ABSTRACT
In the field of the International Political Economy of development, in the recent
past there have been two broad schools of thought in conflict. One is the familiar
Anglo-Saxon neoclassical school and the vulgarized varieties of it peddled by the
Atlantic states within the International Financial Institutions (IFIs) and the GATT/
WTO over the last few decades. The other is often labelled the ‘industrial mercan-
tilist’ school. The first of these schools finds no necessary link whatever between the
strategy and practice of industrial development on the one hand and interstate
political harmony on the other. It claims, on the contrary, that so long as market
organization is constructed in line with liberal norms all states should accept this
free market organization from the angle of their own long-term, self-regarding
interests.
