Purchase Solution

Economic theory of the third and first world counties

Not what you're looking for?

Ask Custom Question

Choose a third world country of your choice and using an economic theory of your choice, identify the parts of the economic environment of your chosen country and analyze its characteristics. Repeat the same for a first world country's economy of your choice.

Purchase this Solution

Solution Summary

The economic theory of the third and first world countries are provided. The response addresses the queries posted in 803 words with references.

Solution Preview

The response addresses the queries posted in 803 words with references.

// In this text, we attempt to analyze the economic environment of third-world countries with the main emphasis on Venezuela. With the analysis, the traits of economic environment are also discussed to throw the lights on the trends of economic growth.//

Third-world countries are technologically less advanced, poor, and dependent on developed countries. This term was originally used to distinguish the nations that are neither aligned with the west or east, and were members of the non-aligned movement. Leading members of third-world countries are Yugoslavia, Egypt, Iran, Iraq, Libya, Nigeria, and Saudi Arabia. The country chosen for the purpose of study is Venezuela.

The economic theory, which best describes the economic environment of third world country, is Karl Marx theory. His theory is also known as Marxism, which holds the view that all the society's progress is run by wealthy middle and upper classes. These people undertake the socioeconomic development task for their own benefit. Marx believed that this system should be replaced by a stateless and classless society called pure communism (Huffington, 2010).

In order to bring pure communism in the society, the social theorists, workers class, and underprivileged people should bring the organized ...

Solution provided by:
  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
Recent Feedback
  • "Thank You so much! "
  • "Always provide great help, I highly recommend Mr. Sharma over others, thanks again. "
  • "great job. I will need another help from you. "
  • "first class!"
  • "Thank you for your great notes. Will you be willing to help me with one more assignment? "
Purchase this Solution

Free BrainMass Quizzes
Understanding Management

This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.

Organizational Behavior (OB)

The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.

Operations Management

This quiz tests a student's knowledge about Operations Management

Basic Social Media Concepts

The quiz will test your knowledge on basic social media concepts.

Change and Resistance within Organizations

This quiz intended to help students understand change and resistance in organizations