Recent debt crises and consequent dislocations and distress in the under-developed world have shown that development strategies of last forty years were misconceived. No under-developed country during this peroid could become an industrially advanced country, inspite of a big development industry orchestrated by World Bank. This results from the fact that main-stream economic theory ignores international and national constraints and their interactions with the dynamics of technological transformation. These constraints distort relative prices in underdeveloped countries and make their balanced self sustaining development economically non-feasible. This book develops a completely articulated theory of economic interconnections to deal with under-developed country's situation.

Recent debt crises and consequent dislocations and distress in the underdeveloped world have shown that the development strategies of the last forty years were misconceived. No underdeveloped country during this period could become an industrially advanced country, despite the development schemes orchestrated by the World Bank. This results from the fact that mainstream economic theory ignores international and national constraints and their interactions with the dynamics of technological transformation. This book develops a completely articulated theory of economic interconnections to deal with underdeveloped country's situation.