Some Theoretical Aspects of Economic Development

While the problem of economic development long has been a standard topic for economic historians, it has not been until recent years that most other modern economists have displayed a more dian casual interest in this subject. Two sets of factors have been particularly important in stimulating this new activity. The first, of course, concerns the ever-increasing efforts being made to accelerate economic development in the so-called “backward” regions of the world. Since World War II a number of the countries in the economically backward list have received eitfier complete political independence or a much greater degree of freedom. And one of the major ways they are using this new freedom of action is to plan and undertake extensive governmental development projects. For rightly or wrongly most of these countries feel that their former rulers thwarted the type of economic development most beneficial to the native population, and they are almost fanatically anxious to remedy this condition.