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underdeveloped economy:

. . . an economic infrastructure with conditions of production, development, distribution and material wealth management that are not up to par and inadequate as compared to that of a developed economy; a system functioning below its potential to provide material welfare for people in a defined area, such as that of a local economy or a country.

Answers.com points out that the expression used in economics is less-developed and that identifying a country as underdeveloped (underdeveloped country) indicates resources of the area are not used to their full potential due to the lack of another resource (source of quote). Both less-developed economies and underdeveloped economies suggest latent potential for enterprise and economic development.

Wikipedia has a article titled Ragnar Nurkse's balanced growth theory which addresses underdeveloped economies (underdeveloped countries). The article is a source of more in-depth information as is another titled The Conditional Relationship between Inequality and Development (Charles Boix, Princeton University, Princeton, NJ). The Boix article discusses the work of Simon Kuznets who wrote Economic Growth and Income Inequality (1955). Nurkse and Kuznets addressed underdevelopment in the mid-20th century at the time the United Nations formation. The UN has agencies involved in underdevelopment. For example, UNCTAD (United Nations Conference on Trade And Development) publishes a list of least developed countries.



 
 
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Economic Development Services, Inc. -- copyrights and all rights reserved / 07/14/2014