Option 1: Bill Warren

Bill Warren argued that underdevelopment in the world was not caused by the exploitation of the underdeveloped nations by capital, but rather because capital did not exploit these nations enough. However, this option is incorrect.

Option 2: Paul Baran

Paul Baran is the scholar who argued that capital created underdevelopment because it did not exploit the underdeveloped world enough. Baran believed that the accumulation of capital in the developed world had hindered the development of the underdeveloped nations. This is the correct answer.

Option 3: Geoffrey Kay

This option is the correct answer. However, there is no further information available about Geoffrey Kay and his arguments.

Option 4: Lenin

Lenin believed that imperialism and capitalist exploitation were the primary causes of underdevelopment in the world. However, his argument is different from the one stated in the question.

In conclusion, the correct answer is option 3, Geoffrey Kay. It is important to note that while there is no provided explanation for Kay`s argument, he is the scholar who made the specific argument mentioned in the question.