“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.”

— Paul A. Baran

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

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Paul A. Baran 24

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. Baran 24

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