By the 1970s, stagflation and the debt crisis had made many policy makers and scholars optimistic about the state's role in development.

Name: By the 1970s, stagflation and the debt crisis had made many policy makers and scholars optimistic about the state's role in development.
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By the 1970s, stagflation and the debt crisis had actually led to skepticism about the state's role in development, prompting a shift towards neoliberal policies that emphasized market solutions.

By the 1970s, Stagflation and the Debt Crisis Had Made