World Economics - Insight , Analysis and Data

World Economics - Insight , Analysis and Data
Perspectives on Inclusive Development
Michael Chibba
World Economics, December 2008

The pursuit of inclusive development raises numerous questions and challenges for academics, practitioners and policymakers. To demystify the subject and move towards addressing the challenges, this paper first highlights the concept of inclusive development. Next, the key approaches as advanced by various proponents of inclusive development are presented. This is followed by a discussion of the neo-liberal ideology’s demise and its likely impact on inclusive development. The findings suggest that inclusive development should be shaped by various factors, such as; the functional definition of inclusive development, interventions that enhance governance and promote effective institutions, sound economic policies, and cultural and socio-economic considerations in policymaking and implementation. Furthermore, inclusive development requires – as with the generic Asian approach to capitalism – that planning and interventions are state-led, with indispensable but ancillary engagement by the private sector and other stakeholders. In lieu of the failed neo-liberal model of governance and the free-market system, the generic Asian approach to development is suggested to be one realistic option to pursuing inclusive development goals in developing countries.
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