Economic Development

Most people would agree that the United States is a developed country while Nigeria is developing. What does that mean? Does it mean that the U.S. is rich while Nigeria is poor? Since the definition of developed and developing nations usually depends on the overall economic output of the country, then, yes, developed countries are usually considered rich while developing countries are usually considered poor.

When we look beyond the economist's numbers, however, and consider what's important to people, such as life expectancy, access to education and health care, the lines separating rich and poor countries aren't always as clear.

In this presentation, take a look at some of the differences between the developed and the developing world and see how those differences affect the lives of the people living in those areas. You will also look at some of the challenges that poverty and wealth pose to the environment. Click the player to begin.

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Relationship Between Economic and Political Freedom

Most of the world's largest economies have free markets, meaning there is limited government regulation of businesses in these countries. While some countries exert more control over certain parts of the economy, on the whole, most businesses in these countries are privately owned and operated by individuals and corporations.

One of the common historical trends among the largest free-market economies is the growth of a large middle class and a rising standard of living. Over time as more people enter the middle class, they tend to demand more political freedoms and individual rights. Two recent examples of this phenomenon are Taiwan and South Korea.

South Korea has become one of the largest economies in Asia over a relatively short period of time. Formed in 1948, the country has experienced rapid economic growth based largely on export-driven manufacturing. From its founding through the 1980s the country was led by repressive rulers both civilian and military. As the country became richer and the middle class grew, people became less tolerant of authoritarian rulers and wanted to have a voice in the national government. Since the 1990s, the country has become a fully functioning democracy.

Economic Interdependence

The countries of the world are increasingly dependent on each other for raw materials, markets, and financial resources, although there is still a difference between the developed and developing nations. What happens in one part of the world can impact your life here in ways you might not have considered.

Take a moment to explore how the world has become more connected economically and what that means to you. In this presentation, you will learn about some of the agreements and organizations that have been set up to help integrate countries and prevent future financial crises. Click the player to begin.

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Economic Development Review

See how well you can identify the characteristics of developed and developing countries in this non-graded interactivity. Click the player to get started.