People in developing countries lived in relatively self-sufficient communities before the colonial rule by planted rice and other crops, fished and hunted for other food. They have used the local resources and indigenous skills and also to some extent satisfied with available housing, clothing and other needs, which they have produced through village and cottage industries. The modes of production and life style were largely in harmony with the natural environment. Colonial rule imposed new economic systems, new crops, the industrial exploitation of minerals and participation in global market changed the social and economic structures of developing societies. Developing world grew more and more dependent upon global trading and financial systems. Transnational corporations setting up trading and production basis and selling products in developing countries. IMF, World Banks and Trans national banks etc., were loaned billions of dollars to these poor countries to import highly capital intensive technologies.
ABOUT THE AUTHOR C. Narasimha Rao
Prof. C. Narasimha Rao, Presently heading the center for Scientific Socialism and Department of Rural Development at Nagarjuna University, A.P. has taken his post Graduate degree in economics from Andhra University, Waltair. He obtained Doctoral degree in Political Economy from the Institute of Economics, Kiev, of the erthwhile USR, Presently the capital city of Ukraine. Professor Rao has so far organized Twelve National seminars as director. He participated and presented papers in several National and International seminars and contributed significantly to the knowledge in the subject. He edited and published four books and this would be the fifth volume. Prof. Rao has also published twenty five papers in various journals and eight research degrees were awarded under his guidance. He extensively toured most of the European countries including Poland, GDR, Czechoslovakia, Yugoslavia, Rumania, Bulgaria, Hungary, Great Britain, France, Italy, Austria, Holland, Denmark, Finland, Netherlands, Belgium etc. and gained first hand knowledge and rich experience about the socio-politico economic conditions of those countries.
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