Growth and sustainable development policy

George Kararach ()

Chapter 21 in Liberating Economics From Ideologies and Dystopia, 2025, pp 286-301 from Edward Elgar Publishing

Abstract: It is arguable that the role of development policy is to identify causes and potential remedies of underdevelopment. It is important to understand how structural change interacts with institutional development, income distribution, growth, economic development and environmental sustainability, to mention just a few issues. How can one meaningfully explain the development trajectories of many poorer countries today while addressing socio-economic issues such as poverty, inequality, food insecurity, ill-health, poor education attainments and skills mismatch and unemployment as well as environmental degradation? How can policymakers finance their development and resolve concrete challenges faced by developing economies? What would be the role of entities such as the private sector and community-based organisations in shaping the development agenda in globally contested terrain? We adopt heterodox approaches with emphasis on non-market aspects of economic phenomena, such as social identity, cooperative collective action, power relations and psychological and ethnic biases, which look outside the field of economics for a deeper understanding. Moreover, history suggests that building up capabilities in manufacturing and improving the productivity of agriculture are the keys to wealth creation and long-term sustained poverty reduction. Furthermore, industrialisation and increased agricultural productivity are interdependent processes. Discussion about ending world poverty and sustainable development needs to be shifted back to consideration of economic transformation and the roles foreign aid and domestic agency can reasonably play in achieving these objectives.

Keywords: Development policy; Underdevelopment; Structural change; Institutions; Income distribution; Growth; Environmental sustainability; History; Heterodox approaches; Sustainable development (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035316175
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