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<TITLE>Strategy of unbalanced growth - Wikipedia</TITLE>

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<H1 id="firstHeading" class="firstHeading" lang="en">Strategy of unbalanced growth</H1>			<DIV id="bodyContent" class="mw-body-content">
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<DIV class="mbox-text-span">This article <B>may be incomprehensible or very hard to understand</B>. In particular, it uses both very general statements which are not further clarified or contextualized, and technical jargon that is not explained. <SPAN class="hide-when-compact">Please help by rewording it if the intended meaning can be determined. The <A href="/wiki/Talk:Strategy_of_unbalanced_growth" title="Talk:Strategy of unbalanced growth">talk page</A> may have details.</SPAN> <SMALL><I>(August 2016)</I></SMALL> <SMALL class="hide-when-compact"><I>(<A href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this template message</A>)</I></SMALL></DIV>
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<DIV class="mbox-text-span">This article includes a <A href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">list of references</A>, related reading or <A href="/wiki/Wikipedia:External_links" title="Wikipedia:External links">external links</A>, <B>but its sources remain unclear because it lacks <A href="/wiki/Wikipedia:Citing_sources#Inline_citations" title="Wikipedia:Citing sources">inline citations</A></B>. <SPAN class="hide-when-compact">Please help to <A href="/wiki/Wikipedia:WikiProject_Fact_and_Reference_Check" title="Wikipedia:WikiProject Fact and Reference Check">improve</A> this article by <A href="/wiki/Wikipedia:When_to_cite" title="Wikipedia:When to cite">introducing</A> more precise citations.</SPAN> <SMALL><I>(January 2012)</I></SMALL> <SMALL class="hide-when-compact"><I>(<A href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this template message</A>)</I></SMALL></DIV>
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<P><B>Unbalanced growth</B> is a natural path of <A href="/wiki/Economic_development" title="Economic development">economic development</A>. Situations that countries are in at any one point in time reflect their previous <A href="/wiki/Investment" title="Investment">investment</A> decisions and development. Accordingly, at any point in time desirable investment programs that are not balanced investment packages may still advance welfare. Unbalanced investment can complement or correct existing imbalances. Once such an investment is made, a new imbalance is likely to appear, requiring further compensating investments. Therefore, growth need not take place in a balanced way. Supporters of the unbalanced growth doctrine include <A href="/wiki/Albert_O._Hirschman" title="Albert O. Hirschman">Albert O. Hirschman</A>, <A href="/wiki/Hans_Singer" title="Hans Singer">Hans Singer</A>, <A href="/wiki/Paul_Streeten" title="Paul Streeten">Paul Streeten</A>, <A href="/wiki/Marcus_Fleming" title="Marcus Fleming">Marcus Fleming</A>, <A href="/w/index.php?title=Prof._Rostov&action=edit&redlink=1" class="new" title="Prof. Rostov (page does not exist)">Prof. Rostov</A> and <A href="/w/index.php?title=J._Sheehan&action=edit&redlink=1" class="new" title="J. Sheehan (page does not exist)">J. Sheehan</A>.</P>
<P></P>
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<H2>Contents</H2>
<SPAN class="toctoggle"> [<A role="button" tabindex="0" class="togglelink">hide</A>] </SPAN></DIV>
<UL>
<LI class="toclevel-1 tocsection-1"><A href="#Introduction"><SPAN class="tocnumber">1</SPAN> <SPAN class="toctext">Introduction</SPAN></A></LI>
<LI class="toclevel-1 tocsection-2"><A href="#Complementarity"><SPAN class="tocnumber">2</SPAN> <SPAN class="toctext">Complementarity</SPAN></A></LI>
<LI class="toclevel-1 tocsection-3"><A href="#Induced_investment"><SPAN class="tocnumber">3</SPAN> <SPAN class="toctext">Induced investment</SPAN></A></LI>
<LI class="toclevel-1 tocsection-4"><A href="#External_economies"><SPAN class="tocnumber">4</SPAN> <SPAN class="toctext">External economies</SPAN></A></LI>
<LI class="toclevel-1 tocsection-5"><A href="#Social_Overhead_Capital"><SPAN class="tocnumber">5</SPAN> <SPAN class="toctext">Social Overhead Capital</SPAN></A></LI>
<LI class="toclevel-1 tocsection-6"><A href="#Development_via_capital_imbalances"><SPAN class="tocnumber">6</SPAN> <SPAN class="toctext">Development via capital imbalances</SPAN></A></LI>
<LI class="toclevel-1 tocsection-7"><A href="#Backward_and_forward_linkages"><SPAN class="tocnumber">7</SPAN> <SPAN class="toctext">Backward and forward linkages</SPAN></A></LI>
<LI class="toclevel-1 tocsection-8"><A href="#Linkages_and_last_industries"><SPAN class="tocnumber">8</SPAN> <SPAN class="toctext">Linkages and last industries</SPAN></A>
<UL>
<LI class="toclevel-2 tocsection-9"><A href="#Disadvantages"><SPAN class="tocnumber">8.1</SPAN> <SPAN class="toctext">Disadvantages</SPAN></A></LI>
