Constraints on Resource Mobilisation
WORLD economic history would bear testimony to the fact that there has not been a single case bearing the description of the Indian economy recording a respectable long-term growth rate (say 5 per cent per annum) following the road to development largely through private initiative and enterprise as exemplified by the models of development found in the Anglo-Saxon countries and Japan. The process of "primitive capital accumulation35 in Western Europe and Japan was tainted by a ruthless system of internal exploitation and external colonial plunder. United States of America did also have an expanding frontier to exploit. It is understood that these histories cannot be repeated elsewhere in their traditional forms. This in itself is a constraint on the development of economies following the capitalist path of development today. Apart from this, the colonial past of most of the developing economies, characterised by lopsided enclave-type of development accompanied by adverse terms of trade, has placed a serious constraint on their capacity to earn export surpluses or to chalk out an independent course of rapid economic development.