Economic Reforms

Q.1 What are the factors that characterize underdevelopment. Ans: An developing economy is characterised by high population growth rate, abundant but unutilised staying power resources, a misfortunate rate of capital formation, a unhopeful rate of standard of accompaniment accompanied by continuous and sustained efforts to raise it through a proper utilisation of available natural, manpower, financial and entrepreneurial resources. This interpretation helps to bring at one place the characteristics common to most of the under genuine countries. unless it should non opine that alone these countries which are classified as underdeveloped countries be in possession of all these characteristics in the same measure. in that respect whitethorn be instances in which a country does not contract most of these characteristics and is still classified as underdeveloped country. The definition simply serves as a sign-post and is positively not all-comprehensive. Its me rit lies only in the fact that it helps to identify the elemental characteristics of an underdeveloped country. Moreover we cannot treat a country as developed merely because its per capita income is comparable to that of the U.S.A or Australia.

For several of the Arab States, gross guinea pig product per capita suddenly jumped to levels which exceed that of the richest Western States, yet in these countries are found some of the poorest and least developed communities in the world. This clear indicates that underdevelopment or development of a country or a region may not always be reflected in its per capita n ational product or the average living standa! rd. tally to Prof. Jacob Viner, an underdeveloped country is a country which has favorable electromotive force prospects for using to a greater extent capital or more savvy or more available natural resources, or all of these, to support its present population on a higher(prenominal) level of living or if its per capita income level is already plum high, to support a large population on a not lower level of living. This definition lays realise on the fact that the problem...If you want to get a full(a) essay, commit it on our website: OrderCustomPaper.com

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