Economic Reforms

Q.1 What are the factors that characterize underdevelopment. Ans: An under true economy is characterised by high population growth rate, abundant but unutilised renormalize resources, a misfortunate rate of capital formation, a humiliated rate of standard of upkeep accompanied by continual and sustained efforts to raise it through a proper recital of available natural, manpower, financial and entrepreneurial resources. This rendering helps to bring at one place the characteristics common to most of the underdeveloped countries. unless it should non suppose that alone these countries which are classified as underdeveloped countries accept all these characteristics in the same measure. in that respect may be instances in which a country does not feature most of these characteristics and is still classified as underdeveloped country. The definition simply serves as a sign-post and is positively not all-comprehensive. Its sexual morality lies only in the fac t that it helps to identify the elemental characteristics of an underdeveloped country. Moreover we cannot treat a country as developed merely because its per capita income is comparable to that of the U.S.A or Australia.

For several of the Arab States, gross guinea pig product per capita suddenly jumped to levels which exceed that of the richest Western States, yet in these countries are found some of the poorest and least developed communities in the world. This clear indicates that underdevelopment or development of a country or a region may not always be reflected in its per capita national product or the a verage living standard. tally to Prof. J! acob Viner, an underdeveloped country is a country which has sizable electromotive force prospects for using more(prenominal) capital or more savvy or more available natural resources, or all of these, to support its present population on a higher(prenominal) level of living or if its per capita income level is already plum high, to support a large population on a not lower level of living. This definition lays go out on the fact that the problem...If you want to get a full(a) essay, launch it on our website: OrderCustomPaper.com

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