International development is crucial in today's world; these developmental concepts are used to assess and analyze the political, social, economic and cultural conditions of post-colonial countries. Some of these very nations--India, Malaysia, Singapore, etc.-- have been vastly successful after they sought independence from imperialist nations. International development concepts have been integrated in policies and supported by various institutions like the United Nations and the World Bank. International development theories and policies have become increasingly important in today's world as we seek to gain sustainable goals in development.
The Millennium Development Goals by United Nations is one of the most exemplary set of goals that shows why the role of international development is so influential in addressing and solving development issues all over the world, especially in developing countries. The 2030 Agenda for Sustainable Development focuses on international development as we heighten our ambition of solving one of today's most challenging issues--alleviating extreme poverty. The agenda has been implemented by stakeholders and nations to alleviate poverty, promote freedom interntionally, protect our planet and ensure the entitlement of human rights to all, while promoting sustainable long-term development worldwide. So, how did international or global development take a flight as near the end of World War II?
From the 1960s till the 1970s, the 'Planning Era'-- the period where sovereign developing countries started to understand rules and experienced growth and development happened. This era was a moderately socialist period, as a strong law and order existed in the society. During the early 70s, global economic problems suddenly arose where a major stagflation on the economy took hold. One of the major recessions and oil shock started in 1973. Prices of oil skyrocketed while GDPs experienced little to no growth and the world economy rapidly slowed down.
The 1980s economy never progressed because of the world debt crisis since Mexico dove in to a pool of serious debt. As the country began suffering from its debt problem, it soon triggered a domino effect on Latin America as these countries also began to suffer the consequences of disastrous debt as well. Suddenly, the world economy started to cripple many countries around the world. From there, a major shift in development policy and thinking began. In order to get countries out of debts, neoliberalism took hold making economic policies as conservative as they could get; macroeconomic stabilization as well as structural adjustment policies also began. Upheld by the US and UK governments, Washington Consensus was born, containing a policy package of ten neoliberal-- a more modified form of liberalism favoring free-market capitalism-- prescriptions that concentrated on privatization or the process of transferring government-controlled properties to private enterprises, liberalization, and the deregulation or elimination of laws that hinder free competition of goods and services. Unfortunately, this package was the worst economic decision ever made.
The major power centers--successful nations like the UK and the US-- weretrying to help Mexico's economy by making the nation follow their own economic strategies. Unfortunately, the plan was a huge failure for Mexico. Every country is different and they all function through their own customized economic strategies because economy has no such thing as “one size fits all." But international interest in developed and developing countries assisting each other has given a boost to their development as a whole. Major shifts like the economic dependence recession, Mexico falling in a huge debt, stagflation in the 70s, etc has changed the course of world economic development. The notion of international development began to flourish as globalization skyrocketed.
We now live in a world where international development is given utmost importance in resolving problems that still remain seriously profound in many countries, especially the developing countries. I believe that it is important for all of us to know the importance of international development in promoting peace, freedom and love internationally. Although we are far from the perfect world, the idea of international development arising in institutions, gives nations the hope that maybe, just maybe, we can move closer in that direction.
You can also watch a TED video by Dr. Derek Evans to understand more about international development.
