ABSTRACT
The issue of development is a major topic of debate, having both political and economic implications. Modem capitalism did not appear overnight or by the wave of a magic wand to end the Middle Ages and begin the Industrial Revolution. The emergence of economic liberalism, however, moved beyond mercantilism. The former was especially important due to his ideas concerning comparative advantage and his use of words and arithmetic to extract the purely market forces of cost and demand. The Marxist-Leninist school commenced in the nineteenth century and was born of frustration with the negative social effects of the industrial revolution. The Marxist-Leninist school also maintained that their doctrine was the only proper scientific theory of any society and of socialism in particular. The ideological confrontation between the Soviet-led East and United States-led West did not become full-blown until after the Second World War.
