Chapter 8(40) Module 5


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Chapter 8(40) Module 5

PROBLEMS OF DEVELOPING COUNTRIES IN THE WORLD ECONOMY
New International Economic Order (NIEO)=

call for NIEO=

LDCs=

attempt by LDCs to do sth=

get a larger share of the world's income and wealth=

reflect the extreme inequality between sth and sth=

Half the world's population=

have an annual income of scarcely more than £177 per person=

complaint=

market for primary products=

protectionism=

hamper prospects for industrial development=

borrowing=

simple justice dictates that…=

take practical steps to do sth=

close the north-south gap=

world's poorest countries, the=

fast population growth=

at (a) rate (of)=

increase supplies of other factors=

Hence=

Low labour productivity=

after provision for con­sumption=

few spare resources=

increase human and physical capital=

break out of the vicious circle=

downward trend in real prices=

price volatility=

extreme concentration in a single commodity=

be reluctant to pursue development=

pursue development by exploiting a comparative advantage=

comparative advantage in primary products=

buffer stocks=

cartel supply restrictions=

prove difficult to organize=

with the conspi­cuous exception of OPEC=

OPEC=

increase export of labour-intensive manufactures=

In the last decade=

better growth performance=

begin from a small base=

market share=

become much more significant=

NICs=

make considerable progress along the route to development=

respond with new moves=

moves towards protection from imports of manufactures=

do better by doing sth=

encourage adjustment towards some industries=

comparative advantage lies in some industries=

run large deficits=

finance the deficit chiefly by external borrowing=

Large debt=

high interest rates=

threat of default=

threat of international debt crisis=

help effectively=

migration=

help equalize world incomes=

there is little prospect of sth=

allow significant immigration=

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