The objective of this paper is to review the renewed interest in the economics of development and the emergence of new concepts in this area. Such concepts go beyond the Washington Consensus by introducing institutional and regulatory conventions in the study of underdeveloped societies. However, these new theoretical views – despite the enriched analysis they provide – are not able to clearly reflect the realities of the Third World. More particularly, they are not able to reflect the profound changes and transformations experienced by underdeveloped societies over the past few years.
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