Conceptualizing and Contextualizing Underdevelopment

Abstract

This paper conceptualizes and contextualizes underdevelopment. Methodologically the paper argues that underdevelopment in the third world nations resulted from the negative effects of colonialism and neo-colonialism ie exploitation of their mineral resources, unequal terms trade, imposition of foreign rule and dubious activities of multinational corporations. The paper also argues that the adoption of adjustment programmes by the third world nations has contributed immensely to their underdevelopment. However, the paper holds the view that there are internal dimensions to development of underdevelopment in the third world nations ie widespread corruption, prebendalism, personalization of power, poor leadership and lack of good institutions to discharge social responsibilities efficiently and effectively. The paper concludes that unless corruption is being controlled to the bearest minimum, good leadership installed and exploitative tendencies of international capitalist system controlled through a regulated capitalism third world nations would continue to be underdeveloped.

Keywords: Underdevelopment, Colonialism, Neocolonialism, SAP etc