26000951
    DOI: 10.1016/j.worlddev.2026.107406
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