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“The path of economic development is crucial to provide a better standard of living for the...

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Economics

“The path of economic development is crucial to provide a betterstandard of living for the people in developing countries. Everynation strives for development. Economic and social progresses areessential components to provide basic needs and thus to secure areasonable degree of financial security. Others, are lessfortunate, have inadequate food and shelter” (Todaro and Smith,2015, p. 2).

(a) Following the development of neoclassical counter-revolutionand new growth theories, many developing countries have utilisedvarious policies to achieve higher levels of growth. To what degreedo you think modern economic growth has extended to developingcountries? Support your answer with specific country examples.

(b) Many developing countries are still trapped in a phase oflow development status. What factors are essential to achieve higheconomic growth? Discuss the conditions for generating andsustaining economic growth for long term development. Give specificcountry examples to support your views.

(c) Which policies are most crucial to address the problems ofless developed countries?

Answer & Explanation Solved by verified expert
4.0 Ratings (762 Votes)
Introduction It is true that economic development and growth are extremely important for any economy Many countries have previously been neglected primarily because of government apathy or because of lack of resources such as land capital etc or infrastructural capabilities Another critical reason has also been the domination by the Western forces on the lands of many countries through direct control which has forced them to grow at a relatively slower rate However after the setup of various international bodies such as the World Bank the International Monetary Fund and the World Trade Organization the world has certainly become a better place to live in Also the fact that globalization has hit the markets in which selling and buying products is easier and colonization has ended has made countries grow at a faster pace respectively Case Specifics Part A The concept of modern growth    See Answer
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