Question

How does economic development differ around the world?

Answer 1

1.Technological Developments. In the long term, a key factor in determining economic growth is the development and implementation of new technologies. Steam technology helped countries to industrialise; the assembly line enabled efficiency savings from the 1920s. In the post war period, all major industrial countries have benefited from similar improvements in technology – micro-computers, increased mechanisation, the internet and better transport. These technological improvements are generally available to every country, so they can all benefit from the same productivity growth. Also, the creation of new technology doesn’t really depend on government policy.

2.Globalisation and Multinationals. The world is increasingly globalised; big multinationals have operations in all major economies. If they improve their productivity and invest, it tends to be felt on a global scale, not just in a particular country.

3Global Shocks. All major economies are subject to the same global shocks. For example, in the 1970s, a rise in oil prices hit all the main oil-importing economies. The global credit crunch of 2008, had a similar effect in pushing most major economies into recession

Answer 2

All countries has different economic and development that why the economic rate and development rate are different of all countries.