Download Public Finance and Less Developed Economy: With Special by Paulus Antonius Maria Philips PDF

By Paulus Antonius Maria Philips

Since the top of the second one global struggle detailed foreign curiosity has been dedicated to the economically' underdeveloped international locations. The query is, in what method can the welfare of those societies be quickly elevated and their way of life raised. an incredible quantity of literature in this topic has been released within the final decade and lots of overseas organi­ zations are engaged upon the research of the matter, which - to cite VAN BEUKERING - resolves itself into as many difficulties as there are underdeveloped components 1. a lot fruitful paintings has already been performed during this box, and in a few of the international locations concemed the outdated monetary tree has already placed forth a number of clean shoots. but the matter of improvement regularly is not any new dis­ covery. improvement within the experience of differentiation and speciali­ zation of guy and types of society 2 has, after all, consistently existed. The family members among people are reciprocal, as are these among international locations. This reciprocal courting is among the most crucial features of colonization, that's a selection of social instead of of territorial boundaries.

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Keynesian economics, on the other hand, rejected 1 The concept 'c1assical economies' is used in Keynesian sense. It thus refers to all those who start the economic analysis from the fuU employment hypothesis. ECONOMIC DEVELOPMENT 41 this infallibility concept and there was a growing conviction that, also with a view to sodal considerations, economic growth should be conducted along fixed lines by means of a deliberate budgetary policy. Thus here too an occasional breakdown of the growth mechanism is regarded as possible, but the Keynesian deficit spending policy is based on the assumption that a 'rev-up' will set the growth mechanism going again under its own power.

1 This attitude is undeniably often attributable to the after-effect of slavery. In addition to this, the usually rigid dass distinctions, the deficiency in knowledge and means of communication also hold in check the smooth horizontal and vertical mobility of labour. The great value attached to social standing, and the ensuing seigniorial attitude, also has an indirect 1 Samuel P. , p. 211. THE SOCIAL FRAMEWORK OF AN UNDERDEVELOPED ECONOMY 21 effect - via the expenditures - on the production.

Given the one-sided activity of banking and the almost negligible significance of the capital market and institutional investors as sources of financial means, it would seem justifiable to say that the volume of private investments depends on entrepreneurs' savings. This dependence does not, in the low-income countries, result from the motif of self-reliance or of power, 1 but from the bare fact that, generally speaking, there are no other sources to be tapped lor covering the need 01 risk-bearing linances.

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