Abstract
In a brilliant lecture delivered in Rome1 Sir Sidney Caine, Director of the London School of Economics and Political Science, pertinently pointed out some characteristics of the less developed countries, after some years of experience in Singapore and other British administered parts of Borneo. Income per head less than the average of advanced countries in Europe and North America. Not a great deal of saving and investment: that is of internal capital creation. Little industrial development. Large amount of rather primitive "subsistence agriculture". Highly organised and directed production for export. Less organised production for domestic market.
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