Some aspects of capital accumulation in underdeveloped countries

[lectures delivered at the Socie te Fouad Ier d"Economie Politique, de Statistique et de Le gislation, Cairo...1952].
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  • English
National Bank of Egypt , Cairo
SeriesFiftieth Anniversary Commemoration lectures / National Bank of Egypt
ContributionsNational Bank of Egypt.
ID Numbers
Open LibraryOL14597788M

I have incorporated a paper read at a symposium on ‘Growth in Underdeveloped Countries’ at the Boston meeting of the American Economic Association on December 29th,published in the American Economic Review, Papers and Proceedings, May I am indebted to Professors Arthur R.

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Burns, J. Marcus Fleming and Gottfried Haberler for some. In countries with underdeveloped capital markets the government s accumulation of reserves may substitute for what would otherwise be private sector capital outflows.

Some aspects of capital accumulation in underdeveloped countries / by Ranger Nurkse; Luo hou guo jia de zi ben xing cheng / R. Nurkse zhu ; Wu Zhitao yi; In the Spirit of Peace [microform]: A Global Introduction to Children's Rights / Dennis Nurkse and Kay The market for extortions / Halvor Mehlum, Karl Ove Moene and Ragnar Torvik.

Thus capital accumulation should be faster in poor countries, which will lead to convergence with richer countries. The evidence suggests convergence between some but not all economies.

Divergence of output across countries might come from the presence of an increasing marginal product of capital or from one country having a superior technology. The importance of capital accumulation is also reflected in the use of savings as an explicit variable in most economic growth models, a typical example of which is the well-known Harrod Doman model.

The chapter discusses the potentialities and limitations of interest rate policies as an integral part of the broad strategies for mobilizing domestic savings in developing countries.

Relatively speaking, such an effect can create some basic conditions for primary human capital accumulation in those underdeveloped countries and regions at their early stage of industrialisation. From a historical perspective, the adverse effects of resource development activities on human capital accumulation and growth are not inevitable.

Not only is the existing stock of capital very small, but the current rate of capital formation is also very low. In most under-developed countries, investment is only 5% to 8% of the national income, whereas in the United States, Western European countries and in Japan, it generally varies from 15% to 20% of the national income and even higher.

These focused on the demand aspect of capital accumulation, population, growth nexus, and the underdeveloped state of some countries. His ideas about economic development are found in Book II entitled “The progress of wealth” of his “Principles of political economy” published in.

Then, the book examines the significance of capital accumulation to non-capitalist classes and countries against the backdrop of capitals struggle for existing accumulation ’ conditions, indicating that capital accumulation paves its way in the struggle between capitalist and non-capitalist working methods and achieves its targets through sacrifice the benefits of non-capitalist classes and countries who are the victims of capital accumulation.

There are some factors affecting capital formation in developing countries. Capital Formation or capital accumulation is essential for the economic development of a country.

Capital formation means “net increase in the stock of real capital of a country during a period of time. It is the capital formation that determines the economic development of a country. In this book, Frank also transcends neo-Marxist theory and his own previous contributions to the theory of “dependence” and “development of underdevelopment”: he treats modern history as a single worldwide process driven by the motor force of spatially unequal and temporally uneven capital accumulation, which differentiates the world capitalist system into “developed” and “underdeveloped” regions.

This book represents Frank’s transition from a. Capital accumulation (also termed the accumulation of capital) is the dynamic that motivates the pursuit of profit, involving the investment of money or any financial asset with the goal of increasing the initial monetary value of said asset as a financial return whether in the form of profit, rent, interest, royalties or capital aim of capital accumulation is to create new fixed and.

Capital: A common characteristic of all underdeveloped countries is a lack of capital accumulation through current savings. Several points must be separately discussed. It is necessary to differentiate between local and foreign funds and a distinction must be made between capital from public and private sources.

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Capital from abroad, whether in. Some aspects of capital accumulation in underdeveloped countries by Ragnar Nurkse (Book). Although the insights of Maria Mies are valuable and significant, especially some historical researchs (the witch hunt related to capitalist accumulation, the bride-price system in India, etc.), there are problems with the conceptual framework of this book: from the Marxist point of view, Sombart was wrong when he claimed that capitalism emerged from a luxury (Cf.

