This paper deals with the analysis of growth and development Nicholas Kaldor formulated in the later part of his career, during the 1970s and 1980s. Kaldor’s passage from a resource-constrained to a demand-driven conception of growth was closely connected to his persistent effort to make economic theory more realistic and relevant, and led him to a complex vision of the growth process, with historical and institutional factors playing a fundamental role. However, the particular formulation in which Kaldor expressed his ideas about the strategic role of exports in the growth process, namely the long-period foreign trade multiplier, cannot fully capture the main characteristics of his vision of the growth process, and is in some respects contradictory with that vision. A critical role is played by Kaldor’s conception of the determinants of investment, which, as in his full-employment growth models, he treats as entirely induced by output growth, and hence as not posing limits, in normal conditions, on output expansion.