6. Development Economics from the Bubble Burst to the Search for a New Paradigm. A Few Historical Milestones and Theoretical Approaches

Around the globe, the economic development models that were inherited from the twentieth century have reached not only their peak, but they are leading the international community into a real dead-end, and to a world that is filled with endless uncertainties. Therefore, all states, societies and economies are urged to radically change the extant models of production, consumption, distribution, exchange and cooperation. They are also called upon to redefine their priorities based on their populations’ rudimentary and basic needs. In this context, since its establishment within the field of economics at the end of the Second World War, development economics has investigated the causes of underdevelopment and explored the possibilities and means of its eradication. The historical analysis embedded in this field of knowledge enables the identification of five temporal phases that correspond to five approaches underlying development-related issues. This contribution attempts to analyze the ins and outs of these approaches and phases, and aims to identify new development challenges and provide possible remedies for change.