Question 1 · 10 marks · 167 words written
Opening
Developing economies are the less developed economies compared to the ones like Australia, US, UK etc - in different spheres like economy, social development etc. es → India, Brazil
Body · points and prose
Characteristics of Developing Economies
(1) Lack of Robust Industrialization es → India's Manufacturing & Industry Base is still weak. (2) Per capita incomes are lesser than developed economies. → decided by World Bank (3) A particular threshold of trade and BoP. (4) Poor socio-economic indicators like
Human development Index etc.
Victims of neo colonialism
Neo-colonialism refers to the practises of the developed world to interfere and mould policies in the developing economies to suit them.
→ Institutions like World Bank, IMF - gives conditional loans eg> India had to bring LPG reforms in 1991. → Conditional credits & debt trap diplomacy. eg> BRI China. → Hegemony in culture and political advancements eg> Democracy Summit by Biden → Pressurising economies on their nuclear armament & sanctions eg> Iran
Close
The core-periphery divide is a result of systemic exploitation