Key Term and Interest For this week’s discussion board, the student has chosen the key concept “developing nation” to research. The student was particularly intrigued to learn more about how these developing nations have succeeded with small businesses within their countries, as well as learning more about how much these nations are behind in economic, technological, and education growth. In this discussion, the student will also discuss the standards and motivation of the workforce of developing nations in comparison to developed nations.
Explanation of Key Term The key concept “developing nation” is the term used to describe a country with a low level Of material well-being. A developing nation is also considered to be a third world nation, where poverty and disease run rampant, education is nearly nonexistent, and life expectancy is very low (Satterlee, 2009, pg. 88). Along with that explanation, developing nations also typically have a Human Development Index of less than 0. according to the Human Development Reports office. In comparison to developed nations, the population growth of developing nations is very high, with about two-thirds of the world’s population stemming from developing nations. Major Article Summary In conducting further research on developing nations, the student focused more on learning about educational growth in these nations, which also had an impact on the business and technological growth in them as well.
In an article written by Rossana Patron, titled “Public education in developing ountries: Cost-effectiveness of education policies and endowments growth”, it was brought to light the inflow of new workers being dominated by unskilled labor due to high incidence of early dropouts in primary and secondary education (2011 , pg. 329). Developing countries also suffered a higher rate of poor performance at fundamental levels of education, due to low quality educational standards being taught.
This is turn caused a higher rate of dropout students, which has ultimately affected the performance of usiness and production in these countries because of the lack of education. Overall, education has a major impact on the whole economy in these nations that are trying to develop. Reading further into the article, Patron discusses the “Hecksher-Ohlin Theory’, which argues that trade occurs due to differences in labor, labor skills, physical capital, capital, or other factors of production across countries.