The work focused on the theoretical understanding of the dynamics of Third World development and underdevelopment from the past. The desk study (DS) method of data gathering was used to gather data for this study. In the process, it was discovered that the present level of development and underdevelopment will not be clearly understood without actually taking a critical look at the past of the Third World countries. This is because, this has a lot to do with dynamics of the developmental level. Inline wit this, we therefore recommend, amongst others, that a thorough look at the past must be taken into consideration when formulating development policies in the present dispensation.
Key words: Theoretical, understanding, dynamics, third world, development and underdevelopment.
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