I intend to undertake a political sociology of knowledge of the study of development based on my own experience and perspective.I review the three varieties of development economics; neo-classical (right), Keynesian (center) and Marxist (left) and autobiographically my own participation in all of them.
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There was a sensation of total bankruptcy in development policy, thinking, theory and ideology. In Latin America per capita income and/or product had fallen by 10 to 15 percent, equivalent to the level of more than a decade before.
In Africa, per capita national income had fallen over 25 percent to a level below that at the time of Independence. was re-baptized as one of 'stagnation.' Many economic sectors and social indices deteriorated. In the short run, not development, but crisis management has become the order of the day in much of the South and East (with significant partial exceptions in India, China and the East Asian NICs).