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Development theory on relations between the state and the market and on their effects on the peripheries of the world economy

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  • Peter Farkas

    (Institute of World Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences)

Abstract

This paper sums up the ideas of the great figures in the international literature of development economics. There are three main trends in the theory of development economics. (1) The reform trend, which is more closely connected with the Keynesian background, emphasizes the way international conditions generate inequality and therefore need to be reformed in the end, while (2) some of the representatives of the New Left habitually use Marxist rhetoric, but place their arguments on a Keynesian basis, saying that the inequality of international exchange could be terminated by reducing wage differentials between the developed and underdeveloped world. (3) The neo-Marxists emphasize the inequality-producing effect of international ownership conditions, the unequal exchange, monopoly prices and other factors, but they do not consider that the existing international economic conditions can simply be reformed. The various trends in development economics agree that a very strong and effective economic-policy contribution by the state is needed. In this respect, their opinions resemble those of the expansion school and neo-Keynesianism, but they call for even more active state intervention, at least in less developed countries

Suggested Citation

  • Peter Farkas, 2002. "Development theory on relations between the state and the market and on their effects on the peripheries of the world economy," IWE Working Papers 127, Institute for World Economics - Centre for Economic and Regional Studies.
    • Handle: RePEc:iwe:workpr:127
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    File URL: https://vgi.krtk.hu/publikacio/no-127-2002-05/
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    References listed on IDEAS

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    3. Balassa, Bela, 1971. "Trade Policies in Developing Countries," American Economic Review, American Economic Association, vol. 61(2), pages 178-187, May.
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