ABSTRACT
In the 1950s and 1960s, a wide range of development theories were advanced to illuminate the problem of development of underdeveloped countries. From the 1980s, development theories were discontinued as market fundamentalism took hold of economic policies in most of Africa. However, some of the old development theories are still relevant in guiding development policy in Africa. These include the big push, balanced and unbalanced growth, the minimum critical effort, the low-level equilibrium trap, and the process of cumulative causation.
These theories continue to be relevant in understanding the main issues of African development. However, the degree of their relevance has changed as African economies have evolved since the 1960s. Hence, there is need to modify some of their emphasis on various variables that affect the development of the continent.
These theories suggest appropriate policies for addressing Africa’s development issues. Capital goods manufacturing is one such major intervention in the development of African economies. Even if the regional development poles strategy will create polarization in some locations within Africa, its spread effects will be stronger than those from outside the continent.
