Why Have the 1980s been described as a 'lost decade' in terms of development - Essay Example

Most of the set development policies did not work especially in developing and poor countries (United Nations 2006, p.941). Moreover, despite of the existence of some of the most powers economic policies such as education policy, infrastructure policy, fertility policy and health policies, the decade is one of the poorest development stages in the world’s development history. During the 1980s period, the economic developed in developing countries grew by 0 % compared to the previous decade which witnessed over 2.

5 % economic growth (David 1985, p.789). However, most economists and scholars have attributed the decrease in the economic, political as well as social development in the 1980s to a number of factors such as the high world interests’ rates, elevated debt especially in developing countries, reduced global industrial growth as well as significant transformation on skill-based techniques. The decrease in economic growth is as well accredited to poor implementation of the existing policies. To get an in-depth insight on the economic development in the 1980s the essay below will seek to analyse why the 1980s is describe as lost decade.

In most instances, global growth is defined by examining and analysing the implementation of growth and development plans and projects (Birdsall and Fukuyama 2011, p. 79). Therefore, a part from the experienced development downfall in numerous parts of the world, the 1980s encountered considerable level of development in others development facets such as development in infrastructures, rise in fertility rate, financial development, real overvaluations as well as raise in the level of education.

However, as opposed to the previous decades which did not have many development policies, the 1980’s adopted an all inclusive policies that were intended at bringing about global consistent and