Developing Countries Industrialization and Commercial Agriculture

Economics of Developing Countries Development economics concerns the progress of economic development in the developing countries. Principally, it focuses on the promotion of economic growth through structural change aimed at improving the amount of production. It also involves the implementation of policies that promote economic development of the low-income countries and make their local industries more competitive in the global market. Currently, economic development is significantly stifled in the developing world. The more these countries try to spur their economic development, the less they progress economically. This unfortunate reality has been attributed to the fact of their unfavorable economic structure. Structuralist economics seeks to change the economic structure of the low-income countries to favor the industrialization, as opposed to commercial agriculture. According to structural economics, this cannot be undertaken solely by citizens or business players in the country. It requires s ignificant input of the state to establish the new structural design for the economic development of the developing countries (Dietz Street 1987).