ABSTRACT
Immediately after the Second World War, countries in Asia, Africa and Latin America emerged from centuries of colonial rule and became independent, but they were essentially underdeveloped. The primary concerns of the economists during those days were to achieve rapid economic growth and development in those countries. To achieve these, it was essential to address the problems in production process of the underdeveloped nations. In order to bring about a change in the method of production, which was expected to add to profits, Schumpeter (1951) stressed new machines, new processes, new markets and sources of inputs. In other words, the application of scientific technology to production was emphasized.
