Classical Economics: Assignment On The Theory Of Development

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Tata institute of social science, Hyderabad Assignment of Theory of development Name Vishal B Gaikwad Programme MA in Development Studies Roll no H2014DS023 Course title Theory of Development Q.1. Classical economics, which claims universality and progress for everyone, is a class biased from the start. Reflect on this statement. Introduction: -The period of 1776 to 1848 is considered as an era of Classical economics in which free market was the central of the every aspect of developmental theories which was influenced by then political and economic circumstances, moreover the period also characterized of new developmental theories in which private player has been regarded as an important driver of development. The dominant luminaries of classical economics are Adam Smith regarded as father of modern economics, then Jeremy Bentham, David Ricardo and others. Initial period also featured by the complete control of state on the every affair of development be it market where state has power to decide how much food to purchase and from where. It was created by modern theories of growth and development. Economic circumstance of Britain was changed by agricultural and industrial revolutions in late 18th and initial in 19th century, also created capitalist period structure and new manufacture. It was against feudal society, landlords, and belief people were nurturing, in which the power of priests were unchallengeable, taking benefit of this certain groups have

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