By Masudul Alam Choudhury
A research of ethico-economic theorizing on socio-economic improvement, this ebook examines severely the perspectives at the moment held by way of theoreticians' finished inspiration of the area view in improvement idea, then reconsiders a number of worldwide concerns, either in theoretical and utilized perspectives.
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In subsequent chapters we will build upon the principle of ethical endogeneity to expand on various aspects of the world view of development study. We will discuss various politico-economic problems and world development issues in the light of this principle of ethical endogeneity. 1 A Critical Examination of Development Paradigms THE CONCEPT OF SOCIO-ECONOMIC DEVELOPMENT EXPLAINED AND CRmCALLY DISCUSSED From Chapter 1 it is now clear that the idea of socio-economic development comprehends relationships between economy and society in the perspective of an integrated study of the polity and the market system.
Yet social ethics remains in perpetual conflict with the trade-off between the goals of social justice and economic efficiency. Hence, the market alone propels the preferences of economic agents, and no ethical policy could change such pre-set economic preferences. Keynesian economics does not have an ethical decision-maker in it to guide policy behaviour towards changing preferences. Prices and preferences are accepted in the Keynesian system as mere data incapable of being altered once introduced.
The result of such conditionality policies has been obvious. Many such countries have sunk deeper into external indebtedness through inappropriate choices of technology and production systems, and unproductive investments. Governments in these countries perpetuated their autocratic rule, and were supported by superpowers and multinationals in securing such autocratic governments for fear of losing their capital and interests. The ethical problem linked with the above type of substitution principle between economic efficiency and distributive equity in neoclassical theory is further accentuated by the assumption of perfect foresight, full knowledge and full information.
Comparative Development Studies: In Search of the World View by Masudul Alam Choudhury