What are the Economies at Different Stages of Development?
Economies at Different Stages of Development:
• LDCs (Less Developed Countries) share common features but all one is unique. This is significant not to stereotype. Each country is different often along with dual economies
• The process of development needs structural change along with, usually, a diminishing task for agriculture, urbanisation, migration, a growing service sector and industrialisation for example tourism.
• The social costs of structural change can be important and fall disproportionately onto which least able to adapt as an example of dependents, the poor and unengaged
• Informal economies are a significant feature of economic activity within LDCs
• The theories of Comparative benefit, Rostow and Lewis are helpful to analyse and calculate the process of change.
• Social factors as like culture and institutions, social cohesion, good governance and social capital play a central part into the process of development
• Use current case studies to demonstrate analysis and estimate points.