What Extent the Developing Countries Depend on the Industrial Countries for Economic Growth and Development

Economic development can be defined generally as involving an improvement in economic welfare, measured using a variety of indices, such as the Human Development Index (HDI). A developing country is described as a nation with a lower standard of living, underdeveloped industrial base, and a low HDI relative to other countries. There are several factors which may have the effect of limiting economic development in such countries. Factors such as these include: primary product dependency, the savings gap and political instability.

First, I will explain the role of empowered institutions and countries in limiting the economic activities of developing countries, impeding on their ability to survive. Afterwards I will explain the obligation people in privileged positions have to improve the lives of those in compromised positions, at a certain degree of self-sacrifices. Finally, I will critically analyze and disprove the counter argument, which attempts to relieve us of the aforementioned duties, by discrediting the roles of institutions and developed countries in the prolongation of impoverishment.

There are many factors that determine whether a country is developed or is developing, but the primary factor is GDP (gross domestic product) per capita. GDP is a measure of the total output of the country divided by the number of people

Economic development can be defined generally as involving an improvement in economic welfare, measured using a variety of indices, such as the Human Development Index (HDI). A developing country is described as a nation with a lower standard of living, underdeveloped industrial base, and a low HDI relative to other countries. There are several factors which may have the effect of limiting economic development in such countries. Factors such as these include: primary product dependency, the savings gap and political instability.

and development that would lead to a more, stable and prosperous global economy” ( MF,

Developing Country is a country which has a slow rate of industrialization and low per

Foreign aid has a long track record. The biggest upside appears to be the injection of large sums of money into developing countries otherwise gripped by poverty, war and conflict. In theory, the funds should improve lives and raise people out of poverty, leading to sustainable growth and development. The unfortunate truth, however, is that foreign aid has often presented more challenges than opportunities to aid recipients. Aid has been mandated by government versus relying solely on private donations. We’ve seen small improvements across the globe, from reducing poverty to slowing population growth to curing and preventing diseases. Progress that otherwise would have been absent without an outpouring of foreign support (Tan Keo, 2013).

The countries that are a part of the developing world are all very diverse, however many share similar defining characteristics and face similar problems in their education system. These nations are typically those that were colonized by western nations and now suffer extreme economic polarization and political instability as a result. Their economies are often based on agriculture and the extraction of natural resources, which causes problems as they are exporting goods of a lower value and importing goods of a higher value. Since all of their focus is on

As Americans we see prosperity through a rather narrow viewpoint. When the average American purchases a shirt they do not stop to consider that their clothing is manufactured in a third world country. One third world country that is ravaged by poverty is Pakistan. In Pakistan “85 percent of people live on less than two dollars a day”. That is outrageous considering the fast food culture Americans live in where you spend nearly ten dollars on just one meal. This poses the question why are some countries so rich and others so poor? This question is not an easy one to answer considering the endless circumstances that make countries so rich and countries so poor. A true reality is that governmental and international institutions may not be doing enough to assist countries in need. First world countries can provide third world countries with tools to further their development ,such as making efforts to end world hunger and providing the less fortunate with a quality education.

‘Countries at very low levels of economic development face such a huge challenge that they cannot hope to address them without the assistance from the rest of the world’ To what extent do you agree with this view? [40]

Development vary among countries based on economic indicators of development, gross domestic product per capita, types of jobs, raw materials, consumer goods, social indicators of development, education and literacy, health and welfare, demographic indicators of development, life expectancy, infant mortality rate, natural increase rate, and crude birth rate. Gross domestic product per capita is more per hour in dollars amount in more developed countries compared to less developed country where it is per hour in cents. Types of jobs can depend on the category you are in since there are three categories, primary which includes agriculture, secondary which includes manufacturing and tertiary which includes services jobs. Raw materials are used from such items as minerals and trees where things like paper are made from wood are more accessible in more developing countries and less accessible in less developing countries because of fallen prices. Consumer goods are based off of our ever day life like cars, telephones/cellphones, and televisions that all play a role in the economic world today.

I am interested in the term developing nation because it is a broad topic and several countries fall under this term as well as a wide range of other subject matter. The issues surrounding a developing nation are vastly different than those surrounding a developed nation. I am also interested in learning more about the characteristics of a developing nation and the things that developed nations are doing to assist those in developing countries. I am also interested in gaining an understanding of the developing nations’ growth, particularly, in areas of output and trade and what roles are developing nations playing in the world economy.

Lesser develop countries are known for have a largest poverty in their country and to lack on technology advancement. Therefore, one solution that has come up from the United Nation has be an economy focus plan toward poverty and push technology as a non-concern to them. In do so most lesser developed countries will get official development assistance where development partners will help them by solely making foreign direct investment and liberalizing their trade and fiscal policies but this is not good enough as the article, Break the Vicious Circle, goes to state that “solely focusing on the economic dimension does not suffice in order to achieve sustainable development” (Sütçü); therefore, this official development assistance should make more of a balance between economic and technology to better assist lesser develop countries and

More economically developed countries (MEDC) - Countries with sovereign states and that has a highly developed economy with advanced technological industries as compared to other countries. The Human Development index, standard of living as well as the Gross national product of these economies is on the upper level of every chart. According to the International Monetary Fund, advanced economies comprise 60.8% of global nominal GDP and 42.9% of global GDP (PPP) in 2014.

A developed country is a state that has a highly cultivated economy and advanced technological framework as compare to other under-developed nations. The extent of economic development can be assessed by observing the GDP (Gross domestic product), GNP (Gross national product) and Per Capita Income of a country. Few examples of developed countries are following: England, Italy, Spain, Australia, Japan ecectra. Whereas, a developing country, also known as a less-developed country, is a state that has GDP per Capita less than or equal to $11,905 dollars. It has low standard of living, less developed economy and security for example, Pakistan, India, Bangladesh, Peru, Zimbabwe ecectra.