Abstract
The frustrated aspirations of most Africans for a significantly better life following independence have evoked considerable attention. A growing number of scholars are accounting for the situation in terms of a set of loosely connected propositions contained in the ‘underdevelopment theory’,, at the core of which is the idea that colonialist/neocolonialist countries have created the conditions of underdevelopment by:(i) encouraging the entry of foreign investment which extracted/extracts a significant proportion of the surplus produced;(ii) fostering a commercial bourgeoisie which failed/fails to use its profits for productive investment purposes; and(iii) promoting an indigenous class which acted/acts in the interest of the imperial power to perpetuate the condition of underdevelopment.

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