Acknowledgement of the need to "tailor" technology acquired from the advanced countries to "fit the peculiar requirements" of the underdeveloped countries is now part and parcel of conventional wisdom on development. But academic reflection on the problems of Third World economic backwardness and poverty, and how to alleviate them, has not adopted this position.This article can also be found at the Monthly Review website, where most recent articles are published in full. Click here to purchase a PDF version of this article at the Monthly Review website.