Developed Countries

5 Key excerpts on "Developed Countries"

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  eBook - ePub

  Managing in Developing Countries

  • Betty Jane Punnett(Author)
  • 2017(Publication Date)
  • Routledge

    (Publisher)

  www.cia.gov/library ). Note that Hong Kong is not a country but in fact a part of the People’s Republic of China (PRC); however, it is often listed as a country, because of its special economic status within the PRC. The PRC does not recognize Taiwan as a country, and Taiwan does not currently have a seat at the United Nations.

  Developing Countries

  This term is used most commonly at the United Nations to describe a broad range of countries, including those with both high and low per capita national incomes and those that depend heavily on the sale of primary commodities. These countries usually lack an advanced industrial infrastructure as well as advanced educational, health, communications, and transportation facilities.

  Wikipedia (www.wikipedia.org ) says simply, “a developed country is one that has a high income per capita” and “a developing country is a country with a relatively low standard of living.” Although I would not normally recommend Wikipedia as a single source of information, this definition captures the major distinction between the two groups and the distinction that is generally used in this book. The specific measure that is usually used for determining a country’s status is income per capita.

  Using this measure, income per capita, according to the Economist Intelligence Unit (2016), the twenty-five Developed Countries of the world are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Gibraltar, Greece, Iceland, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, the United Kingdom, and the United States. All others are classified as emerging markets or transition economies.

  While income per capita is traditionally used to classify countries as developed or developing, there are limitations to this measure, and it does not capture the quality of life that may be experienced in a particular country. An alternative is the Human Development Index (HDI), which incorporates a variety of additional measures, such as health care, education, and social benefits. By and large, the countries that score high on per capita income also score high on the HDI and vice versa. Nevertheless, the HDI provides a better sense of what one will experience in a particular country. For example, Barbados, although a developing country, was number 30 on the HDI list, indicating a relatively high standard of living.

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  eBook - ePub

  Management

  A Developing Country Perspective

  • Betty Jane Punnett(Author)
  • 2013(Publication Date)
  • Routledge

    (Publisher)

  The CIA Factbook notes that this listing is similar to the new International Monetary Fund (IMF) term “advanced economies” which adds Hong Kong, South Korea, Singapore, and Taiwan but drops Malta, Mexico, South Africa, and Turkey (CIA World Factbook accessed at www.cia.gov/library, July 16, 2010). Note that Hong Kong is not a country, but is in fact a part of the People’s Republic of China (PRC) (but it is often listed as a country, because of its special economic status within the PRC); the PRC does not recognize Taiwan as a country, and Taiwan does not currently have a seat at the United Nations. Developing Countries This term is used most commonly at the United Nations to describe a broad range of countries including those with both high and low per capita national incomes and those that depend heavily on the sale of primary commodities. These countries usually lack an advanced industrial infrastructure as well as advanced educational, health, communications, and transportation facilities. Wikipedia (www.wikipedia.org, accessed June 9, 2010) says simply “a developed country is one that has a high income per capita” and “a developing country is a country with a relatively low standard of living.” Although I would not normally recommend Wikipedia as a source of information, this definition captures the major distinction between the two groups. The specific measure that is usually used for determining a country’s status is income per capita. Using this measure, income per capita, according to the Economist Intelligence Unit (2006) the twenty-five Developed Countries of the world are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Gibraltar, Greece, Iceland, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom, USA

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  Development Management of Transforming Economies

  Theories, Approaches and Models for Overall Development

  • Fabiana Sciarelli, Azzurra Rinaldi(Authors)
  • 2016(Publication Date)
  • Palgrave Macmillan

    (Publisher)

