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Development Economics What is An LDC Pg 363 364 It is extremely difficult to characterise a typical LDC One way to define a typical LDC is to use the World Banks classification in terms of GNP In terms of international ranking LDCs are the tend to be the low income countries with a low income per capita Each of these countries have different characteristics that could explain its development or underdevelopment Due to these unique characteristics there is no one path towards successful development Countries often have substiute ways to overcome obstacles and achieve greater economic development An example of this would be Taiwan a country not endowed with natural recources that succeeded in attaining economic development through other means The initial condiions from which an LDC Launches on to a pathway to development will differ among LDCs These intitial conditions will differ depending on a countries current circumstances such as Resources - both human and physical The countries size in terms of population area and GDP The economic structure and the predominance of primary secondry and tertiary sectors The current economic system employed by the government whether market orientated or centrally-planned The countries dependance on foreign markets and investment Political power structures for example totalitarian or democratic government However Despite popular belief there is no correlation between a countrys standard of living and its history of colonial powerBechara 1982 Some of the countries in the world that presently enjoy a relatively high standard of living either never possessed colonies or if they did the history of their colonialism is inconsequential Switzerland Denmark Sweden Norway and the United States are examples of this Some of the great colonial powers on the other hand are presently facing economic difficulties Portugal for example possessed colonies which encompassed a territorial
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