Esther DufloEsther Duflo Banerjee, FBA (dyflo; born 25 October 1972) is a French–American economist who is a professor of Poverty Alleviation and Development Economics at the Massachusetts Institute of Technology (MIT). She is the co-founder and co-director of the Abdul Latif Jameel Poverty Action Lab (J-PAL), which was established in 2003. She shared the 2019 Nobel Memorial Prize in Economic Sciences with Abhijit Banerjee and Michael Kremer, "for their experimental approach to alleviating global poverty".
Dependency theoryDependency theory is the idea that resources flow from a "periphery" of poor and underdeveloped states to a "core" of wealthy states, enriching the latter at the expense of the former. A central contention of dependency theory is that poor states are impoverished and rich ones enriched by the way poor states are integrated into the "world system". This theory was officially developed in the late 1960s following World War II, as scholars searched for the root issue in the lack of development in Latin America.
Development theoryDevelopment theory is a collection of theories about how desirable change in society is best achieved. Such theories draw on a variety of social science disciplines and approaches. In this article, multiple theories are discussed, as are recent developments with regard to these theories. Depending on which theory that is being looked at, there are different explanations to the process of development and their inequalities. Modernization theory Modernization theory is used to analyze the processes in which modernization in societies take place.
MarxismMarxism is a method of socioeconomic analysis that uses a materialist interpretation of historical development, better known as historical materialism, to understand class relations and social conflict and a dialectical perspective to view social transformation. It originates from the works of 19th-century German philosophers Karl Marx and Friedrich Engels. As Marxism has developed over time into various branches and schools of thought, no single, definitive Marxist theory exists.
Washington ConsensusThe Washington Consensus is a set of ten economic policy prescriptions considered to constitute the "standard" reform package promoted for crisis-wracked developing countries by Washington, D.C.-based institutions such as the International Monetary Fund (IMF), World Bank and United States Department of the Treasury. The term was first used in 1989 by English economist John Williamson. The prescriptions encompassed free-market promoting policies such as trade liberalization, privatization and finance liberalization.
Debt of developing countriesThe debt of developing countries usually refers to the external debt incurred by governments of developing countries. There have been several historical episodes of governments of developing countries borrowing in quantities beyond their ability to repay. "Unpayable debt" is external debt with interest that exceeds what the country's politicians think they can collect from taxpayers, based on the nation's gross domestic product, thus preventing it from ever being repaid. The debt can result from many causes.