</UL>
</LI>
<LI class="toclevel-1 tocsection-10"><A href="#Further_reading"><SPAN class="tocnumber">9</SPAN> <SPAN class="toctext">Further reading</SPAN></A></LI>
<LI class="toclevel-1 tocsection-11"><A href="#Notes"><SPAN class="tocnumber">10</SPAN> <SPAN class="toctext">Notes</SPAN></A></LI>
<LI class="toclevel-1 tocsection-12"><A href="#References"><SPAN class="tocnumber">11</SPAN> <SPAN class="toctext">References</SPAN></A></LI>
</UL>
</DIV>
<P></P>
<H2><SPAN class="mw-headline" id="Introduction">Introduction</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Strategy_of_unbalanced_growth&action=edit&section=1" title="Edit section: Introduction">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<P>The theory is generally associated with Hirschman. He presented a complete theoretical formulation of the strategy. Underdeveloped countries display common characteristics: low levels of <A href="/wiki/Gross_national_income" title="Gross national income">GNI</A> per capita and slow GNI per capita growth, large income inequalities and widespread <A href="/wiki/Poverty" title="Poverty">poverty</A>, low levels of <A href="/wiki/Productivity" title="Productivity">productivity</A>, great dependence on <A href="/wiki/Agriculture" title="Agriculture">agriculture</A>, a backward industrial structure, a high proportion of consumption and low savings, high rates of population growth and dependency burdens, high unemployment and underemployment, technological backwardness and dualism{existence of both traditional and modern sectors}. In a less-developed country, these characteristics lead to scarce resources or inadequate infrastructure to exploit these resources. With a lack of investors and entrepreneurs, cash flows cannot be directed into various sectors that influence balanced <A href="/wiki/Economic_growth" title="Economic growth">economic growth</A>.</P>
<P>Hirschman contends that deliberate unbalancing of the economy according to the strategy is the best method of development and if the economy is to be kept moving ahead, the task of development policy is to maintain tension, disproportions and <A href="/wiki/Disequilibrium_(economics)" class="mw-redirect" title="Disequilibrium (economics)">disequilibrium</A>. Balanced growth should not be the goal but rather the maintenance of existing imbalances, which can be seen from profit and losses. Therefore, the sequence that leads away from equilibrium is precisely an ideal pattern for development. Unequal development of various sectors often generates conditions for rapid development. More-developed industries provide undeveloped industries an incentive to grow. Hence, development of underdeveloped countries should be based on this strategy.</P>
<P>The path of unbalanced growth is described by three phases:</P>
<OL>
<LI><A href="/wiki/Complementary_good" title="Complementary good">Complementary</A></LI>
<LI>Induced investment</LI>
<LI>External economies</LI>
</OL>
<P>Singer believed that desirable investment programs always exist within a country that represent unbalanced investment to complement the existing imbalance. These investments create a new imbalance, requiring another balancing investment. One sector will always grow faster than another, so the need for unbalanced growth will continue as investments must complement existing imbalance. Hirschman states “If the economy is to be kept moving ahead, the task of development policy is to maintain tensions, disproportions and disequilibrium”.<SUP class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<I><A href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><SPAN title="This claim needs references to reliable sources. (February 2013)">citation needed</SPAN></A></I>]</SUP> This situation exists for all societies, developed or underdeveloped.</P>
<H2><SPAN class="mw-headline" id="Complementarity">Complementarity</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Strategy_of_unbalanced_growth&action=edit&section=2" title="Edit section: Complementarity">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<P>Complementarity is a situation where increased production of one good or service builds up demand for the second good or service. When the second product is privately produced, this demand will lead to imports or higher domestic production of the second product, as it will be in the interests of the producers to do so. Otherwise, the increased demand takes the form of political pressure. This is the case for such public services such as <A href="/wiki/Law_and_order_(politics)" title="Law and order (politics)">law and order</A>, <A href="/wiki/Education" title="Education">education</A>, <A href="/wiki/Water" title="Water">water</A> and <A href="/wiki/Electricity" title="Electricity">electricity</A> that cannot reasonably be imported.</P>
