Word: ldcs
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Dates: during 1970-1979
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...have-nots are often described as the South (in contrast to the industrialized North), the LDCs (less developed countries) or the Third World (in comparison with the First World of the industrialized West and the Second World of Communism). The diplomatic vehicle often used by the poor nations is the so-called Group of 77, a consortium of developing countries (actually, there are now 103) within the United Nations...
...themselves, some obstacles are not easily overcome. Most of the poor nations, for example, are burdened with a tropical climate, which lowers both soil fertility and levels of human exertion. Many also lack the cultural milieu to reinforce individual initiative and social concern for progress. "What holds back many LDCs is the people who live there," says P.T. Bauer. "Material achievement depends primarily on people's attitudes, motivation and mores. In many LDCs, popular mores are often uncongenial to economic development; there is widespread fatalism and torpor and preference for a contemplative life." For many traditional African societies, work...
...FOURTH WORLD contains the LDCs that have some raw materials, some modern economic infrastructure and some trained technocrats and administrators and thus could eventually achieve self-sustaining economic growth. But unlike Third World countries, they need significant financial help and special treatment by the industrial powers to spur exports of their goods and imports of technology. This group, with a population of 930 million, includes Peru, the Dominican Republic, Liberia, Jordan, Egypt, Thailand and Guinea-Bissau...
...hands. Two related events galvanized them into a cohesive bloc: the 1973 decision by the ministers of OPEC to quadruple the price of oil, which had been $2 per bbl., and the Arab nations' imposition of an oil embargo at the time of the October War. The LDCs-even those not directly involved in oil exports or the Middle East conflict-were exhilarated. They saw both actions as proof that the industrialized West was vulnerable to collective pressures from the poor nations. "For the first time since the rise of Western capitalism, a decision affecting the world economy...
...early 1960s, the U.N. launched its much vaunted Development Decade, setting a minimum target of 5% annual growth for what was then called the "lesser-developed countries" or LDCs. In 1970, with many of the first decade's plans still unfulfilled, a Second Development Decade was decreed, and the growth target upped to 6%. As of 1973, however, only a few of the LDCs, most of them oil exporters, had achieved a 6% growth rate. The rest, with a total population of 1.5 billion, kept a meager 2.8% ahead of the population increase...