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

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Concept of a Turning Point in Long-Run Growth

This paper is a critique of Lloyd Reynolds generalisation of the process of economic growth in the third world. Reynolds argues that this growth is characterised by a sharp turning point which sets off a self-sustaining process of growth of per capita income in marked contrast to the earlier period of relative stagnation. The turning point is brought about by a rising foreign trade ratio and a major political change. The author investigates the validity of this approach with reference to the economic history of Brazil and India.

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