<H2><SPAN class="mw-headline" id="Induced_investment">Induced investment</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Strategy_of_unbalanced_growth&action=edit&section=3" title="Edit section: Induced investment">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<P>Complementarity allows investment in one industry or sector to encourage investment in others. This concept of induced investment is like a <A href="/wiki/Multiplier_(economics)" title="Multiplier (economics)">multiplier</A>, because each investment triggers a series of subsequent events. Convergence occurs as the output of external economies diminishes at each step. Growth sequences tend to move towards <A href="https://en.wiktionary.org/wiki/convergence" class="extiw" title="wikt:convergence">convergence</A> or <A href="/wiki/Divergence" title="Divergence">divergence</A> and the policy is usually concerned with preventing rapid convergence and promoting the possibility of divergence.<SUP class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<I><A href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><SPAN title="The text near this tag may need clarification or removal of jargon. (February 2013)">clarification needed</SPAN></A></I>]</SUP></P>
<H2><SPAN class="mw-headline" id="External_economies">External economies</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Strategy_of_unbalanced_growth&action=edit&section=4" title="Edit section: External economies">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<P>New projects often appropriate external economies<SUP class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<I><A href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><SPAN title="The text near this tag may need clarification or removal of jargon. (February 2013)">clarification needed</SPAN></A></I>]</SUP> created by preceding ventures and create external economies that may be utilized by subsequent ones. Sometimes the project undertaken creates external economies, causing private <A href="/wiki/Profit_(economics)" title="Profit (economics)">profit</A> to fall short of what is socially desirable. The reverse is also possible. Some ventures have a larger input of external economies than the output. Therefore, Hirschman says, "the projects that fall into this category must be net beneficiaries of external economies".<SUP class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<I><A href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><SPAN title="This claim needs references to reliable sources. (March 2012)">citation needed</SPAN></A></I>]</SUP></P>
<H2><SPAN class="mw-headline" id="Social_Overhead_Capital">Social Overhead Capital</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Strategy_of_unbalanced_growth&action=edit&section=5" title="Edit section: Social Overhead Capital">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<P>Social Overhead Capital (SOC) is defined as basic services without which primary, secondary and tertiary productive activities cannot function. In a narrow sense, Social Overhead Capital is defined to include <A href="/wiki/Transportation" class="mw-redirect" title="Transportation">transportation</A> and <A href="/wiki/Electric_power" title="Electric power">electricity</A>, while in a wider sense, it includes all <A href="/wiki/Public_services" class="mw-redirect" title="Public services">public services</A>, including law and order and education. Criteria for classifying an asset as Social Overhead Capital include:</P>
<UL>
<LI>The services provided by the activity should facilitate a great variety of economic activities.</LI>
<LI>The services provided should be subject to public control.</LI>
<LI>The services cannot be imported.</LI>
<LI>The investment needed to provide services should be characterized by some unevenness as well as by high <A href="/wiki/Capital_Output_Ratio" class="mw-redirect" title="Capital Output Ratio">capital output ratio</A>.</LI>
</UL>
<H2><SPAN class="mw-headline" id="Development_via_capital_imbalances">Development via capital imbalances</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Strategy_of_unbalanced_growth&action=edit&section=6" title="Edit section: Development via capital imbalances">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<P>The strategy of unbalanced growth has been discussed within the frameworks of development through shortage of SOC and development through excess of SOC.</P>
<P>In the first case, the country invests in direct productive activities (DPA). Direct productive activity increases demand for SOC, inducing investment. In the second case, SOC expands, which reduces the cost of services, inducing investment in DPA.<SUP class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<I><A href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><SPAN title="The text near this tag may need clarification or removal of jargon. (February 2013)">clarification needed</SPAN></A></I>]</SUP></P>
