The Impact Of Institutional Factors On The Evolution Of Global Development Paradigm And The World Bank

Abstract

The fact that the global development paradigm has gone through crucial transformations over the course of the transition from national developmentalism to neoliberal globalization is well known. In this study, the evolution of the mainstream development approach shaped by global powers from national developmentalism supported by economic nationalism, protectionism and import substitution to neoliberal globalization characterized by integration with the world economy, reducing the socioeconomic role of the state and export oriented growth is evaluated with special reference to institutional influences. Specifically, the role played by the World Bank in the formulation and implementation of a global development paradigm is examined and the parallelism between interests of industrialized countries and the Bretton Woods institutions during paradigmatic shifts is highlighted.