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Max Planck Encyclopedia of Public International Law [MPEPIL]

Economic Development, Approaches to

Rafael A Porrata-Doria Jr

Subject(s):
Development — Foreign Direct Investment — Developing countries

Published under the auspices of the Max Planck Foundation for International Peace and the Rule of Law under the direction of Rüdiger Wolfrum.

1 Since the 1940s, scholars have sought to articulate analytical perspectives to explain the causes of the relative poverty of underdeveloped countries and to identify the ways in which these largely pre-industrial economies could move out of poverty. These constructs seek first to identify the causes of the relative poverty of underdeveloped countries and secondly to specify how underdeveloped economies could achieve economic progress. In this manner, the field of development economics was formalized as an economic sub-discipline ( Hunt 7 ). 2 The principal...
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