<P>The cost of producing any unit of output of DPA is inversely proportional to SOC.<SUP class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<I><A href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><SPAN title="The text near this tag may need clarification or removal of jargon. (February 2013)">clarification needed</SPAN></A></I>]</SUP> The economy's major objective is to attain increasing output of DPA.</P>
<P>One of the <A href="/wiki/Paradox" title="Paradox">paradoxes</A> of development is that poor countries cannot afford to be economical.<SUP class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<I><A href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><SPAN title="The text near this tag may need clarification or removal of jargon. (February 2013)">clarification needed</SPAN></A></I>]</SUP> According to Hirschman, resources are not scarce per se, but the ability to employ those resources may be lacking. To explain unbalanced growth, Hirschman assumes that the country invests in either DPA or SOC. Both paths set up <A href="/wiki/Incentive" title="Incentive">incentives</A> and an evaluation of their respective <A href="/wiki/Efficiency_(economics)" class="mw-redirect" title="Efficiency (economics)">efficiency</A> depends on the strengths of entrepreneurial motivations and the response to public pressure of the authorities responsible for SOC.</P>
<P>The major characteristic of the two paths of development is that they yield excess dividends. SOC built ahead of demand creates this demand by making a country more attractive to DPA investors. DPA that outpaces SOC development, creates demand to expand SOC. <A href="/wiki/Balanced-growth_equilibrium" title="Balanced-growth equilibrium">Balanced growth</A> of DPA and SOC is not achievable in underdeveloped countries, nor it is not a desirable policy, as it does not set up the incentives and the pressure that make for this dividend of induced investment decisions.<SUP class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<I><A href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><SPAN title="The text near this tag may need clarification or removal of jargon. (February 2013)">clarification needed</SPAN></A></I>]</SUP></P>
<H2><SPAN class="mw-headline" id="Backward_and_forward_linkages">Backward and forward linkages</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Strategy_of_unbalanced_growth&action=edit&section=7" title="Edit section: Backward and forward linkages">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<P>Hirschman introduces the concept of backward and forward linkages. A forward linkage is created when investment in a particular project encourages investment in subsequent stages of production. A backward linkage is created when a project encourages investment in facilities that enable the project to succeed. Normally, projects create both forward and backward linkages. Investment should be made in those projects that have the greatest total number of linkages. Projects with many linkages will vary from country to country; knowledge about project linkages can be obtained through input and output studies.</P>
<P>Most underdeveloped economies are primarily <A href="/wiki/Agrarian_economy" class="mw-redirect" title="Agrarian economy">agrarian</A>. <A href="/wiki/Agriculture" title="Agriculture">Agriculture</A> is typically at a primitive stage and hence possesses few linkages, as most output goes for consumption or exports. Therefore, it is said<SUP class="noprint Inline-Template" style="white-space:nowrap;">[<I><A href="/wiki/Wikipedia:Manual_of_Style/Words_to_watch#Unsupported_attributions" title="Wikipedia:Manual of Style/Words to watch"><SPAN title="The material near this tag possibly uses too-vague attribution or weasel words. (February 2013)">who?</SPAN></A></I>]</SUP> that underdeveloped countries are lacking in interdependence and linkages.</P>
<P>An example of an industry that has excellent forward and backward linkages is the steel industry. Backward linkages include coal and iron ore mining. Forward linkages include items such as canned goods. While this industry has strong linkages, it is not a good leading sector. Any industry that has a high capital/output ratio and causes significant costs to other businesses has the potential to hurt the developing economy more than it helps it. A better leading sector would be the beer industry.<SUP class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<I><A href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><SPAN title="This claim needs references to reliable sources. (February 2013)">citation needed</SPAN></A></I>]</SUP></P>
<H2><SPAN class="mw-headline" id="Linkages_and_last_industries">Linkages and last industries</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Strategy_of_unbalanced_growth&action=edit&section=8" title="Edit section: Linkages and last industries">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<P>The development of an economy using the unbalanced method depends on the linkages between sectors. Hirschman suggests that the best strategy is induced industrialization. This type of development will create more backward and forward linkages and should be the first step taken.</P>
