What are the factors that led to contemporary differences in development between countries?

This essay hasn't yet been marked by one of our teachers

You can view 4 essays on Global Interdependence & Economic Transition that have been Marked by Teachers

The first 200 words of this essay...

What are the factors that led to the contemporary differences in development

Newly industrialised country's or NICs are those formerly LEDC's that have industrialized rapidly in the last 20 years by exporting manufactured goods to richer countries and reinvesting the profits in their economy . The most common of these NICS are found in South East Asia and include but are not limited to South Korea , Taiwan ,Singapore and Hong Kong . Other NIC's are as a result of the discovery of Oil . These oil rich countries are mostly found in the middle east and include The United Arab Emirates and Saudi Arabia. Much like the Asian NICS these oil rich countries have used the profits from the vast expanses of oil at their disposal to develop their countries and their economy .

NICs have developed due to a solid combination of Social , economic , political and physical factors working in their favour , the opposite could be said of LEDC's like Haiti which are very poorly developed . Beginning with political factors , the downfall for most LEDC's is the abundance of corruption in their governments . Most of their leaders are too