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Most less-developed economies are entering the industrialization phase with an agrarian economy characterized by a mix of a feudal and quasi-feudal institutional agrarian structure. The more striking manifestations of the transition from agriculture to industry take the form of low levels of agricultural production and a shortage of food supplies, and an association between a high concentration of land-ownership, a high population pressure, under-utilization of labour, fragmentation of land and accumulation of debt.
KeywordsLand Settlement Institutional Credit Agrarian Reform Wage Regulation Agrarian Economy
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