In this article we will discuss about the Rostow’s theory of Growth. At the end of the Second World War (1939-45) there was a renewal of interest in the subject of development economics and the stages of growth once again preoccupied many scholars. As a non-communist manifesto, W. W. Rostow's stages of economic growth (1960, 1971) is a foray into [...]
In this article we will discuss about the Emmanuel’s unequal exchange theory of exchange theory. Marxists like Emmanuel (1972) and Anderson (1976) have attempted to explain the uneven development of productive factors (mainly labour productivity) and the resulting income differences in the capitalist world by the means of the 'surplus drain' hypothes. Adopting Raul Prebisch's division of the world capitalist [...]
The theory of disguised unemployment was introduced into the theory of underdevelopment by Rosenstein Rodan in his famous article "Problems of Industrialisation in Eastern and Southern Europe". Strictly speaking, the term was first coined by Joan Robinson in 1936, who defined it as "the adoption of inferior jobs by the workers laid off from their normal jobs due to lack [...]