Major weaknesses:
1. They offer little formal or informal explanation on how countries initiate and sustain development.
2. Secondly, more important – the actual economic experience of Less Developed Countries that have pursued revolutionary campaigns of industrial nationalization and state-run production has been mostly negative. Also according to these theories countries pursuing policies of autarky – or inwardly directed development should be doing well – like China and to a certain extent India – However, both these countries experienced stagnant growths unless they opened up their economies in the 1978 and 1990.