Structuralism

Explain the structuralist approach to development and consider its adequacy in explaining the causes and process of underdevelopment in low income countries. 

Introduction 

The definition of development has been a long-term debate between the economists over many years. Development according to some economists is related only with the economic growth of the country. However some economists believe development is beyond the economic growth and is actually based on the welfare of the people.

The thesis of this essay is to look at the structuralist approach to development and also explaining the process of underdevelopment in low income countries. In this essay I am going to firstly I am going to quickly look at the history and explain how the idea of structuralist development came forward. Also I am going to look at what structuralist approach to development is and what it means Secondly I am going to look at how the advocates of structuralist approach explain the process of underdevelopment in low income countries and their solution to the problem. Thirdly I am going to look at the different approach of development which is the dependency theory and the critique to this whole idea of development which is the Neo-liberal critique. 

History- Before and post great depression

Reference

In Latin America before the great depression growth could be found in exporting commodities. Mostly agricultural products were sold and mining was what they had speciality in. Their positions in selling agricultural products were supported by the theory of comparative advantage in international trade. Comparative advantage was mainly based on free international trade without any tariffs. In 20th century because they were the supplier of agricultural commodities, their economy was doing really well. However after the great depression demand for those products started to fall and the price of the imports started to increase which caused the Latin American countries to reconsider...