Changes in Political Economy of Development Essay

Changes in Political Economy of Development - Essay Example This essay stresses that in the 20th century there have been many scholars who have done extensive research on the different policies adopted. However, each researcher has been advocating for their own framework and it has been the responsibility of leaders to adopt the best for their countries. Since the dawn of communism and capitalism in the world where the two were seen to be at war with each other there have been massive changes in the systems all over the world. The conventional communism and capitalism have been overtaken by liberalism and eventually neo-liberalism. One can only ask if there are changes that will be seen in future with massive economic and political changes shaping the world. Capitalism is one of the oldest models that were used at the dawn of the 20th century and its failure was culminated by the great depression that hit the United States massively. This paper makes a conclusion that a huge gap still exists between the developed countries and the developing countries. Instituting similar paradigms and economic policies will not be helpful to the developing countries since they do not have similar levels of resources. There is a need to ensure independent a factor that should not be applied only at individual level. However, the world is braced for major transformations due to the changes in the political and economic arena and therefore leaders have a responsibility to get the best out of their economies. The changes have helped the world economy but there is more to be done to ensure the same is felt by individuals all over the world.