Answer to Question #317050 in Microeconomics for HLELO

Question

Consider some of the most important ways in which developing countries may differ in their economic, social, and political structures

Answer 1

Most developing countries are seen as having similar, if not the same, growth patterns in terms of their economic, social and political structures. This is because mostly all of them are volatile in one way or the other and so, the instability in one area or region affects them all.

Economic-wise, most developing countries are subsistence in nature, preferring to deal in crude trade which in the international market affects their prices and ultimately, their economy. Since the economic decisions cannot be made without some form of governmental influence, politically, the economic also depends indirectly on the decisions made by the political leaders. But like all governments of the world, personal gains and interests come first ahead of the welfare of their citizens. This affects the the culture and social behaviors of the citizens. A country with strict social beliefs may find it hard to move forward with the test of the world as each development is seen as unnecessary.