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Provide a 5 pages analysis while answering the following question: Neoliberalism and Colonialism Economic Development Theories. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. The concept of development originated from the west, and this saw the countries colonize other inferior countries in the name of promoting development. Therefore, the first approach to development was colonialism. Similarly, another development approach adopted in the 1960s is neoliberalism, which involves aligning political ideologies with economic growth. There has been a great shift in development over years from the ‘top-down’ to the ‘new development’ among other development schemes aided by the neoliberalism concept. Neoliberalism as a development approach produced new understandings of development, though some of these understandings were, in fact, not as new as they seemed.
Though the development has been sung over the years from the time of colonialism to date, Third World countries still remain under poor economic, and social conditions while the First World countries continue to develop. This is one of the dangers of development approaches especially neoliberalism and colonialism. This is because the approaches under the pretense of development only hurt the poor more instead of helping them develop. For example, how the poor countries are integrated into capitalism makes them even poorer, and thus, they are poor because of the approaches used. Neoliberalism promotes a shift from ‘top-down’ development to development focused on empowering microenterprises as the gateway to economic development. After studying extensively the status of neoliberalism in Egypt, Julia reports in the book Market of Dispossessions that such transformations have impacted greatly on the lives of the poor (Elyachar 203). For instance, the new market society, which involves the interaction of bankers, NGOs, social scientists, state officials, and development workers with the unemployed youths and craftsmen leads to market dispossession with respect to cultural, economic, and social aspects.