Question 1 · 157 words written
Opening · a definition
Developing economies are the one who are on the path of development and are progressing year on year. E.g. → India, Russia, Bangladesh et. The tag is given by UN based on certain characteristics.
Body · points and prose
Characteristics :
- Income threshold → Per-capita income is $ 1018
- significant export contribution
- A high score on human Assets Index = health, education, life-expectancy of people.
- Low economic and environmental vulnerability.
Victims of Neo-colonialism
Development theory Modernisation theory proposed by Western nations asked these countries to adopt Western model of development and to grow. Development theory believes modernisation theory is a form of neo-colonialism :- → domestic industries shattered by MNCs → income inequality increased. → environmental damage promoted. → dependency on developed world increased.
Close
Post LPG → contract labour increased in India; agriculture sidelined etc.
However, in globalisation and cross-cultural contacts, technology exchange by MNCs, foreign investments also increase which boosted economic growth and not neo-colonialism