Developing vs. Developed Essay Example

Turkmenistan) and Mongolia, were not Included under either developed or developing regions, but rather were referred to as "countries in transition"; however they are now widely regarded (in the international reports) as "developing countries".

The IMF uses a flexible classification system that considers "(1) per capita income level, (2) export diversification”so oil exporters that have high per capita GDP would not make the advanced classification because around 70% of its exports are oil, and (3) degree of Integration Into the global financial The World Bank classifies countries into four income groups. These are set each year on July 1 . Economies were divided according to 2011 GNI per capita using the following ranges Lower middle income countries had GNI per capita between IJS$1,026 and US$4,036. Upper middle income countries had GNI per capita between IJS$4,036 and US 12,476. * High income countries had GNI above IJS$12,476. The World Bank classifies all low- and middle-income countries as developing but notes, "The use of the term is convenient; it is not intended to imply that all economies in the group are experiencing similar development or that other economies have reached a preferred or final stage of development. Classification by income does not necessarily reflect development status. [11] Measure and concept of development[edit] The development of a is measured with statistical indexes such as income per capita (per person) (gross domestic product), life expectancy, the rate of literacy, et etera. The UN has developed the Human Development Index (HDI), a compound indicator of the above statistics, to gauge the level of human development for countries where data is available. Developing countries are, in general, countries that have not

achieved a significant degree of industrialization relative to their populations, and have, in most cases, a medium to low standard of living.

There is a strong correlation between low income and high population growth. The terms utilized when discussing developing countries refer to the intent and to the constructs of those who utilize these terms. Other terms sometimes used are less developed countries (LDCs), least economically developed countries (LEDCs), "underdeveloped nations" or Third World nations, and "non-industrialized nations". Conversely, developed countries, most economically developed countries (MEDCs), First World nations and "industrialized nations" are the opposite end of the spectrum.

To moderate the euphemistic aspect of the word developing, international organizations have started to use the term less economically developed country (LEDCs) for the poorest nations”which can, in no sense, be regarded as developing. That is, LEDCs are the poorest subset of LDCs. This may moderate against a belief that the standard of living across the entire developing world is the same. The concept of the developing nation is found, under one term or another, in numerous theoretical systems having diverse orientations ” for example, theories of decolonization, liberation theology, Marxism, anti- imperialism, and political economy.

Another important indicator is the sectoral changes that have occurred since the stage of development of the country. On an average, countries with a 50% contribution from the Secondary sector f Manufacturing have grown substantially. Similarly countries with a tertiary Sector stronghold also see greater rate of Economic Development. The "BRIC" countries, Brazil, Russia, India, and China are difficult to categorize because of their rapid economic development in recent years. However, they are still not developed countries. http://en. wikipedia. rg/wiki/Developing_country#Definition

A developed country or "more developed country" (MDC), is a sovereign state that has a highly developed economy and advanced technological infrastructure relative to other less developed nations. Most commonly the criteria for evaluating the degree level of industrialization, amount of widespread infrastructure and general standard of living. [l] Which criteria are to be used and which countries can be classified as being developed are subjects of debate. Developed countries have post- industrial economies, meaning the service sector provides more wealth than the industrial sector.

They are contrasted with developing countries, which are in the process of industrialization, or undeveloped countries, which are pre-industrial and almost entirely agrarian. According to the International Monetary Fund, advanced conomies comprise 65. 8% of global nominal GDP and 52. 1% of global GDP (PPP) in 2010. [2] In 2011, the ten largest advanced economies by either nominal GDP or GDP (PPP) are the United States, Germany, France, the United Kingdom, Japan, Italy, Canada, Spain and South Korea. 3][4] Similar terms[edit] See also: North-South divide Terms similar to "developed country" include "advanced country", "industrialized country", "'more developed country" (MDC), "more economically developed country" (MEDC), "Global North country", "first world country", and "post-industrial country". The term industrialized country may be somewhat ambiguous, as industrialization is an ongoing process that is hard to define. The term MEDC is one used by modern geographers to specifically describe the status of the countries referred to: more economically developed.

The first industrialized country was the United Kingdom, followed by Belgium. Later it spread further to Germany, United States, France and otherWestern European countries. According to some economists such as Jeffrey Sachs, however, the current divide

between the developed and developing world is largely a phenomenon of the 20th century. 5] Definition and criteria[edit] Economic criteria have tended to dominate discussions. One such criterion is income per capita; countries with high gross domestic product (GDP) per capita would thus be described as developed countries.