Economic development and transformation of the low-income countries of Latin America, Africa and Asia. Theory and policy analysis relating to the following economic issues in these countries: higher rates of economic growth, the role of the government in resource allocation, the industrial-agricultural sector interface, inward versus outward looking trade strategies, and the international debt problem. The following problems will also be addressed: food supply, domestic savings, tax revenue, foreign exchange, foreign direct investment, high rates of inflation, benefit-cost analysis and economic planning.