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CAPITAL ALLOCATION IN LESS DEVELOPED ECONOMIES
Author(s) -
HOGAN Warren P.,
Swettenham F. A.
Publication year - 1970
Publication title -
the developing economies
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.305
H-Index - 30
eISSN - 1746-1049
pISSN - 0012-1533
DOI - 10.1111/j.1746-1049.1970.tb00563.x
Subject(s) - ridiculous , capital (architecture) , work (physics) , value (mathematics) , government (linguistics) , market economy , boom , business , economy , state (computer science) , economics , commerce , labour economics , finance , engineering , history , mechanical engineering , art , linguistics , philosophy , literature , archaeology , algorithm , machine learning , environmental engineering , computer science
“European mining is done by companies, and company's money is almost like government money…. Machinery is bought, houses are built, in fact the capital of the company is spent…. After possibly a series of great hardships to the staff and disasters to the company, it is found that the tin raised is infinitesimal in value when compared with the rate of expenditure, and that the longer the work goes on the greater will be the losses. This is usually discovered when the paid‐up capital is all but exhausted. The company is wound up and the State gets a bad name with investors, and the only people who really enjoy themselves are the neighbouring Chinese miners who buy the mine and the plant for an old song and make several large fortunes out of working on their own ridiculous and primitive methods.”