Below is Part of the equation. An important part.
It should be noted that one of the reasons the Third world is the Third world is because post colonialism, Marxism was embraced by the Third World intelligencia (which was educated in the West).
Marxism was seen as a legitimate “liberation” ideology and a rejection of colonial power. (Though Marxism is a euro-centric philosophy if there ever was one.) As such, the things that made the West rich, property rights, rule of law, contracts that meant something, and so on, were rejected for Marxist utopianism.
This is true all around the developing world and I will say somewhat understandable. Remember, at mid 20th century the Soviet Union had not been exposed for the sham it was and much of the West was embracing increased statism. What was the developing world to do?
Sadly we know what happens when the rule of law and free enterprise are rejected – poverty. It’s not the people in these places, it is the antiquated 20th Century statism that lingers in the hearts of so many leaders in the developing world. (And sadly some even in the developed world.) It is the crony capitalism that has morphed from revolutionary Marxism (naturally) that has held much of the world back.
Anyone interested in this area should pick up this excellent and short book. I read it in college and have read it many times since.