Dependency/world systems theory places much of the blame for the development gap on exploitation by other countries while neo-liberal theory instead focuses on government.
According to neoliberalism, deregulation, privatisation, and lower taxes are necessary to promote economic progress while large government and an excessive amount of official development aid obstruct economic and social development. This article quickly evaluates the success of neoliberal policies after outlining the development of the neoliberal approach. It focuses on economic structures and policies that are thought to be impeding progress because they restrict the free market. Following a summit of world leaders in Washington, DC, in 1989, the World Bank and IMF decided that neoliberal policies were the greatest route to development. This decision is known as the Washington Consensus.
To know more about neoliberalism:
https://brainly.com/question/29585564
#SPJ4
