ABSTRACT
The problems of economic growth in developed industrial economies, using the United States as an example, were considered in Chapter 46. In Chapter 54, we considered the problem of growth in the global economy. Here we examine economies that have not industrialized, called the less developed, or underdeveloped, economies. The problems of economic growth in the less developed world are substantially different, with different relations and institutions, from those already examined in this book. We examine how underdeveloped countries have transformed their institutions in the past to lead to development as well as the prospects for other countries to transform themselves in the future.
