Chapter

Towards a New Paradigm of Development *

Joseph Stiglitz

in Making Globalization Good

Published in print April 2003 | ISBN: 9780199257010
Published online November 2003 | e-ISBN: 9780191596223 | DOI: http://dx.doi.org/10.1093/0199257019.003.0005
 Towards a New Paradigm of Development *

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Building on his 1998 Prebisch lecture, presented at UNCTAD in Geneva, the author focuses on the form and content of a new (i.e. post Washington Consensus) paradigm of development, the role of national governments, civil society, and international agencies in helping to promote such development; and the ways in which the appropriate strategies, policies, and processes may best be conceived and delivered. The first main part of the chapter describes a broader vision for the future course of development, based on a transformation of society. The second explains that not only the Washington Consensus but also earlier development paradigms failed because they viewed development too narrowly; this section includes a brief outline of some of the key factors––including recent events in East Asia and the Russian Federation––that have helped in a realization of the inadequacies of the old approaches. The third section outlines what may be regarded as the key principles of a development strategy based on a holistic concept of development, and the fourth identifies the major components of such a development strategy. The chapter concludes with some general observations, focusing on the importance of a full and fair participation in the global economy in furthering development based on the new paradigm presented.

Keywords: civil society; development; development strategy; East Asia; global economy; international agencies; national government; Russian Federation; transformation of society; Washington Consensus

Chapter.  15546 words. 

Subjects: International Economics

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