ABSTRACT
The scholars of New Developmentalism have generated a substantial body of knowledge regarding structural transformation and the policies that should be adopted to foster its achievement. Nevertheless, as is argued in this paper, New Developmentalism, by contrast with Neoliberalism, lacks a strong philosophical foundation to legitimise the policies it favours on grounds other than their ability to generate prosperity. It is also argued that new-developmentalists should explicitly adopt a pragmatic philosophy in order to become a more serious alternative to other political economy doctrines.
KEYWORDS:
Economic philosophy; history of economic thought; economic development; New Developmentalism; institutionalism