The main problem seems to be the paucity of entrepreneurship and low propensity to invest in plant and equipment – what Keynes called “low animal spirits” – especially to raise output of products that can be traded on world markets. Behind this shortcoming lay various institutional and market distortions associated with industrial and other modern-sector activities in low-income environments.
主要的问题看起来是缺乏创业精神以及投资工厂和设备的倾向低下，特别是提高可以在国际市场中进行交易的产品产量。凯恩斯称之为“低下的动物精神”。这一缺点之后隐藏的是与低收入环境中产业和其他现代部门活动相关的各种体制和市场扭曲。