Present and explain features that developing countries tend to have in common (according
to Todaro)
According to Michael Todaro, there are several features that developing countries tend to have in common. These features help distinguish them from developed countries and highlight the challenges they face in their economic and social development. Here are some key features:
1. Widespread poverty: Developing countries typically have high levels of poverty, with a significant portion of their population living below the poverty line. Poverty is often accompanied by low per capita income, limited access to basic services, and inadequate living conditions.
2. High population growth rate: Developing countries often experience rapid population growth due to high birth rates and declining mortality rates. This population growth poses challenges for providing adequate resources, such as healthcare, education, and employment.
3. Limited infrastructure: Developing countries frequently lack basic infrastructure, such as roads, electricity, clean water, and sanitation facilities. The inadequate infrastructure hampers economic growth and affects the quality of life of the population.
4. Unequal income distribution: Developing countries tend to have high income inequality, with a small fraction of the population controlling a significant share of the wealth. This inequality can hinder social cohesion and economic progress, as resources are not evenly distributed among the population.
5. Dependence on primary sectors: Many developing countries rely heavily on primary sectors, such as agriculture, mining, and extraction of natural resources, for their economic output. This dependency makes their economies vulnerable to fluctuations in commodity prices and exposes them to other external shocks.
6. Limited human capital: Developing countries often face challenges in developing and retaining skilled human capital. This can be attributed to limited access to quality education, brain drain (emigration of skilled individuals), and a lack of employment opportunities that match the skills of the population.
7. Weak institutional framework: Developing countries often struggle with weak governance, corruption, ineffective legal systems, and inadequate regulation. These factors impede investments, hinder economic growth, and perpetuate social and economic disparities.
It is important to note that while these features may be common in developing countries, there can be variations between countries depending on their specific circumstances, history, and levels of development.