The understanding of why some countries fail to develop is one of the most intriguing and productive challenges for the modern theory of economic growth. Although many questions remains unanswered, the theory has gone a long way to explain and reveal many of the reasons underlying the persistence of poverty traps. Multiple causes, endogeneity and country-specific differences make it difficult to explain within a unified framework why some economies, caught in a vicious cycle, suffer from persistent underdevelopment.
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