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The Changing Economic World - Coggle Diagram
The Changing Economic World
Physical Factors
Location
Being landlocked is a big disadvantage as it means that trade is severely reduced. This is because if they want to import goods via sea they have to import it through neighbouring countries which may not always possible.
Extreme Events
Extreme events are becoming far more common than they ever have been. These are also normally located within the tropics meaning that their crops and infrastructure is wiped out occasionally. The extreme weather also can limit development such as Greenland due to their freezing conditions.
Health and Water Quality
Clean water is essential to boost development. This is because if a country can minimise the number of people getting ill from poor water quality it puts less pressure on the health system and means more people are working. This means all highly developed countries have clean water system.
Historical Factors
Conflict
Wars disrupt development by no only destroying infrastructure but also causing a loss of population. It also means that children can't access school which limits their opportunities and ultimately slows the rate of development. For example Ukraine at the moment.
Colonialism
Positives
In order for the colonialists to access the resources within the country they had to build roads and infrastructure such as railways, roads and ports such as India and Nigeria
Negatives
However the wealth that is taken from the extraction of the materials usually went to the colonial power rather than the country it was in originally. It also meant that the former colonies haven't moved past the production of raw materials. This means that countries that were colonies are some of the poorest in the world.
Economic Factors
Poverty
Someone who has a low standard of living, poor health and poor nutrition (is in poverty) is unlikely to improve their economic position due to not having enough money to pay for the education and development they need in order to progress.
Trade
The trade market requires infrastructure that poorer countries can't afford. Even if they had these richer countries put tariffs on imports and pay very little for exports as they are usually only primary goods.
Political
This means that if a government is unstable companies won't want to invest and any money that is brought in could be siphoned off to rich people within the government. A stable government also allows the people to be sure about the future and allows them to develop over a long period of time without large amounts of change.