ABSTRACT
One of the serious misconceptions in the theory of development and underdevelopment is the belief that dependency theory is dead forever and that it has no relevance in the modern world. Development economics (DE) recognised the interrelations rather late through intertemporal paradigm shifts. Technology is the technical knowledge which is used in production or embodied in capital or machinery. Technology transfer implies the transfer of technical knowledge from one country to another either through a deliberate government policy or by private channels of communications. In the LDCs, the people are tradition-bound and do not generally favour the introduction of sophisticated technology, which is not only costly but also requires skilled and technical personnel for its application. A large number of high quality manpower (HQM) from LDCs is migrating and responding to changing job opportunities in the developed countries (DCs).
