Economic Structures in the third world: concerning production, infrastructure and foreign trade. Development in the Third World.

Economic Structures in the triad domain of a function:

1)-A common way of delimit a Third knowledge domain coun strive is by victimization economic criteria. Describe w wear the economic structures most commonly go to like for a majority of Third World countries concerning production, theme and unusual trade and what reasons may be for this situation.

Third World was first used as a political termination to describe countries that were not part of the second world, communist countries of the eastmost or the first world, capitalist countries of Western Europe and northwestward America. The third world represented the newly independent countries hat were de-colonized and intending to begin a neutral position within foreign policy. Soon these countries broadened their vision to include economic attributes.

PRODUCTION:

Production in the third world is very limited to primary commodities and most countries do not compete in the industrial or manufacturing sectors. close to third world countries saw industrialization as the spot element in leading them to prosperity and development. Two positions were interpreted on creating industrialization; claim ownership of industry and state protection of privately owned domestic industry from outside(a) competition. around countries alternatively choose to have a metier in trade to compete within the international economy. These countries thusly began to specialize in and exporting primary commodities and hypothetically using their comparative advantage to gain economic stability.



The comparative advantages were supposed to be capital- intense and then stimulate the economy.

These tactics did not work towards the countries advantage. They did take use of their comparative advantage to try and boost their economy but many third world countries choose the same product, creating a weak market for the products. It as well made the country dependent upon their single product (ex. Guatemala-banana, UNFCO). Most countries however never reached industrialization or the production of make goods. This main essential step...

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