Essay: Modernisation theory of Economics
Can we conceive of there being a rich North and a poor South? It is true that many poor countries can be found south of the equator, although a general statement. Still, this skates over important differences, there are severe inequalities within ‘poor’ countries, the wealth of people in New Delhi or Buenos Aires literally sit next to poverty.
There are also dissimilarities in disclosure to natural hazards and disasters such as those that are climate related. The regions close to either side of the equator will experience hurricanes, floods and tsunamis with those close to fault lines, earthquakes and volcanoes. In the tropics, diseases such as malaria, river blindness and bilharzias will reap havoc. Those regions with poor soils, pests and certain types of predators will have consequences for agricultural capabilities. Different regions have different capabilities for handling these, and destruction of infrastructure and health are very costly. Therefore these prototypes will have an effect on the financial models of growth and poverty in the Third World.
The original theory of there being a coherency was Modernisation theory of Economics, which stated that after colonisation these countries were to emulate modern society in order to have a better quality of life. The conception of these countries was of a less developed economy; people farmed on subsistence, there were low rates of growth, trade with other countries was poor, and there was poor infrastructure and prevalent poverty. The Third World was sought as homogenous with typical under developed economies.
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