Underdevelopment In Asia Essay

843 words - 3 pages

Why underdevelopment is considered a problem in Asia?Underdevelopment is considered a problem in Asia because the economy is backward, often agrarian economy, which at many times suffers unpredictable natural climatic condition. There is low level of employment and industrialization Underdeveloped countries will depend on the advanced countries. The economies of underdeveloped countries have been geared to the needs of industrialized countries; they often comprise only a few modern economic activities. Control over these activities has often remained in the hands of large foreign firms. They are devoted to producing primary products for the developed world and the underdeveloped countries are exploited.Explain at least 3 factors of development.Natural ResourcesThe principal factor affecting the development of an economy is the natural resources. Among the natural resources, the land area and the quality of the soil, forest wealth, good river system, minerals and oil-resources, etc., are included. For economic growth, the existence of natural resources in abundance is essential. A country deficient in natural resources may not be in a position to develop rapidly. In fact, natural resources are a necessary condition for economic growth but not a sufficient one. Japan and India are the two contradictory examples. According to Lewis, "Other things being equal man can make better use of rich resources than they can of poor". In less developed countries, natural resources are unutilized, under-utilized or mis- utilized. This is one of the reasons of their backwardness. This is due to economic backwardness and lack of technological factors. "A country which is considered to be poor in resources may be considered very rich in resources some later time, not merely because unknown resources are discovered, but equally because new methods are discovered for the known resources". Japan is one such country which is deficient in natural resources but it is one of the advanced countries of the world because it has been able to discover new use for limited resources.Conditions in Foreign TradeThe classical theory of trade has been used by economists for a long time to argue that trade between nations is always beneficial to them. This means that the presently less developed countries should specialize in production of primary products as they have comparative cost advantage in their production. The developed countries, on the contrary, have a comparative cost advantage in manufactures including machines and equipment and should accordingly specialize in them. Foreign trade has proved to be beneficial to countries which have been able to set-up industries in a...

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