Tijuana, Mexico ) World Poverty. Madrid Spain Kenya.

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Presentation transcript:

Tijuana, Mexico ) World Poverty

Madrid Spain

Kenya

Angkor, Cambodia (photo by Youngsixta)Youngsixta Cambodia

Nicaragua

Developed nations Nations with high standards of living based more on industry than agriculture Developing nations Nations with little industrial development and low standards of living Low per capita GDP Emphasis on agriculture Poor health conditions Low literacy rates Rapid population growth

Property Rights In developed country we know exactly where are property lines are. Governments of developing countries don’t support a strong system of well defined property rights. Negatives of this Can’t exchange land No large scale farming Little incentive to improve value of the property Don’t have borrowing power Can’t sell your land In Africa, less than 10% of land is formally owned!

Financing Economic Development Foreign Investment Attracted because of low wages, few regulations, abundant raw materials Foreign Aid Funds given by developed countries and private organizations to help other nations 3 types- economic, technical, military

Obstacles to Growth Attitudes and Beliefs Continued rapid population growth Trade Restrictions Misuse of resources

) China

China is a communist country 1978 leaders decided to reform the economy to motivate people to work harder. Private individuals were permitted to rent land up to 15 years You could keep everything after the government limits are met farm productivity increased dramatically In 2000’s several hundred million rural residents moved to cities to work in factories and offices. Economic growth remains 7 to 10% per year. Because government officials still control many resources, they seek bribes. This causes individuals to influence the way business is conducted in China. Still have problems with private property- pirate CD’s China is now a member of WTO and foreign presence is expanding.