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The category of newly industrialized country ( NIC ), newly industrialized economy ( NIE) [1] or middle income country [2] is a socioeconomic classification applied to several countries around the world by political scientists and economists. They represent a subset of developing countries whose economic growth is much higher than that of other ...
The terms low and middle-income country (LMIC) and newly emerging economy (NEE) are often used interchangeably but refers only to the economy of the countries. The World Bank classifies the world's economies into four groups, based on gross national income per capita: high, upper-middle, lower-middle, and low income countries.
A developed country, or advanced country, [3] [4] is a sovereign state that has a high quality of life, developed economy, and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are the gross domestic product (GDP), gross national ...
The flying geese paradigm ( Japanese: 雁行形態論, Hepburn: Gankō keitai-ron) is a view of Japanese scholars regarding technological development in Southeast Asia which sees Japan as a leading power. It was developed in the 1930s, but gained wider popularity in the 1960s, after its author, Kaname Akamatsu, published his ideas in the ...
The Industrial Revolution, sometimes divided into the First Industrial Revolution and Second Industrial Revolution, was a period of global transition of the human economy towards more widespread, efficient and stable manufacturing processes that succeeded the Agricultural Revolution. Beginning in Great Britain, the Industrial Revolution spread ...
Industrialisation ( UK) or industrialization ( US) is the period of social and economic change that transforms a human group from an agrarian society into an industrial society. This involves an extensive reorganisation of an economy for the purpose of manufacturing. [3] Industrialisation is associated with increase of polluting industries ...
Rostow regards the development of leading sectors as the 'analytical bone structure' of the stages of economic growth. There are generally three sectors of an economy: Primary Sector - Agriculture. Secondary Sector - Manufacturing. Tertiary Sector - Services.
Six European nations, Belgium, France, Germany, Italy, Luxembourg, and the Netherlands took a step toward economic integration with the formation of a common market of coal and steel. They formed the European Coal and Steel Community in 1951. The idea was to stream-line coal and steel production.