Development of the developing world

Running Head: Development of the developing world
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Abstract
This Research Paper states the factors that qualify a nation to be a developing country. It also attempts to define the term developing countries. It looks at the issues that hamper growth in the developing countries. It then determines whether these issues are being sorted out and look at the obstacles and their causes, if any. It assesses the several disciplines that do affect the development of the developing countries. It sheds light on the state of these disciplines in the developing countries. Basing on the market access schemes that have been forwarded to assist the developing countries enter into the world markets, this paper looks at the effectiveness of these schemes.
A developing country is defined as a country that is in the process of becoming industrialized. It lacks industrialization, high literacy rate, advanced living standards and infrastructure (Michigan State University, n.d). Developing countries do make a large percentage of the World Trade organization. Two thirds of the members constitute developing countries. It has been reported that they play a more vital role with time because of their increased activeness in trade. This is backed by their large numbers which makes them important players in the world trade activities. Because of their numbers, it makes them a very diverse group of countries hence do have diverse concerns and needs. The world Trade organization has three ways of dealing with their concerns; First, the World Trade agreements which contain special provisions that enables them to receive preferential treatment. It also has a committee on trade and development which deals with a wide range of mandate from implementation of provisions. It also provides guidelines for technical cooperation among other duties. The third way is through world trade organization secretariat which provides technical assistance for developing countries (WTO, n.d).
Trade practices in developing countries however hinder development. This can be seen when developing countries borrow funds from financial institutions. The use of the borrowed funds is vital to growth. When a developing country borrows funds to finance investments, it is good for the economy. However, a country can borrow funds for consumption purposes, as is the characteristic with lots of developing countries wh...