Keywords
Democracy
Reimagining Economics
21st Century
How to Cite
Abstract
Development, democracy, and economics are inherently intertwined, so a deeper understanding and analysis of these three categories cannot be achieved without examining their relationship. The normative contents of development and democracy shall be examined through the lens of economic ideology, assuming that the financial discipline has a necessary connection with the ideology of development and democracy, which cannot be separated.
Assuming that development, democracy and economics have an ideological inclination, this paper examines how the ills of the capitalist mode of development and neo-liberal and neo-colonial ideologies are being advanced and executed in the name of development and democracy, which resulted in inequality, depletion of natural resurces, the concentration of wealth, climate change, the international division of labour and exploitation of natural resources.
Thus, this theoretical paper will examine development, democracy, and economics as an ideological project operating under a capitalist structural framework beyond economic determinism. It will also analyse the inherent contradictions of the dominant capitalist framework of development and democracy, and how it serves the interests of the dominant global north compared to the worldwide south structurally and technologically.
After analysing the capitalist mode of development operating through liberal, neoliberal and neocolonial apparatus, the paper will look at economic ideology connected with development and democracy instead of as an independent discipline in the material conditions of the 21st century. The recommendation for the new economics, keeping in mind the new material conditions of politics, power, and technological changes, will be made where the inequality, environmental degradation, exploitation of cheap labour and resources, the concentration of wealth, war and violation of rights of marginalised sections can be satisfactorily and effectively addressed.
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