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developing countries
Developed countries:
Post developed countries are those economies which have been developed
in terms of resources and economic conditions. These include economies
from the global north such as Germany, Britain, France, United States of
America etc. Developing economies are those economies which are
striving to come out of their social, economic and political crisis. They
currently lack what developed economies owe such as political stability,
strong economic indicators, free market system, democracy etc. The
developing economies include economies of global south or rapidly
emerging economies such as India, China, Brazil, and Turkey etc. These
economies have greater chances to become stronger in coming future.
However underdeveloped countries are usually referred to third world
countries which are in worse conditions as compared to the developing
and developed countries. These economies lack political stability, face
military intervention, very high poverty line, greater unemployment, greater
default risks and greater economic problems. These are some things and
the factors which differentiate between a developed and developing
country and economy.
Underdeveloped countries :
Underdeveloped countries usually have a large percentage of the
population engaged subsistence agriculture or working on large
plantations. Subsistence agriculture is raising crops for family use with
little, if any, of the crop sold. Underdeveloped countries, a small
percentage of the population are engaged in manufacturing and industry.
Even in developing countries there are cases where one moves at a rapid
pace to get Developed country recognition (China) and the other which
moves at a snail pace to get the same (India).
Developed:
A developing country normally has comparatively low level of affluence
and more unemployment rate. In developing countries, there is low per
capita income, poverty, less education level and low capital formation.
Such countries are fighting to get these things, but might not have reached
them. These countries are usually suffered from war, disease, poverty,
natural disasters, etc.
Developing:
The underdevelopment of the third world is marked by a number of
common traits; distorted and highly dependent economies devoted to
producing primary products for the developed world and to provide
markets for their finished goods; traditional, rural social structures; high
population growth; and widespread poverty. Nevertheless, the third world
is sharply differentiated, for it includes countries on various levels of
economic development. And despite the poverty of the countryside and the
urban shantytowns, the ruling elites of most third world countries are
wealthy.
No study of the third world could hope to assess its future prospects
without taking into account population growth. In 1980, the earth's
population was estimated at 4.4 billion, 72 percent of it in the third
world, and it seemed likely to reach 6.2 billion, 80 percent of it in the
third world, at the close of the century. This population explosion in
the third world will surely prevent any substantial improvements in
living standards there as well as threaten people in stagnant
economies with worsening poverty.