ABSTRACT
This chapter aims to explore the concept of development and competing theories about economic growth and well-being. It considers the evolution of ideas about development, economic growth, and the global market, looking at the foundational ideas from modernization theory. The chapter traces historical critiques of market-led growth, particularly dependency theory, and considers the current status of the development model. It considers development to be the advancement of economic opportunities, social well-being, and meaningful political participation. Development includes economic, social, and political opportunities to influence the factors that affect one’s life. The chapter also considers ideas that focus on the market and economic growth, and explores broader concepts of development and well-being. Adam Smith’s insights were critical in the development of new thinking known as economic liberalism, centered on individual freedom and open markets. Smith’s critique of mercantilism was also supported by broader developments produced by industrialization.
