Question

How low-income countries today different from developed countries in their earlier stages?

Answer 1

contemporary developing countries are often less endowed with natural resources (than the currentl developed were at that stage)-few developing nations are blessed with abundant supplies of petroleum other minerals, and raw materials for which world demand is growing; but most are not (especially Asia)-where resources are plentiful, heavy investments of capital are needed to exploit them-difference in skilled human resource endowments is even more pronounced-the ability of a country to exploit its resources and initiate and sustain long-term economic growth is dependent on the ingenuity and managerial and technical skills of its people and its access to critical market and product information at minimal cost-LDCs are often less educated, less informed, less experienced, less skilled-