Contrary to the conventional wisdom, the historical fact is that the rich countries did not develop on the basis of the policies and the institutions that they now recommend to, and often force upon, the developing countries. Unfortunately, this fact is little known these days because the 'official historians' of capitalism have been very successful in re-writing its history.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "Contrary to the conventional wisdom, the historical fact is that the rich countries did not develop on the basis of the policies and the institutions that they now recommend to, and often force upon, the developing countries. Unfortunately, this fact is little known these days because the 'official historians' of capitalism have been very successful in re-writing its history." in the context of ""What is Wrong with the 'Official History of Capitalism'?", in Edward Fullbrook (ed.), A Guide to What's Wrong with Economics (2004), p. 280" to mean that wisdom is timeless.