Developing Countries Competing With Developed Countries

2379 words - 10 pages

Developing Countries Competing with Developed Countries

Discuss the alternative methods that developing countries might use to
overcome the difficulties that they have when trying to compete with
developed countries.

No industry attracted

Including Foreign Direct investment (FDI)

Economic development occurs when a country improves the economic
welfare of its population through, for example reducing poverty. Some
economists discuss the world as being the 'developed north' and
'underdeveloped south'. This refers to the gap between rich countries,
which are mainly in the northern hemisphere and poor countries, which
are located mainly in the southern hemisphere. This is not the only
method used to categorise countries, The World Bank and United Nations
classify countries into high, middle and low income countries while
the International Monetary Fund (IMF) categorises countries into least
developed, developing and industrial countries.

I believe that many underdeveloped countries are involved in the
'cycle of deprivation', which I have shown diagrammatically above. If
there is little investment in a country it is easy for a country to
get caught up in the cycle and make things worse for the economy. If
an LEDC (Less Economically Developed Countries) has little money
available the country will undoubtedly have a poor infrastructure,
this will act as a deterrent for industry to move to the area as the
transport and communication will be of poor quality and will cause
problems for firms. If little industry is attracted there will be no
jobs available and unemployment will soar. As described in more detail
below some Multi National Companies take advantage of the cheap labour
in LEDC's but as they pay very low wages very little is invested into
the economy and the majority of profits leave the country so there is
no significant increase in investment. If unemployment is high people
will turn to subsistence farming as they will need to produce food to
survive so the farmers will not be making any money and therefore will
not be investing in the economy. If there is little investment in the
economy there will be little money available for the government so
health, education and infrastructure will not improve and there is
little chance that the economy will develop without external
intervention as I will describe later.

Investment is the most effective way of pushing out the Production
possibility frontier (PPF) and causing economic growth so if
investment increases in the country this should hopefully mean
increased economic growth and increased development.



Agricultural Goods

If countries find it difficult to develop on their own their main
priorities are for example reducing poverty in the country. Therefore
underdeveloped countries will stand little chance of competing on the
global market.

Less Economically Developed Countries find it hard to compete in the

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