The last century saw a substantial shift in the paradigm of development, from a technology-centric model evolved as a result of western industrial advancements, to a more holistic view taking into account the multi-faceted needs of Globalization. The end of the Welfare State following the oil crisis of the 1980s led to a series of structural adjustments in fiscal economies initiated by the IMF-World Bank. This had disastrous results in countries which did not have the financial capital reserves to withstand the pressures of unemployment and privatization, notably the Third World countries. It soon became apparent that for these countries to survive and participate in the global economy, alternative perspectives of what constitutes ‘wealth’, ‘well-being’ and ‘developmentâ’ need to be recognized.

Amartya Sen's work, particularly his theory of individual freedom as forming the core of the state of wellbeing, is seminal to the comprehensive analysis of the globalised economy. Individual freedom as a means to poverty alleviation is one such fundamental approach to understanding the demands of economic development in the 21st century. Approaching the state, the market and civil society from an integrated perspective, Sen's theory states that the quality of life should be measured not by quantum of wealth, but by the individual's freedom to choose its application to develop his/her well-being. This highlights the multi-dimensionality of ‘developmentâ–™, rescuing it from a linear trajectory. It brings into the spotlight the importance of difference, of which Culture is the prime signifier.

The following paper seeks to explore the potential role of cultural heritage in evolving a framework for development in the north Indian state of Punjab. India as a whole, is rich in tangible and intangible cultural heritage. Built heritage is a ubiquitous form in our urban and rural landscapes. Issues of identity, values, attitudes and aspirations are expressions of our intangible culture. Thus any development paradigm must engage with these fundamental values in order to be appropriate and sustainable over the long term. The argument negotiates between the three primary sectors of the state, the private sector and civil society and presents a case for an integrated approach involving the participation of multiple stakeholders. Such an approach, in which an implemental role is assumed by a development agency, that steers the initiative through consultation with state-marketcivil society, it is argued, is most conducive towards the sustainability of the development initiative.