Question

Political economists have offered a range of explanations of economic and human development. These explanations can be grouped into two types: political and economic. Which type of account best explains why some countries are developed but not others?

Answer 1

political economy aspects of development are more relevant in explaining why some countries are developed but not others.

Thus political factors are more relevant in development theory than the Economic factors.

Reforms often fail even when economic solutions that would improve public welfare are available. In order to improve the effect of good policies–be it reforming subsidy regimes, improving road maintenance and school management, or better regulating the financial sectors–better governance is utmost important.

This requires that politicians should become less self-serving and more focused on the provision of public goods.

Thus Political economy perspectives develop greater clarity about the forces promoting and impeding better development outcomes and focus on the type contributions that tend to strengthen existing or potential drivers of progress.

Also over the time, political systems require constant greasing, along with offering opportunities for significant private gain.

Thus despite of better condusive economic environment, some nations could not develop bcoz of lack of the better governance in these nations with less political stable environment