Question

4. Explain the lingering effects of colonialism and how it is still playing a role in hindering economic development in the developing world.

Answer 1

Throughout the world's history the colonization has occurred. In Europe, three main influential colonizers included the French, the Spanish, and the British. All these countries were driven by three very basic goals: a desire to spread religion, a desire for material gain, and a desire to expand territory. Even in today’s complex society, we can experience the lingering effects of past colonization especially as a hindrance to economic development in the developing countries. Both domestically and globally, the developing nations have more usually lacked formal organizations and institutions of the type that have beneficial to the developed world: Domestically, the property rights on average have been not much secure, the elite constraints have been weak, and a tiny society segment has been able to gain access to and avail the benefits of economic opportunities. The problems with public administration, governance and poorly performing markets usually stem from poor institutions in domestic nations; consequently hindering the economic growth of developing nations