Towards a New Paradigm of Development

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Abstract
Building on his 1998 Prebisch lecture, presented at UNCTAD in Geneva, the author focuses on the form and content of a new (i.e. post Washington Consensus) paradigm of development, the role of national governments, civil society, and international agencies in helping to promote such development; and the ways in which the appropriate strategies, policies, and processes may best be conceived and delivered. The first main part of the chapter describes a broader vision for the future course of development, based on a transformation of society. The second explains that not only the Washington Consensus but also earlier development paradigms failed because they viewed development too narrowly; this section includes a brief outline of some of the key factors––including recent events in East Asia and the Russian Federation––that have helped in a realization of the inadequacies of the old approaches. The third section outlines what may be regarded as the key principles of a development strategy based on a holistic concept of development, and the fourth identifies the major components of such a development strategy. The chapter concludes with some general observations, focusing on the importance of a full and fair participation in the global economy in furthering development based on the new paradigm presented.

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