What are the differences among developing economies?
Developing countries are diverse. They can be different in terms of as:
• Resource Endowment for example, a country is natural resources, there size and formation of population;
• Geography and climate for example, a country remote through markets incurs transport costs; insensitive climates influence agriculture;
• Language and Religion countries that share cultures skill lower barriers to trade for example as Spain and Argentina;
• Colonisation experience several African and Asian countries current colonies of European countries; South American countries independent for long time;
• Extent of education an educated population has a superior productive potential;
• Sectoral balance among primary secondary and tertiary sectors of the economy
• Size of private sector Generalising, Southeast Asian and Latin American countries has a more urbanized private sector than African countries and South Asian;
• Role of government for example as South Africa has stable, which fair legal system (as like impartially enforced property privileges and law of contract) as well as low levels of corruption;
• Culture as an example that is the custom to hire the best person for the employment, the worker working longest or through the tribe?