ABSTRACT
The North and West were quick to promote Eurocentric economic models to developing nations, and it was not until the 1990s that the international community began to wonder why these policies were ineffective. Economic theories evolved gradually from the Physiocrats to modernday Joseph Stiglitz and Ronnie Lessem. Early economic thoughts started to emerge around the mid-eighteenth century under classical economics, gaining favour with Adam Smith, Thomas Malthus, David Ricardo and Karl Marx. Modernization theories emerged during the Industrial Revolution in Western Europe as countries transited from mainly agricultural economies to industrial ones. The Newtonian system recognizes that physical events obey certain laws which are universal, and calls for an inquiry into laws that govern human events and set forth ways of improving the social environment might be prescribed on the bases of the principles. Smiths The Theory of Moral Sentiments (1759) reflects the grounding of classical political economy in moral philosophy, emphasizing human happiness and well-being.
