Development economics is now a well-established field within the discipline. It concerns the challenges facing the world’s low-income countries (LICs). They are playing catch-up with the developed world, as high-income countries (HICs) industrialised first and therefore have a first-mover advantage. However, on their path to development, HICs also made mistakes. Other countries can learn from these, so the developing world cannot simply be expected to copy them. Especially as factors such as culture, demographics or geography are important and vary across the world.
Development economists have a major role in planning projects which will help lift people out of poverty and improve their lives. Assessing whether these projects are successful or not is a critical part of their work. Too often, the wrong projects are funded, or resources are siphoned off by corrupt officials. In this article, we will look at the World Bank, which is a major player in the development sector. It has had its successes, but has it learned from its mistakes?
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