Developement Economics-- LDC's

Development Economics

What is An LDC?( Pg 363 & 364.)

It is extremely difficult to characterise a classifiable LDC. One way to define a typical LDC is to go for the World Banks classification in term of GNP. In terms of international ranking, LDCs be the tend to be the low income countries with a low income per capita. Each of these countries have resistent characteristics that could explain its education or underdevelopment. Due to these unique characteristics there is no one(a) path towards successful development. Countries often have substiute ways to bruise obstacles and achieve greater frugal development. An example of this would be Taiwan, a country not endowed with natural recources that succeeded in attaining economic development through other means.

The initial condiions from which an LDC Launches on to a pathway to development will differ among LDCs. These intitial conditions will differ depending on a countries current circumstances such as:

· Resources - both human and physical

· The countries size in terms of population, theatre of operations and GDP.

· The economic structure and the predominance of primary, secondry and tertiary sectors.

· The current economic system employed by the government, whether market orientated or centrally-planned.

· The countries dependance on foreign markets and investment.

· Political power structures: for example, totalistic or democratic government.

However Despite popular belief there is no correlation between a countrys standard of backing and its history of colonial power(Bechara 1982.). Some of the countries in the world that in short enjoy a relatively high standard of spiritedness either never possessed colonies or, if they did, the history of their colonialism is inconsequential. Switzerland, Denmark, Sweden, Norway and the United States atomic number 18 examples of this. Some of the great colonial powers, on the other hand, are presently facing economic difficulties. Portugal, for example, possessed colonies...

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