this article, the author discusses the Baran hypothesis
that there cannot be a spontaneous diffusion of industrial
development from the developed world to the countries
of the third world under capitalism: a hypothesis apparently
contradicted by the current pattern of development visible
at least in Asia. His analysis resolves this contradiction
by using an inherent but less talked about 'contradictions
to capitalism' which is the role of a stable medium
of wealth or in the present context, a leading currency.
He explains why the current pattern of growth and technology
diffusion in the newly industrialising countries cannot
be sustained given the necessary pattern of their interaction
with the leading capitalist country.