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Based on the readings, what do you see as the biggest obstacles to development of poorer nations What can be done about it - Essay Example

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They are poor but are in the process of developing and include: Asia, Latin America and Sub Saharan Africa regions. However, countries in Asia region include Bangladesh, South Asia, Central Asia and Pakistan…
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Based on the readings, what do you see as the biggest obstacles to development of poorer nations What can be done about it
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Download file to see previous pages development in these countries can be divided into four categories: Natural Resources, Human Capital, Poor Infrastructure, and institutional factors.2 However, the difference between the developing and the developed world lies in the human, physical and the socioeconomic environments of the nations in question. This paper has used different theories of development to explain the obstacle to development experienced by poor countries.
Most of the poorer countries have inadequate resources including the fertile land. Availability of the resources can bring an increase in the productivity of the economy. In most developing nations, there is shortage of land due to the high population. Lesser land leads to significant fall in cultivation which is the main source of income in the poor nation. This in turn leads to the fall on the nations’ productivity known as the Gross Domestic Products.3 The situation is even worse since these countries have not tapped the technological practices in their productivity. According to the Exogenous Growth theory lack of technology makes it hard for a country to develop. Technology acquisition enables high production per unit of a natural resource like land when it comes to agriculture.4
The land in most of the developing nations is also so much fragmented due to socioeconomic issues such as passing the land to the next generation and the attempt by government to ensure equitable distribution of resources in these areas. It is good to understand that most of these nations over- depends on land which is the backbone of the developing world economy. There is therefore much tension when it comes to land issues.5
Most of the Sub Saharan African countries have vast natural resources that include oil and gold. This line of argument is in agreement with the Exogenous Growth Theory that the problem comes in the identification and affordability of technology that would help in the discovery of mineral deposits.6 This has led corrupting during ...Download file to see next pagesRead More
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