economic growth, globalisation, international trade, development
Many less-developed countries (LDCs) seem to be caught in a ‘low-level equilibrium trap’. With low average incomes, health and education levels will be low and savings will be limited, which in turn means that investment will be low, leading to slow economic growth and low levels of average income. The question is how an LDC could break out of this vicious cycle and enjoy economic growth.
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