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by Francisco Noblía & Diógenes Palmieri
Subject: Elements of Micro and Macro Economics
Teacher: Julia Bardengo
Definition of development
Development can be measured by economic or human factors. A developed country is one that allows all its citizens to enjoy a free and healthy life in a safe environment. On the other hand, a developing country has not achieved a significant degree of industrialization and has a medium to low standard of living.
Development is measured with statistical indexes like income per capita, gross domestic product per capita, life expectancy and rate of literacy.
Criticism
The term developing country is often criticised as it could imply inferiority compared with a developed country, assuming a desire to develop along the traditional Western model of economic development that some countries do not follow. This is why international organizations have started to use the term less economically developed country for the poorest nations, highlighting that the standard of living around the globe varies in great manner.
Which criteria are to be used and which countries can be considered developed are still subjects of debate.
They have the most advanced post-industrial economies, meaning the service sector provides more wealth than the industrial sector. In this way, they also have high GDP per capita. They comprise 60.8% of global GDP according to the IMF; Australia, Canada and France being the three largest advanced economies. Moreover, they have a very high rating of Human Development Index, which combines national income, life expectancy, education and other measures.
Human Development Index categories
World Bank high-income economies
Developing countries
A developing country is a country with a less developed industrial base and a low Human Development Index (HDI) relative to other countries. Developing countries tend to have some characteristics in common. For example, with regards to health risks, they commonly have: low levels of access to safe drinking water, sanitation and hygiene; energy poverty; high levels of pollution
According to UN-Habitat, around 33% of the urban population in the developing world in 2012, or about 863 million people, lived in slums.
Newly industrialized countries
Underdeveloped countries
The Least Developed Countries (LDCs) is a list of developing countries that, according to the United Nations, exhibit the lowest indicators of socioeconomic development, with the lowest Human Development Index ratings of all countries in the world. A country is classified among the Least Developed Countries if it meets three criteria: Poverty, Human resource weakness and Economic vulnerability.
Underdeveloped countries criteria are reviewed every three years by the Committee for Development Policy (CDP) of the UN Economic and Social Council. Countries may "graduate" out of the LDC classification when indicators exceed these criteria in two consecutive triennial reviews.
Underdeveloped countries
In order to sum up this group work, here is an explanatory video about the topic "Developed, developing and underdeveloped countries":
Bibliography