Our journey brings us to a point where it’s helpful to derive lessons from successful economies and apply them to less fortunate ones. Modernization in economics refers to the process where an economy reaches a level of activity that efficiently allocates resources. It is not a general era but a stage in a particular economy. Economies develop at different speeds—largely independent of one another.
A developing country with less efficient resource allocation is usually highly dependent on agriculture. This reliance involves our most basic need: nutrition. Minimizing this dependency is the first step on the path to higher development. This chapter explores the field of economic modernization. Most developing countries have ...
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