"Economic Backwardness in Historical Perspective" is a collection of essays that explore the patterns and causes of economic underdevelopment through historical analysis. The book challenges the notion that all countries must follow the same path to development as taken by early industrialized nations. Instead, it argues that later-developing countries can achieve growth by leveraging their historical and institutional contexts, often through state intervention and the adoption of different industrial strategies. The work emphasizes the role of banks and financial institutions in fostering industrial growth and discusses how varying degrees of economic backwardness influence the strategies and policies that nations adopt for economic development.

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