Developing Economies

1.    Why are some countries today much poorer than other countries? Are today’s poor countries destined to always be poorer than today’s rich countries? If so, explain why. If not, explain how today’s poor countries can catch up or even pass today’s rich countries.

Developing Economies

2.    Some countries are considered to be so much richer because they were able to make many more technical advances than those that are considered to be poorer countries. I feel like these countries that are considered poorer than today’s rich countries are destined to remain that way. Of course they will be able to close that gap and become not so poor, but it would be a very long battle for them to reach the levels of the richer countries because they are so behind right now. Any technical advances that those countries are able to make, most likely the richer countries will be growing just as fast.

Developing Economies

3.    Poor countries have the disadvantage of not having the funding or resources to spend on luxuries, and sometimes necessities, like running water in the home, these sort of inadequacies highlight how poor countries need to use the monies, any monies received to take care of its’ citizens and not on luxuries. Wealthier countries have the advantage of being able to capitalize on technology, modern conveniences, and monies for experiments/trials. Monies spent in poor countries are for what we consider Maslows Hierarchy of need-food, shelter, clothing. Wealthier countries can spend money on new cars, luxury homes, and vacations. Now in either country people can cross the wealth lines depending on their circumstance, but their is always a majority or minority in either situation. Poor countries will always remain poorer because of circumstance. But this could always improve or worsen depending on financial behaviors. In an article tha I read today, the author was quoted saying: “that wealthy nations can materially shape development in the poor world and that their efforts to do so should consist largely of providing resources to and trading opportunities for poor countries”. (Bridsall et al, 2015). Poorer countries will always be a step behind. The two articles that i listed below were very interesting to read on the matter.