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  • Essay / Characteristics of economic development - 1519

    Neoclassicism, structuralism and radicalism affect economic development. Classical theory has been applied in many fields and can be used as a substitute for other theories, and the new classical doctrine occupies an important place. At the same time, the rise of radicalism has become the focus of attention. Radicalism Scientists have developed state activism in developing countries and it is influenced by developed countries. This theory aroused concern in society at the time. The third stage is that of the crisis and the reconstruction of the development economy. The era of this stage is from the 20th century to the present (yuanlinruc, 2014). Neoclassical theory has become the main theory of development economics. Developing countries are countries with low economic, technological and low standards of living. The GDP of these countries is generally lower than that of developed countries. Developing countries include more than 130 countries in Asia, Africa, Latin America and other regions of the world. (Mohuang, 2014). Developing countries have particular characteristics when it comes to economic development. First, lower living standards and productivity. Low standards of living and low productivity are very common in developing countries. The living