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Westernizing the Third World: The Eurocentricity of Economic Development Theories. By Ozay Mehmet. London & New York: Routledge, 1995. Pp. xii, 186. $59.95.
This book uses a very impressive list of research by major development economists to show that economic development efforts in Third World countries (with the exception of the "Far Eastern NICs") have failed because economic development was and is still based on Western theories and prescriptions with unrealistic assumptions and startling contradictions. Both classical and neoclassical theories of economic development are said to be flawed because of their subjective and normative assumptions. To help make the case that economic development has failed, the author points to the decline in real income and the greater level of poverty found in the Third World today as compared to the period before 1970.
The study revolves around three ideas: 1) mainstream economics has produced flawed theories of economic development for Third World countries 2) flawed theories that are imported from the West lack fit and are biased and as such tend to distort Third World development and 3) western theorists have ignored the basic flaws in their theories by insisting on models involving perfect competition and rational (western) behavior.
Throughout the book the author tries to show that the Eurocentricity of economic theories and economic development based on these theories is nothing...