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What is Vicious Circle of Poverty?

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Eli
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"Underdeveloped (or poor) countries are caught in a vicious circle of poverty and stagnation, or as it has been put rather pithily by the late, Professor Nurkse, that a country is poor because it is poor. This has been the great upsurge of interest in the last twenty years or so in the economics of poor." See more.
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