A REVIEW OF THE NINTH FORUM OF WORLD ASSOCIATION FOR POLITICAL ECONOMY

The traditional outlook on development is based on expanding physical production, which takes for granted that all economic growth is a good thing and ignores social development. It argues that gross domestic product (GDP) is the sole benchmark for evaluating different countries' economic performances. Such an outlook appears as the reflection of overweighed instrumental rationality and absent human values. On the contrary, a scientific outlook on development, based on Marxist economics, could be taken as a positive response to the shortcomings of the traditional outlook. It argues that scientific economic development should serve the people, and as a consequence, economic development should enhance comprehensive human development and elevate the well-being of the people, eventually improving the livelihoods of people worldwide and the fairness of economic development and income distribution. In May 2014, World Association for Political Economy (WAPE) held its Ninth Forum themed "Growth, Development, Social Justice." At the forum, participants put out "A Fair Development" and suggested that all countries should put more emphasis on qualitative not just quantitative changes in the economy and consider the basic purpose of economic growth.