Economies of Developing CountriesDeveloping countries are lagging behind industrialized nations imputable to historical and frugal reasons . In the 16th century , undecomposed advancements made in the face material fabrication and cute sparing strategies devote led to England s wealth . In supplementation , modern financial institutions build created dire situations for develop countries alternatively of helping them prosperTechnological advancements in the position textile exertion have resulted in increased in production , which later on made the situation industry flourish . The rise of levels in production meant that products can be mass produced quickly and expeditiously to meet the growing demands of consumers . The give tongue to industry too active millions of workers .[and] it transformed England into th e wealthiest countries in the world (48 . Unfortunately , this engineering science was non available to developing nations until many years later . hence , the circumstance that developing countries did not possess the knowledge concealment up then to create the technology nor obtain the technology veracious away resulted in a huge bed cover in production and income . This is because large quantities produced in England also meant that English textile manufacturers could export their products to more market places , which provided higher tax for themTo ensure a market for English textile products , the British political science taboo imported Calicoes from India (48 . This also aided the topical anaesthetic textile industry to grow . Thus , the said industry survived by baseball swing hit remote emulation . However , the same stipulation could not be said for India , in particular , because the British government imposed that English manufacturers should be admitte d without tariffs in India (40 . The market ! control that England has demonstrated , which also applies to most industrialized nations , smother the growth and expansion of foreign textile industries . This has resulted in few market shares which was directly prudent in the decline of financial income and stability of developing nationsBesides , government intervention of industrialized nations benefited and safeguarded the engagements of their manufacturers and products .
precisely governments of developing nations were more bear on about gaining their independence at this point in date and dealing with the complexities that went along with it that spa ring matters were neglected or plant aside . Later on , catching up depended unworkable to do because as societies relegate , people tended to focus on developing technical skills that entrust enable them to work in the corporate worldEqually important is the fact that modern financial institutions dupe it hard for developing countries to contribute off their loans . The financial interest , which will eventually stack away and get big over time that institutions like IMF and macrocosm Bank sic on their loans are expensive and attend almost unrealizable despite the efforts of developing nations . The interest set(p) on loans does not seem flexible as surface and take into consideration the economic stability of a particular country Paying off the interest and the loan itself unspoiled plunges countries more into debt instead of alleviating them from economic hardship . Also developing countries end up sacrificing serve that they offer to their people because renegoti ation of loans commonly resulted in...If you want to! get a full essay, order it on our website: OrderCustomPaper.com
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