Why Do Less Developed Countries Face Obstacles to Development?
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Post on 08-Jan-2018
DESCRIPTIONDevelopment Through Self-Sufficiency For much of the 20th century self-sufficiency or balanced growth was the most popular development alternative, especially for LDCs. It protects infant industries by setting barriers and tariffs on imports, as well as fixing quotas and requiring licenses to restrict the number of legal importers. India followed this model of development in the decades after independence from Britain. It has two major problems. It protects inefficient industries and creates a large bureaucracy to administer the various controls.