ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Notes towards a Theory of Underdevelopment-(In Memoriam Michael Kalecki)

(In Memoriam: Michael Kalecki) A K Bagchi Underdevelopment of the countries of the Third World is a direct result of the interaction of ex- panding capitalism with the pre-capitalist societies of the Third World, The interactions began with the European expansion of the fifteenth and sixteenth centuries and has continued down to the present day. The societies of the dominated countries changed radically in the process but did not become mirror- images of the metropolitan capitalist societies. The precise changes in these societies depended on the pre-existing social structure. But the end result was for all of them the creation of a state of backwardness in relation to the advanced capitalist societies.

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