Christopher D. Berning
American Intercontinental University
According to the World Bank, its mission is helping countries develop and reach the goals of its people by working with its partners to alleviate poverty. According to them they focus on six themes of strategy to support this mission of providing Technical/financial and various other assistances to those in need where its impact will be the greatest and promote further growth and development. The themes identified where post-conflict and fragile states, global public goods, middle-income countries, focusing efforts on the poorest countries, knowledge and learning and the Arab world. (World Bank, 2011) The key to successful economic development is to implement strategies that include "a market economy, a high saving rate, and investment in infrastructure and in human capital". (Rittenberg, & Tregarthen, 2009)
Since the 1970-80’s Singapore and Hong Kong have been considered (NIC's) or newly industrialized countries. It is not possible for a nation that is industrialized to do this without first having a market economy as such this should be the first Priority of a NIC. To have a market economy there must be "a division of labor in which the prices of goods and services are determined in a free price system set by supply and demand". (Altvater, 1993) Supposedly, to bring about industrial stability through the dismantling of communist parties, attracting multi-nationals companies with existing...