ABSTRACT
Myths have exercised a strong rule over the human mind striving to understand the social reality. Aiming at translating such myth into operational norms, the economists have been scheming on capital accumulation and its interactions with an abstract technical progress, conceived out of any social context; on inter-temporal decisions concerning consumption and savings in abstract, and similar exercises. Underdevelopment is certainly a very complex problem. But it has nothing to do with the fact that a country or a society is old or young. Industrialization tends to foster income concentration in the peripheral economies. A more accurate analysis of the structure of the world capitalist system brings out that the vast majority of the population in the peripheral countries are and tend to remain excluded from the fruits of technical progress and capital accumulation.
