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This paper examines the impact that development theories have had on development policies, and the inverse impact of actual successes and failures in the global South on development thinking. It is argued that development thinking is at the cross-roads. Development theories in postwar period went through a full circle -from Big Push and ISI to neo-liberal Washington consensus to the understanding that neither the former, nor the later really works in engineering successful catch-up development.doi:10.2139/ssrn.1752491 fatcat:unfbzen6zrbrfc4ixdnyjxu53q