Accordingly, the World Bank and IMF believes in development therefore the gross national product (GNP) has

been the tool of economic measure of these regime. Obviously the GNP includes (literacy rate, life expectancy, income, level of primary education, import and export level, material and wealth of a country) are believed to be indicators of development, which is also known as economic growth Premised on the above, the need to devise other measure of measuring development became imminent, that of course prompted the United Nations Development Programme (UNDP) to come up with Human Development Index (HDI) as an alternative to the GNP formula of the World Bank and IMF. The rationale for this is that many countries cannot claim to be economically developed yet there are many sectors within the country that is developed. Thus, it is held that instead of looking at the general and overall economic development of a country, it is perhaps wise to look at the human development of the country. Therefore HDI comprehensively looks at ((literacy rate, life expectancy, income, environmental quality and political freedom) (a) The effect and consequences of colonialism as most the developing or underdeveloped nations were once colonies of European colonial countries. (b) The existence of elites in the developing world, they have taken the legacy of the colonial master, hence they continue to practice similar policy of their former master, therefore things have not really change, it is just a change of leader not a change of policy. (c) Neocolonialism is another factor believes to be the impact of the multinational companies whose aim to suck the developing countries of their resources and at the end of the day remits the profit to their motherland. (d) Maladministration or bad government equally stands out as one of the roadblock to development, many developing countries are facing the problem of bad government where there is no good policy to move the country ahead, the existence of structural corruption, nepotism and other form of unethical doing which does not allow smooth germination of development (e) Lack of homegrown socio-political and economic structures, most the developing countries are still dependent on the structures and system given to them by their colonial masters, they are yet to devise their own homegrown system suitable for their countries and meeting the demand of their society. (f) The existence and dominant structure of the international regimes (IMF, World Bank, WTO and many more) believe to be undermining developing due to their policy of trade liberalization, privatization, and structural adjustment programme. Since developing countries would only have access to these regimes if they succumb to the dictate of the regime.

Concept of the World Nevertheless we should not fail to point out that (third world, less developed countries, global south) are all names given to the developing countries. More to that is famine, poverty, political instability and unequal opportunity predominant in these countries make them as third world. They claim that though they have been given political independence, still they are lacking economic, cultural, and technology independence. The third world cannot stand on its own financially or technologically without depending on the developed world. They claim that such is done in order not to discontinue their authority on the developing countries. So therefore, Immanuel Wallerstein argues that the world has been divided into core (developed world) semi-peripheral (newly industrialized countries) and peripheral (underdeveloped and developing countries). Meanwhile others argue against this, that instead of looking at the world from the standpoint of dependency, we should better create the understanding that the world is interdependent in view of the globalization going on Development Schools of Thought We shall be considering different schools attempting to submit their understanding of development. These schools obviously look at development from different angles and perspectives. (a) Morris Watnick called for the modernization of underdeveloped areas painting a picture of underdeveloped people confined to backwardness but somehow torn between the appeal of communism and the prospect of western modernization. Watnick argument is that it is better to speed up the development of the underdeveloped areas otherwise they might be tempted to communism which always preaches equality. Hence according to Watnick combating communism as evil ideology can only be possible when modernization is triggered in order to bring about development. (b) Hirschmann is another developmentalist whose view revolves around the theory of trickle down. According to him development will occur if there is incentive for the capitalist, because the more the capitalist can invest the more he will open up employment opportunity to many, hence reducing unemployment and poverty and at the same time aiding the economy. The argument is that if the rich becomes rich through incentive by the government such richness will flow or trickle down to the masses because they will be the one enjoying the employment and other service provided by the capitalist as his investment expands. (c) We are quite familiar with Rostow five stages of development believe to be vital for any country wanting to develop in the model of the developed nations.

(d) Samuel Huntingtons view about development is quite distinctive from others; according to him development is bound to happen if there is political stability, although political stability itself cannot be achieved without political institutions. Hence to him there is great link between politics and economic because a state lacking political institution will always be in political problem and instability, and if there is recurring instability, development should never be expected. Development and History This is also true of decolonization a period characterized by the impressive struggle of nationalist leaders towards achieving independence. Both colonialism and decolonization has no doubt given a new bearing of development in most of the developing world. Nonetheless demographic change across the world is another factor reshaping the understanding of development. Now some believe having a growing population is an evidence of development, because huge population plays a great role in development as is the case with the USA, China and India. Perhaps the decreasing population in Europe is in fact the reason for huge migration towards Europe. Furthermore, the increasing role of the MNC and TNC is another dimension to development. On one hand development is said to be coming from the MNC, yet on the other it is believe they come with plenty disadvantages to any region of their operation such as environmental problem. International financial and economic regimes are fence some countries believe debarring their development. The major problem of the third world is debt, they run to the financial regime for loan but loan cannot be given without condition such as interest which often times is greater than the real capital loan. Hence instead of being bail out from problem the regimes compound the economic and financial problem of the third world countries with debt. A nation with huge debt will always be wanting in development. Non-governmental organizations (NGOs) has been part of development process, they are seen as tool of development, rendering many services the national government cannot alone shoulder. Moreover some believe they undermine development because of their foreign agenda or system of undermining state authority.