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The Role of the State in Third World Economies Economic growth is one of the necessary conditions for the development of every country. The government's role in stimulating economic growth has been a controversial subject of public debates for centuries. This essay will try to explain some of the major economic concepts throughout history, and some of the economic models implemented in the developing world. One of the first schools of economic thought was mercantilism. It emerged in the 16th century and influenced most of Western Europe. Mercantilists favored foreign trade and manufacture and viewed money (gold) as a source of prosperity of one nation. The state was considered both the regulator and enforcer of economic policies and the beneficiary of the achieved wealth. In 1776, a brilliant Scottish philosopher and economist Adam Smith published his book "The Wealth of Nations", in which he proposed the concepts of free...

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