Construction and economic development in selected LDCs: past, present and future

Abstract

This paper critically examines the changing relations between construction and economic development in selected less developed countries (LDCs) in the light of new development dynamics. Historically, the relationship was seen in Keynesian terms. By the 1980s, attention turned towards structuralist and political economy explanations amid a neoclassical revival towards structural adjustments and 'market friendly' reforms. Current explanations tend to focus on property rights and building institutional capabilities. The strengths and weaknesses of current explanations provide future directions for research.Construction And Economic Development, Structure, Political Economy, Institutions,

Role of construction in economic development: Review of key concepts in the past 40 years

“…Other government agencies, professional bodies and trade associations, and academic institutions can also impact construction industry development (Miles & Neale, 1991;Ofori, 1994;Tan, 2002). Construction activities can be influenced by other government bodies such as the Ministry of Finance (through public spending and fiscal policies, etc.…”

Infrastructure Investments in Developing Economies

“…Other government agencies, professional bodies and trade associations, and academic institutions can also impact construction industry development (Miles and Neale 1991;Ofori 1994;Tan 2002;Milford 2012). Construction activities can be influenced by other government bodies such as the Ministry of Finance (through public spending and fiscal policies and so on), the Ministry of Trade and Industry (through raw materials, manufacturing regulations, prices, tariff, taxes and so on), and the Ministry of Labour (employment regulations, site safety, wage policies and so on).…”

The implications of the construction industry to national wealth

“…As countries’ income increases so does construction expenditure on such things as factories and infrastructure. Construction expenditure reduces as a percentage of income when a country becomes more developed (Tan, 2002). This relationship between economic performance and construction activity has been primarily attributed to Bon (1992) who developed the “Bon Curve” of construction expenditure.…”