Ellen Meiksins Wood); Marx's /5(28). Adam Smith, Malthus and J. Mill concentrated on how the market might be extended on the possibilities of increasing productivity by the division of labour and the problem of capital accumulation. This is more or less similar to Nurkse’s suggestion of breaking the vicious cycle of poverty in underdeveloped/ backward countries.

In trotting platinum age, growth rate of capital accumulation neither accelerates nor decelerates but it is steady.

This type of platinum age is mostly suitable to the underdeveloped countries as their sole aim is to attain the growth with stability. The book explains the problem of insufficient capital accumulation and growth in a less developed country.

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In conventional analyses, such explanations are often found exogenised in terms of factors such as socio-cultural attitudes towards saving and investment, irrationality of peasant behaviour, technological aspects of externalities and demographic parameters. Samir Amin has undertaken an ambitious task: nothing less than an analysis of the process of capital accumulation on a global level.

Drawing on a wide range of empirical material from Africa and the Middle East, Amin attempts to demonstrate, through a critique of writings on "underdevelopment," how accumulation in advanced capitalist countries prevents development, however that may be defined /5.

Books / Digital Text. The Americans and the British are hated in the economically underdeveloped countries because they have provided the capital for investments the inhabitants were not able to provide.

capital accumulation and investment will no longer pay and will come to an end. There will no longer be any economic progress What the underdeveloped countries need first is the ideology of economic freedom and private enterprise and initiative that makes for the accumulation and maintenance of capital as well as for the employment of the available capital for the best possible and cheapest satisfaction of.

“The book club was a success, and we are left with only one book for December and have finished all of her fiction.” For #NonFictionNovember, the group read The Origin of Others, based on Morrison’s Charles Eliot Norton Lectures. In it, Morrison reflects on the themes that preoccupy her work and increasingly dominate national and world.

Contrary to the conclusion often drawn in the analysis of this issue, the model shows that because of habit persistence effects con-sumption taxation can result in a lessening of capital accumulation.

I. The Piketty Argument. Thomas Piketty’s book Capital in the Twenty-first Century embodies an immense amount of empirical research into the distribution of wealth and income across the population for a number of advanced capitalist countries going back for over two centuries.

In particular Piketty has made extensive use of tax data for the first time to arrive at several important. underdeveloped economy out of poverty.

According to this model, an economy is poor because of a lack of capital. This implies that in poor economies the rate of return to capital is high, generating strong incentives for foreign investment and * Corresponding author.

East 58th St., Chicago, IL   To present a true picture you must include, in addition to the amount of private capital, the amount of public capital poured into Latin America. Quite correct. Let me now include the amount of public capital—again the figures are from the U.S.

Dept. of Commerce. United States aid, and loans, came to the truly munificent sum of $3, Lewis proposed that gainful employment of the unlimited labour force requires that rate of savings and investments should be at least 15 percent of national income.

This is a central problem for the developing countries having low capital formation. The development of the developing countries therefore requires high capital accumulation. Dobb, M. () Some Aspects of Economic ) The Accumulation of Capital.

London: Routledge & Kegan. Nurkse, R. () Problems of Capital Formation in Underdeveloped Countries. 21 R Grier, ‘On the interaction of human and physical capital in Latin America’, Economic Development and Cultural Change, 50(4),pp – 22 R Grier, ‘The interaction of physical and human capital accumulation: evidence from sub-Saharan Africa’, Kyklos, 58(2),pp – the situation of the underdeveloped countries as a to abridge the discussion of various aspects, the au- production, the forms of capital accumulation, the reproduction of the economy, and, simultane-ously, their social and political structure.

III. The Export Economies. capital, perhaps one of the proximate causes of low growth in developing countries, either overall or sectoral (like agriculture). In early growth / Development models (Lewis, ; ; ), structural change and capital accumulation (including knowledge and skill) are treated as the key aspects of development in less developed countries.

Capital accumulation exceeding the increase in population raises, on the one hand, the marginal productivity of labor and, on the other hand, cheapens the products.

The market process provides the common man with the opportunity to enjoy the fruits of other peoples’ achievements.capita output—occasioned in the underdeveloped countries by crop failures and in the developed countries by cyclical recessions.

In the underdeveloped countries population increase, occurring under con-ditions of pre-modern agriculture and primitive transportation and industry, can be viewed as a factor in the persistence of a low per capita.