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Business Environment by A. C. Fernando

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16

THE ECONOMICS OF UNDERDEVELOPMENT

This chapter takes you through a detailed study of the economics of underdevelopment. We define underdevelopment, distinguish between underdeveloped and developing economies and study the characteristics of underdevelopment. After reading this chapter, you will be able to understand where India stands as an underdeveloped country and how over the years has been finding its way to achieve development.

THE DEFINITION OF UNDERDEVELOPMENT

Enlightened as the last few centuries have been, it has taken three hundred years of scientific and industrial revolution and two devastating world wars for the leaders in most countries to identify the problem of poverty and to believe it practical to make the benefits of ...

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