economic development

Topics: Human Development Index, Developed country, Developing country Pages: 3 (711 words) Published: November 18, 2013
developed country
A developed country, industrialized country, or "more developed country" (MDC), is a sovereign state that has a highly developed economy and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are gross domestic product (GDP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living.[1] 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 economies comprise 65.8% of global nominal GDP and 52.1% of global GDP (PPP) in 2010.[2] In 2011, the nine largest advanced economies by either nominal GDP or GDP (PPP) are the United States, the United Kingdom, Germany, France, Japan, Italy, Canada, Spain and South Korea.[3][4] developing countries

A developing country, also called a less-developed country (LDC),[1] is a nation with a lower living standard, underdeveloped industrial base, and low Human Development Index (HDI) relative to other countries.[2][3] There is no universal, agreed-upon criterion for what makes a country developing versus developed and which countries fit these two categories, although there are general reference points such as a nation's GDP per capita compared to other nations. Countries with more advanced economies than other developing nations but that have not yet demonstrated signs of a developed country, are often categorized under the term newly industrialized countries.[4][5][6][7] Developing countries are, according to certain authors as Walt...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • The Economic Development of Bangladesh Essay
  • The Meaning of Colonialism: the Economic Development of Weaker Nations Research Paper
  • Democracy or Dictatorship, Which Is Best for Economic Development Essay
  • Social and Economic Development Towards Sustainability in Tondo, Manila Essay
  • With reference to examples, assess the degree the economic development of a country affects planning and management in urban areas? Essay
  • Bangladesh- the History of Development and It's Proverty Essay
  • Impact of Technology on Organizational Development Essay
  • Analyse the Effect of Education on the Development of China Essay

Become a StudyMode Member

Sign Up - It's Free