A PRIMER OF ECONOMIC DEVELOPMENT

A professor of Economics at Rutgers- a man with a broad practical experience in on the spot surveys in Latin America --here attempts a much-needed short book for the layman on some of the factors involved in the glib acceptance without implementation of the importance of economic development in the under-developed countries of the world today. With nationalism breaking out everywhere -- with urgency in the drive for quick results lie dangers and challenges that the West must recognize. Failure will mean that the totalitarian countries that have seemingly achieved the impossible in recognizable time will take over. The author believes in democracy for the underdeveloped countries; he believes in the intrinsic value of raising their standards of living; he believes that in economic development lies the path to freedom and the rights of democracy for people everywhere. With a groundwork of specific definitions, he turns to the basic needs for more balanced economy, the handicaps they will encounter on the way to economic development (both political and economic), the problems of untrained workers, lack of managerial talent, change of cultural and traditional concepts, lack of funds, know-how; to the pros and cons of foreign investment- of private industry vs government control- of lack of capital. Many of these countries are establishing conditions under which foreign enterprise can enter; others are offering incentives. It is imperative that they clarify their positions. There is a vicious circle (fully explored) but the end need is a larger share taken by public investment:- government, foreign firms, private business. Labor problems must be faced. Better informed public opinion may help solve what may prove the West's last chance to save these underdeveloped nations.