Economic Growth and Economic Development: A Distinction without a Difference

This essay represents an exegesis of the literature on the notions of economic growth and economic development. The shortcomings and deficiencies of the various orthodox distinctions between growth and development are laid bare, and these failings are corroborated by examples adduced from less developed countries (LDC'S) in Latin America, South and South-east Asia. It is argued that development must involve both changes in the relations of production and development of the forces of production. In addition, associated with the relations of production are the prevailing political, legal and economic institutions, and these institutions must be eradicated (and not merely reformed) concomitantly with the transformation of the relations of production. Furthermore, the ideology or system of beliefs nurtured in these LDC's during the colonial period must also be rejected. In this sense, therefore, development is multidisciplinary, for it transcends economic considerations, and must involve legal, political and social factors.