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Learning Objectives
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In this chapter you will learn:
  • How the World Bank distinguishes between industrial advanced countries (high-income nations) and developing countries (middle-income and low-income nations).
  • Some of the obstacles to economic development.
  • About the vicious cycle of poverty that afflicts low-income nations.
  • The role of government in promoting economic development within low-income nations.
  • How industrial nations attempt to aid low-income countries.





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