Assignment 1
In the current changing global economic environment recent effects of various economic, health and social disasters have led to
significant poor performances of the developed and developing economies. These circumstances have led to renewed thoughts on the conventional neoclassical economic theory. Also, a need arises to modify the unique social, institutional, and structural circumstances of developing countries to promote efficient
production and distribution through a proper, functioning price system which is an integral part of any successful development process. Through the development process these nations aim to improve their socio-economic development (i.e., reduce poverty and inequality, raise living standards through economic growth process), improving markets and expand freedom of choice in the market and beyond are equally important. A key issue is that many
developing countries are facing major economic, political, and social development challenges and low levels of economic growth.
In discussing various theories of economic growth and development what are the most serious economic growth and development obstacles to further the progress in developing countries?
What are some of the difficulties associated with the establishment of market economies in developing counties? In which way do developing countries depend on developed countries and in what ways the opposite is true? Give specific country examples to support your views.
Explain which policies the governments of developing countries may implement to overcome economic growth problems.
