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Enlightened AidU.S. Development as Foreign Policy in Ethiopia$
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Amanda Kay McVety

Print publication date: 2012

Print ISBN-13: 9780199796915

Published to Oxford Scholarship Online: May 2012

DOI: 10.1093/acprof:oso/9780199796915.001.0001

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A Global Economy

A Global Economy

(p.38) 2 A Global Economy
Enlightened Aid

Amanda Kay McVety

Oxford University Press

In the opening decades of the twentieth century, economists challenged racialized conceptions of progress with new theories of economic growth that were (as had been their eighteenth-century predecessors) universally applicable. The key innovation was the creation of the concept of “the economy”—an entity that could be studied and, ideally, manipulated into growth. Relying on newly available statistics of incomes around the world, economists began creating models of growth and arguing for the viability of making economic assistance a factor in international relations. Progress could be available to all, if only the right policy tools were put into place. These ideas gained ground in Washington, D.C., during World War II, when policymakers began discussing the possibility of manipulating the global economy into growth in order to secure the stability of the American economy.

Keywords:   growth theory economics, The Economy, welfare economics, John Maynard Keynes

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