ECONOMIC DIVERSIFICATION AS A STRATEGY AGAINST AGRARIAN CRISES: A REVIEW OF EXISTING LITERATURE

The development of a country not only depends on the availability of physical and human resources but also on the extent of diversification in the allocation of resources. Such allocations of resources broaden the base of income flow of the economy by reducing the degree of risk and uncertainty. Several studies have been done on diversification from different angles covering the nature of the reallocation of resources which envelope different forms of diversification i.e. crop diversification, agricultural diversification, enterprise, diversification of the rural econo1my and economic diversification, etc. This paper seeks to undertake a comprehensive exploration of the domain of literature in economic diversification. It offers a deep analytical description of areas of consensus and disagreement. Finally, the paper seeks to discover convergence in concepts, practices, and policy strategies. In doing so, the discussions are carried out under seven themes including different aspects. After the exploration of existing literature, one can conclude that if the country can reduce or remove the existing constraints prevailing in the diversification process; it will result in the optimal utilization in both the existing physical and human resources of the country