The Natural Environment
In his inauguration speech in 1949 President Truman first coined the phrase ‘underdeveloped’. This became a catch-all category for those areas known, during the Cold War, as the ‘Third World’. Subsequently a de facto understanding emerged that the relationship between economic activity and states, societies and indeed natural environments could be categorised in terms of their levels of ‘development’. States might be more or less developed, but the underlying rationale was that everyone was bound to the market-orientated path of progress and development. The inevitability of this path was said to lie in the ideas of founding father of liberal economics Adam Smith and the belief that prosperity would ‘trickle down’ and bring wealth to all peoples and nations.
KeywordsBurning Depression Europe Income Expense
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