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Rich and Poor Countries - Essay Example

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The author of this essay entitled "Rich and Poor Countries" casts light on the difference between developed and developing countries. According to the present text, the divide between the rich and poor countries of the world is not something which is new. …
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Rich and Poor Countries
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Download file to see previous pages It seems that the primary reason for this divide is the lack of positive international trade but the divide may be conquered with the aid of technological knowledge transfer and the evolving approach to helping these countries which are taken by organizations such as the IMF, the United Nations, and the World Bank.
Global trade and international business between countries is a part of the larger process of globalization which has been changing relationships between countries for many years. However, the relations between developing nations and their industrialized counterparts have not shifted much simply because there are many constraints placed on developing countries. These create barriers for their entry into several markets where their products might be unacceptable due to a multitude of reasons.
To pick just one barrier as the most significant one is rather difficult but if a choice had to be made, it can be said that these countries have problems in taking part in international industrial trade simply because they are developing nations. As developing nations, they may lack the infrastructure, the technical know-how, the production facilities and even the highly skilled labor which is required to produce quality goods (Bardhan, 2006). Industrialised nations like America or the majority of the nations comprising the EU have gotten used to a certain level of quality production which developing nations may not be able to create in certain specialized products (Wannacott, 1996).
By its very definition, a developing country has a comparatively low standard of living, an underdeveloped industrial base, and scores on the lower scale of the human development index. In contrast, developed nations have modern industrial setups with supporting infrastructures and they are less dependent on economic activities like agriculture or resource exploitation. ...Download file to see next pagesRead More
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