A Reaction Too Far

Recent years have seen important changes in economic theory and economic policy and the increasing application of economic theory to developing countries, all set against the context of the policy of "conditionality" sought by the IMF and the World Bank. In this book the author provides a non-technical critique of contemporary economic theorizing about the role of the state and its application to developing countries. The author argues that contemporary theorizing, although offering valuable insights into developing country economic policy, provides no panaceas or grounds for dogmatism. He urges caution and experimentation in designing economic policies for developing countries.