/ Life Thoughts

Economic Growth and Development

A famous development economist,
Charles P. Kindleberger, wrote in 1965, ‘Growth
and development are often used synonymously in economic discussion, and this is entirely appropriate’.

lol, human by its nature is greedy and short-sighted

By the late 1960s and early 1970s, it was becoming clear that many less developed countries were not performing according to expectations. The GNI per capita gap between rich countries and poor countries had more than doubled on average in the period 1950–75. While some less developed countries were growing rapidly (especially some oil-rich countries), others were experiencing very low or even negative growth rates (especially in Africa). The number of people living in extreme poverty (defined then as living on less than US$1 per day) was increasing rather than decreasing.