Thursday, November 21, 2019

Why some countries have developed and are not and have not Essay

Why some countries have developed and are not and have not - Essay Example In practice, economic development focuses on starting of economic operation in a region, expansion as well as retention and starting of new business within a region. Countries across the world can be divided into two groups developed and developing countries. United Nations does not give any definition for developed or developing country. But there are some parameters which are used to divide the countries into two different groups. The topic ‘why some countries are developed and why some are not’ is a widely discussed topic among the economists around the world. Scholars have expressed divergent views about the reasons for development and underdevelopment. We should not forget the fact that there is no single factor for development or underdevelopment but it is interplay of various factors. There is a huge disparity in the living standards in the developed and developing countries. It is estimated that around one billion people i.e. one fifth of the world population earns less than $1.00 a day. UN World Development Report 1998 says the aggregate Gross Domestic Products of the worlds 48 poorest countries is less than combined assets of world’s three richest people. According to Forbes Magazines, combined net worth of 358 billionaires is equal to the aggregate income of the bottom 45% of the world’s population. It is also estimated that due to starvation or preventable infections disease around 35,000 children under the age of five die every day. The problems of poverty, growing inequality and hunger are becoming worse despite huge global economic growth over the past 50 years. So it is very important to analyze reasons for development and underdevelopment. Research is a human activity based on intellectual investigation and aimed at discovering, interpreting, as well as predicting the different aspects of study. To analyze the causes for development and under development is slightly difficult as the scholars have given different reasons for it.

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