De Gregori, Thomas R.
December 1968
Journal of Economic Issues (Association for Evolutionary Economi;Dec68, Vol. 2 Issue 4, p403
Academic Journal
Although the term economic development is appropriate to describe events in developed countries, currently it is most frequently used in connection with the attempts of less developed nations to raise their standard of living. Implicit in the latter is the transfer of technology (skills, knowledge, and tools) from the haves to the have not's. Both the technological diffusion and the inquiry concerning it warrant a brief outlining for the light that they can cast upon contemporary problems. The postwar period has clearly shown that capital or foreign investment alone cannot engender development. In Europe, where one had the skills, knowledge, organization and so on, foreign aid provided a catalyst for economic recovery. In some countries large sums of money and considerable technical assistance have been rendered, with few tangible accomplishments to show for it. While some of the aid has found its way into the pockets of venal and corrupt officials, the cause of failure has been the social and political difficulties involved in economic transformation.


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