By whom was the Rolling Plan for backward country suggested?

Asked 10-Mar-2018
Updated 30-Apr-2023
Viewed 601 times

0

By whom was the Rolling Plan for backward country suggested?



1 Answer


0

By whom was the Rolling Plan for backward country suggested

The concept of a "rolling plan" for the economic development of backward countries was first suggested by economist Gunnar Myrdal. Myrdal was a Swedish economist and sociologist who received the Nobel Memorial Prize in Economic Sciences in 1974, along with Austrian economist Friedrich Hayek.

Myrdal was a strong advocate for the use of government policies to promote economic development, particularly in underdeveloped countries. In his book "Asian Drama: An Inquiry into the Poverty of Nations", published in 1968, Myrdal proposed the idea of a rolling plan as a way to help these countries achieve long-term economic growth.

The concept of a rolling plan involves setting long-term goals for economic development, but also allowing for flexibility and adjustments as circumstances change over time. Rather than a fixed plan with a set end date, a rolling plan is continually reviewed and updated based on progress made and changes in the economic and political environment.

Myrdal's rolling plan concept emphasized the importance of investment in physical infrastructure, such as transportation, communication, and energy systems, as well as investment in human capital through education and training. He believed that these investments were critical for creating a strong foundation for economic growth and development.

The idea of a rolling plan was influential in the development of economic policies in many countries, particularly in the developing world. It was also incorporated into the planning strategies of international organizations such as the United Nations and the World Bank.

In India, the concept of a rolling plan was incorporated into the country's Five-Year Plans, which began in 1951 and continued through 2017. These plans set out specific goals for economic development over a five-year period, but were also designed to be flexible and adaptable to changing circumstances. The Five-Year Plans were instrumental in driving India's economic growth and development over the latter half of the 20th century.