ABSTRACT
The CDD has focused on the impact of devaluations in developing economies, and has therefore been strongly marked by the direction that Development Economics took in its formative years. This chapter will show that in its early decades, Development Economics rested on a peculiar combination of structuralist and individualist ontologies, in a complementary relation that excluded other ontologies. Neoliberal critics in the 1980s and 90s have rejected this dialectic and sought to expunge all but the most minimal structural assumptions required for the operation of a neoclassical economy from the analyses of LDC economies. 1 This chapter traces that history, using ontology as a frame of reference. The next chapter will examine the ontological legacy of the field of international finance and exchange rate theory, and chapter five will draw these two discussions together to take up the CDD.
