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9 Transnat'l L. & Contemp. Probs. 47 (1999)
How the Concept of Development Got Started

handle is hein.journals/tlcp9 and id is 61 raw text is: Part One: Pursuing the Good Life: The Meaning of Development as It Relates to the World Bank and the IMF I. How the Concept of Development Got Started Ricardo Contreras A. Introduction: Development Is a Concept Tied to the Evolution of Capitalism Economic development or development is a term that economists, politicians, and others have used frequently in the 20th century. The concept, however, has been in existence in the West for centuries. Modernization, Westernization, and especially Industrialization are other terms people have used when discussing economic development. Although no one is sure when the concept originated, most people agree that development is closely bound up with the evolution of capitalism and the demise of feudalism. Development has many meanings. The meaning a particular person attaches to the term depends on her subjective view of the world. Indeed, the meaning of development is not only a product of the individual's perspective but also of the particular period in time when the word is being uttered. Thus, in order to understand the various theories of development, one must place them in a historical context. This section will be historical in nature. We will trace the evolution of capitalism and the theories that have been developed to explain how the process works and what its impact has been on society. When you finish this section, you will have a basic understanding of the economic development of Western European society. The first part of this section will focus on the transition from feudalism to capitalism. We will compare the feudal view of economic development with that of the early capitalist middle class or bourgeoisie. On a historical time- line, this covers the time period beginning in the 13th century and ending in the early 18th century. You will learn that the concept of development as we know it today, which stresses continuous improvement of social welfare, did not exist in feudal society. However, with the decline of feudalism and the rise of the nation-state came increased government concern regarding general economic welfare. Government-led efforts to increase wealth through exports became an explicit goal under a set of beliefs referred to as mercantilism. The second part will cover 1700-1860, a period labeled the Age of Competitive Capitalism. During that period, political and economic power moved from the feudal aristocracy to the capitalist bourgeoisie. With the elimination of the last vestiges of feudalism in Europe, the bourgeoisie turned