"The Political Economy of Development: An Critical Introduction" is a book written by economist Ha-Joon Chang and published in 2017. The book is considered a comprehensive introduction to the field of development economics and provides a critical perspective on the traditional approaches to economic development.
In the book, Chang argues that the traditional approaches to development economics, which focus on the role of markets and private investment in driving economic growth, are fundamentally flawed. He contends that these approaches ignore the important role of the state and public investment in driving economic development.
Chang also critiques the Washington Consensus, which is a set of economic policies that have been promoted by international financial institutions such as the World Bank and IMF. He argues that these policies, which include fiscal austerity, trade liberalization, and privatisation, have failed to deliver the promised economic growth and development in many developing countries.
One of the key concepts in the book is the idea of "developmental state," which refers to the role of the state in actively promoting economic development. Chang argues that a strong and interventionist state is necessary for successful economic development, as it can provide the necessary infrastructure, education, and research and development that are needed for long-term economic growth.
The book also suggests alternative approaches to economic development, such as import-substitution industrialization, which emphasizes the role of domestic industry and protectionism in driving economic growth.
"The Political Economy of Development: An Critical Introduction" is an important work in the field of development economics and has had a significant impact on the way that we think about economic growth and development. Chang's insights continue to be widely studied and debated in the field of economics and have influenced many other economists' research.
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