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A Schumpeterian theory of underdevelopment – a contradiction in terms?

Reinert, Erik S. (1994): A Schumpeterian theory of underdevelopment – a contradiction in terms? Published in: STEP report No. 15 (1994)

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Abstract

The aim of this paper is to show that the dynamics of Schumpeterian economics, in addition to explain the creation of wealth, also implicitly contain the elements of a theory of relative poverty. It is argued that the German tradition of economics, of which Schumpeter is a part, has always encompassed the necessary elements of a theory of uneven growth. List, Marx, and Schumpeter have all emphasized different aspects of this uneven growth. This contrasts sharply with the Anglo-Saxon tradition which, particularly since the 1890’s, has produced theories of growth and trade which imply an even, converging distribution of world activity and income.

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