Question

1. “The Myth of Catching-up Development”: Discuss the underlying assumptions of "catching-up development" and the conclusions they lead to. Where do these assumptions come from, and to whom are they useful? Are there alternative assumptions, and do they lead to alternative conclusions?

Answer 1

‘Catching-up-development’ or catch-up-development is associated with the poorer or undeveloped countries of the world. The catching -up-development term was coined to felicitate the thought process that the underdeveloped countries are catching up with the development in the fast developing or developed countries of the world. However, it was criticized by the globally renowned economists and economic institutions as a myth. The institutions argued that it was nowhere near truth that the underdeveloped economies are catching up in fast pace with the developed countries, and the underlying assumptions which were assumed by the economists who coined this myth are discussed below:

                           The economists who coined the term ‘catching up development’ assumed that the data shown in the newspapers and government theatricals were true and can be termed accurate. The real fact was that the inside development index in the underdeveloped countries had gone down significantly. The real picture of the development in these underdeveloped countries are usually not depicted by the national or international media.

                          The economists further assumed that some of the steps taken by the Governments of some of the underdeveloped countries could be treated as their fast-paced development initiative. The real development can only be achieved if the underdeveloped countries can achieve long term and sustainable growth in any of its sectors or in the overall economy. The economy of the underdeveloped countries is rarely at equilibrium and are mostly dependent on imports from foreign countries.

                         Another underlying assumption of this term was the fact that the underdeveloped countries are catching up with the developed countries, which is far from being real. The gap of development between the developed and the underdeveloped countries is so big that the world’s biggest economies and the institutions would need to come forwards to aid the underdeveloped countries to get them to a level where the underdeveloped nations are firstly becoming self-sustained. Only then, these economies can think about attaining the same pace of economic development as that of the developed countries.

                          Such assumptions have weakened the economic principles in the international circuit which would now need to focus on how quickly they can target the measures to bring these poor economies out of the slump. Majority countries of the world today, are still underdeveloped and fighting for their survival. The developed and sustainable catching up of these countries or nations is possible only when the world forum comes forward together to the aid of these countries.