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Dependency theory or neoliberalism: which of these theories of development do you find the most convincing Why - Essay Example

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DEPENDENCY THEORY OR NEOLIBERALISM Introduction The end of all forms of slavery and colonization brought a new wave of global development agenda where the development of individual countries no longer became the sole responsibility of the countries involved but the collective responsibility of the world at large (Eecke, 2002)…
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Dependency theory or neoliberalism: which of these theories of development do you find the most convincing Why
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Dependency theory or neoliberalism: which of these theories of development do you find the most convincing Why

Download file to see previous pages... As a matter of fact, the need for nations of the world to be depending on each other has gone on any way, regardless of the fact that there still remain disparities among countries in terms of levels of development. The search and application of a workable theory of ensuring fair dependence whereby none of the parties will become worse off because of the dependency that exists has therefore become of great concern to historians and social politicians (Pantaleoni, 1898). In this essay, two of such theories namely dependency theory and neoliberalism are compared hand in hand to find which of them is convincing for the present global economic system. Overview of Dependency theory Dependency theory is not as common today as it was three decades back. This is because the practical application of the theory seems to have seized on an international level even though it is somewhat practiced intra-nationally like within various states or regions of a single country (Friedman, 1962). Dependency theory, as its name implies could be defined as “an explanation of the economic development of a state in terms of the external influences--political, economic, and cultural--on national development policies (Osvaldo, 1969). From the definition, there is a realization that there are three major components of dependency theory with the first being the fact that two major types of nations are identified. These nations are the dominant and dependent. The dominant nations could be identified as the wealthy and well to do developed countries with fatter gross domestic product while the dependent nations are the poor nations with low gross domestic products. The second component of dependency theory has to do with the fact that the dependence that exists on the dominant states from the dependent states results in a situation whereby there is the creation of external forces through which the dominant states impose their economic interests on the dependent states. Finally, the theory is made up of a component that suggests that the dependency that goes on is dynamic, changing constantly with time. As the changes go on, gap of unequal states of development becomes widened. Overview of Neoliberalism Neoliberalism has its background meaning in the structure of its name as it literally means a new liberalism. This means that neoliberalism actually evolved from the theory or concept of liberalism. Neoliberalism has been very population in the past twenty five (25) years as it continues to be practiced among most states of the world, including recognized international organizations and institutions such as the International Monetary Fund and the World Bank (Beveridge, 2004). Basically, could be defined as a form of “market transaction, conducted in competition with every other being and influencing every other transaction, with transactions occurring in an infinitely short time, and repeated at an infinitely fast rate” (Treanor, 2006).From the definition presented by Trenor (2006), there are a number of key issues that can be identified of neoliberalism. Key among these include the fact that neoliberalism identifies the urgency of an all round market system whereby the most important act for economic advancement is a repeatitive 24 hour market ...Download file to see next pagesRead More
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