Question
What is a good response to the information below Opinion on the given info The catch-up model is a theory that states that poorer countries
What is a good response to the information below
Opinion on the given info
The catch-up model is a theory that states that poorer countries tend to grow more rapidly than wealthier countries. Thus, the phrase "catch up" is taken literally as poorer countries eventually catch up to wealthy countries.This may occur because a poor country may enhance their catch up effect by opening up their economy to free trade. Poor countries also can replicate technologies and production methods. Due to them knowing how other countries do with these advances they can experience rapid growth.
The predictions of these models have been accurate in the past where Japan before the second world war was the fastest growing economy in the world. However, after the world war it the country had to be rebuilt and thus used other countries to begin growing again. They imported machinery and technology from the United States and eventually, Japan's growth rate grew rapidly out performing the United States by a huge margin.
There are many reasons why a country might fail to "catch up". One being that within poorer countries there is still a lack of capital reducing the developing country to catch up. Furthermore there can be lack of skilled workers and lack of technologies. When there are not many skilled workers and the technologies they have is not sufficient then this will create problems in production.
Poorer countries that want to catch up to developed countries must put their economic issues first. As long as the government acts in the favor of good economic growth and not get stuck on the political aspects of the country then the country may grow. Furthermore I believe that a country should have good labor forces as well as great educational standards. Focusing on these aspects will definitely help the country grow more rapidly.
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