History as on important source of Understanding Economic Phenomenon

It is almost 60 years since the end of Second World War when the wave of development efforts started in most of the third world countries. In this period huge amount of tangible and intangible Capital have been invested to uplift the standard of living of the people all over the world. However by the beginning of 21 st century more than 80 percent of world population are still living in Underdeveloped world and are deprived of most of development fruits. An important question that arises is why this is so. while allocation of resources are undertaken based on some economic logic can me say that at least partlyeconomic knowledge is responsible for such state ofaffaire? We believe that the main reason for this dismalperformance is applying pure economic knowledgedisregarding and or neglecting history