In underdeveloped countries the appropriation of the economic surplus by foreign capital or its absorption by nonessential consumption of the parasitic upper classes is emphasized, the repercussions being a low level of investment and slow economic growth.
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This essay was first published in Political Quarterly in 1943; it is reproduced here for non-profit educational purposes. A shorter version of this essay was published in The Last Phase in the Transformation of Capitalism (Monthly Review Press, 1972). I 1. A solid majority of economists is now of the opinion that, even in a […]