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Is Dualism Worth Revisiting?

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  • Gustav Ranis

    () (Yale Center for International and Area Studies)

Abstract

The dual economy model, built on classical foundations, served as the cornerstone of development theory for several decades after World War II. It subsequently came under neo-classical micro-econometric attack and has fallen into general disuse, at least within the Anglo-Saxon academic establishment. This paper presents a brief intellectual history of the framework and tries to respond to some of the criticisms that have been leveled against it - some peripheral, others central. We then proceed to inquire into the usefulness of the dual economy model for understanding both historical and contemporary real world situations and for development policy. We conclude by asking whether recent theoretical developments in economics offer an opportunity for reassessing the relevance of the model.

Suggested Citation

  • Gustav Ranis, 2004. "Is Dualism Worth Revisiting?," Yale School of Management Working Papers ysm434, Yale School of Management.
  • Handle: RePEc:ysm:somwrk:ysm434
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    References listed on IDEAS

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    1. Greif, Avner, 1989. "Reputation and Coalitions in Medieval Trade: Evidence on the Maghribi Traders," The Journal of Economic History, Cambridge University Press, vol. 49(04), pages 857-882, December.
    2. Lin, Justin Yifu, 1995. "The Needham Puzzle: Why the Industrial Revolution Did Not Originate in China," Economic Development and Cultural Change, University of Chicago Press, vol. 43(2), pages 269-292, January.
    3. Geoffrey Poitras, 2000. "The Early History of Financial Economics, 1478–1776," Books, Edward Elgar Publishing, number 2151, April.
    4. Graham, John R. & Harvey, Campbell R., 2001. "The theory and practice of corporate finance: evidence from the field," Journal of Financial Economics, Elsevier, vol. 60(2-3), pages 187-243, May.
    5. Alfred E. Lieber, 1968. "Eastern Business Practices and Medieval European Commerce," Economic History Review, Economic History Society, vol. 21(2), pages 230-243, August.
    6. John H. Munro, 1999. "The Low Countries' Export Trade in Textiles with the Mediterranean Basin, 1200-1600: A Cost-Benefit Analysis of Comparative Advantages in Overland and Maritime Trade Routes," Working Papers munro-99-01, University of Toronto, Department of Economics.
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    More about this item

    Keywords

    Dualism; Economic Development; Classical Theory; New-Classical Theory;

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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