
David L W. answered 06/24/19
PhD Tutor in Math, Statistics and Economics and Writing
That was once believed by economists, but there is emerging a multi-disciplinary view that it is deeply misleading.
https://www.taylorfrancis.com/books/9781315016313
I think the severe lack of public infrastructure is a critical part of what is holding back under-developed countries. Industrialization could help to pay for such, but there could be other ways as well.