<P>Industries that transform semi-manufactured goods into goods needed by final demand are called "last industries" or "enclave import industries".</P>
<P>In underdeveloped countries, industrialization takes place through such industries, through plants that add final touches to unfinished imported products. Examples are metal fabricating industries, pharmaceutical laboratories and assembly and mixing plants. Such industries have many advantages, as they often require the smaller amounts of capital available in such economies and without having to rely on unreliable domestic producers. Therefore, underdeveloped countries set up such "last industries" first. These industries create long chains of backward linkages. <A href="/wiki/Colombia" title="Colombia">Colombia</A>, <A href="/wiki/Brazil" title="Brazil">Brazil</A> and <A href="/wiki/Mexico" title="Mexico">Mexico</A> are examples of countries that followed this path.</P>
<P>Protection and subsidy of import-replacing industries should come, but at a later stage. The Last Industry Strategy has disadvantages. It can slow the creation of domestic production. Industrialists who have begun working with imports may not accept domestic alternative products that reduce demand for their output. Creating last industries first can create loyalty toward foreign products and distrust of domestic products and their quality. Banks may get used to extending credit for shorter, smaller capital requirements.</P>
<H3><SPAN class="mw-headline" id="Disadvantages">Disadvantages</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Strategy_of_unbalanced_growth&action=edit&section=9" title="Edit section: Disadvantages">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<P>Disadvantages of the last industry strategy include inhibition of domestic production as domestic demand grows. This is because industrialists who work with imported material will often be hostile to the establishment of domestic industries, because domestic goods are of lower quality, the number of domestic suppliers is small, downstream competition may intensify once inputs are available domestically and competitors may be able to locate closer to the upstream suppliers.</P>
<P>Last/first may accustom domestic consumers to imported goods, making it harder for local producers to find customers. Further, financing may be easier for import-based business.</P>
<H2><SPAN class="mw-headline" id="Further_reading">Further reading</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Strategy_of_unbalanced_growth&action=edit&section=10" title="Edit section: Further reading">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<UL>
<LI>Hirschman, Albert O. (1958). <I>The Strategy of Economic Development</I>. New Haven, Conn.: Yale University Press. <A href="/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</A> <A href="/wiki/Special:BookSources/0-300-00559-8" title="Special:BookSources/0-300-00559-8">0-300-00559-8</A></LI>
<LI>Streeten, Paul (1959) Unbalanced Growth, <I>Oxford Economic Papers</I> New Series, Vol. 11, No. 2 (Jun., 1959), pp. 167–190</LI>
</UL>
<H2><SPAN class="mw-headline" id="Notes">Notes</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Strategy_of_unbalanced_growth&action=edit&section=11" title="Edit section: Notes">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<DIV class="reflist" style="list-style-type: decimal;"></DIV>
<H2><SPAN class="mw-headline" id="References">References</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Strategy_of_unbalanced_growth&action=edit&section=12" title="Edit section: References">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<UL>
<LI>Hirschman, Albert O. "The Strategy of Economic Development," in Agarwal, A.N. and Singh, S.P.(eds), <I>Accelerating Investment in Developing Economies</I> (London Oxford Press, 1969)</LI>
<LI>Thirwall, A.P. <I>Growth and Development: With special reference to developing economies</I> (London: Macmillian Press ltd.., sixth edition. 1999), pp237–242.</LI>
<LI>Scitovsky, Tibor. <I>Papers on welfare and Growth</I> (London George Allen and Unwin ltd..1965) Refer to 5th paper entitled "Growth – Balanced and Unbalanced".</LI>
<LI>Nath, S.K., "Balanced Growth." in Livingstone (ed), <I>Economic Policy for Development</I> (Harmodworth, Middlesex: Penguin Books ltd. 1971)</LI>
<LI>Han Singer, "The Concept of Balanced Growth and Economic Development; Theory and Facts," University of Texas Conference on Economic Development, April 1958.</LI>
<LI>Paul Streeten, "Unbalanced Growth." Economic Integration, Sythoff, Leiden (Netherlands), 1961. Reprinted in A. N. Agarwala and S. P. Singh, (eds.), <I>Accelerating Investment in Developing Economies</I> (London: Oxford University Press, 1969).</LI>
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question_text: who has given the theory of unbalanced economic growth