  4 When we talk about development, we refer to an economic growth process that occurs alongside a transformation of the society that could ultimately increase the welfare of the population. Countries that are at a developing stage face a transition that leads them from a condition of social and economic underdevelopment to a higher level of welfare and a better employment of productive capacities. In giving a more thorough definition, we can say that development represents an overall variation of economic, social and cultural influences that coincide with the income growth per capita. Obviously, this poses an issue about the definition. While it may be easy to identify an indicator for economic growth, which can be easily synthesized through the GDP, what is far more demanding is the study of an all-embracing indicator for a more structured outlook, including the wealth of the national popula- tion for instance. For this reason, the concept of development needs to be defined by its multidimensional capacity and by covering the different aspects that compose it. 1 Economic Development By identifying the factors the growth theories are based on, we can also iso- late the principal development factors, for example physical capital, tech- nical progress, the demographic factor, human capital and institutions. In economic theory, the physical capital represents the machinery used in the different phases of the production process. Several theories examine thoroughly the relationship that unequivocally connects the accumulation of physical capital with the economic growth of a country. An increase of physical capital on a national level reflects an increment of investments in new productive activities by domestic enterprises. If investments increase then the productive capacity of the country will also improve. In order to use the new machinery appropriately enterprises need to employ new workers, thereby providing an income to people who until then had none to speak of.

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  Socio-Economic Development

  • Adam Szirmai(Author)
  • 2015(Publication Date)
  • Cambridge University Press

    (Publisher)

  The development of GDP provides an indication of the development of a country ’ s productive potential. How this capacity will be used cannot be known in advance. For example, it may be used for ful fi lment of basic needs, healthcare, education or for military hardware, foreign payments, or conspicuous consumption by the elites. This depends very much on the social policies pursued in a country. In any event it is a well-established fact that there can be no long-term improvement of the living conditions of the masses of the population without a corresponding growth of productive capacity. As has been shown in section 1.3 , an increase in per capita income is one of the important elements in most de fi nitions of the development concept. This view is also endorsed in the HDR (UNDP, 1991 : 1). The chapters in this book on demography, healthcare, education and state forma-tion ( Chapters 5 – 7 , 11 ) will pay explicit attention to the interplay of economic growth and social indicators. Long-run trends in a variety of social indicators will be presented separately. No attempt will be made to calculate a single composite index. 1.7 Does the ‘Third World’ exist? ................................................................................................................. After the Second World War the term ‘ Third World ’ came into vogue as a designation for developing countries (Worsley, 1964 ). This Third World was contrasted with the First World of the advanced capitalist countries and the Second World of the industrialised socialist countries in Eastern Europe. The use of this term implies that all Third World countries have common characteristics and interests, and that a wide and growing gap separates them from the af fl uent industrialised countries. The same is implied by terms such as ‘ North ’ versus ‘ South ’ . With regard to these terms, the similarities and differences in circumstances in developing countries will be discussed.

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  Perspectives on Global Development 2019

  • OECD(Author)
  • 2018(Publication Date)
  • OECD

    (Publisher)

  The absence of an autonomous shift in environmental variables (such as sulphur emissions) from their relation with GDP per capita implies that environmental degradation increased with economic production. Technological change seemed to only have a small effect in delinking, and improving, environmental degradation in light of economic growth. CHAPTER 3. THEN AND NOW: DIFFERENCES IN DEVELOPMENT TRAJECTORIES │ 103 PERSPECTIVES ON GLOBAL DEVELOPMENT 2019 © OECD 2018 Well-being outcomes in recently emerging and developing countries How has well-being evolved in more recently emerging and developing countries, along the eight measures discussed above? This section looks more specifically at development since the 1950s for four key regions, focusing on countries that are either large in terms of population or characterised by contrasting developments within the region. As in Figure 3.5, the analysis looks at both actual developments in different well-being variables and at levels predicted by GDP per capita. 14 Unless stated otherwise, regional averages are always taken from How was life? (van Zanden et al., 2014 [2] ). They are population-weighted averages based on all countries in the region for which there is data and imputations for the countries where the data are missing. 15 Since the 1950s, late developers, which began to industrialise and grow rapidly only in recent decades, have been distinguished from the early developers by the phenomenon of “catching up”, or GDP per capita convergence. In the 19th century, the differences in GDP per capita between the most advanced countries and the rest of the world were relatively small. Indeed, the rate of economic growth of the fastest growing countries was no higher than 2%. This changed dramatically during the 20th century. The gap between the more productive countries and the rest of the world widened, creating a large potential for catching up.

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