Is There an Economic Orthodoxy? : Growth and Reform in Africa, Asia and Latin America

Abstract

What recipe of economic and structural reforms will deliver growth and development to the developing world? Despite the interest it has drawn over the years and the extensive studies and great minds that have been committed to this question, we are yet to find a concrete answer or consensus on a standard set of policy measures. For the past decade neo-liberal, free market principles have dominated the policy environment and have become the accepted economic orthodoxy for growth and development. However, the results have been disappointing. Poverty and inequality prevail. Developing countries in Africa, Asia and Latin America have become increasingly vulnerable to external factors as a result of market liberalization. So, is there an alternative to the current economic orthodoxy?