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Capital Accumulation

In: Global Transition

Author

Listed:
  • Graeme Donald Snooks

    (Australian National University)

Abstract

Capital accumulation has long held pride of place in theories about economic development. This pre-eminence can be traced back to the work of the pioneering economists Adam Smith (1723–1790), David Ricardo (1772–1823), and Karl Marx (1818–1883). The focus of this work is on physical rather than human capital. Even in the modern theory of economic development, which emerged in the 1940s, human capital was largely ignored until the 1970s. And the focus of policy-making bodies, both national and international, followed a similar preoccupation. This chapter examines the development models in which capital plays the central role in explaining the persistence of underdevelopment. It also exposes the limitations of these models, and suggests how they can be resolved.

Suggested Citation

  • Graeme Donald Snooks, 1999. "Capital Accumulation," Palgrave Macmillan Books, in: Global Transition, chapter 14, pages 254-264, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-333-98479-6_14
    DOI: 10.1057/9780333984796_14
    as

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