“The principal impact of foreign enterprise on the development of the underdeveloped countries lies in hardening and strengthening the sway of merchant capitalism, in slowing down and indeed preventing its transformation into industrial capitalism.”

Source: The Political Economy Of Growth (1957), Chapter Six, Towards A Morphology Of Backwardness, I, p. 194

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Paul A. Baran24

American Marxist economist 1909–1964

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“The principal impact of foreign enterprise on the development of the underdeveloped countries lies in hardening and strengthening the sway of merchant capitalism, in slowing down and indeed preventing its transformation into industrial capitalism.”

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Paul A. Baran24

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