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Political Science Assignment PDF

Added on - 06 Oct 2021

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Running head: POLITICAL SCIENCE
Political Science
Name of the Student
Name of the University
Course ID
POLITICAL SCIENCE1
Table of Contents
Answer 1..........................................................................................................................................2
Answer 2..........................................................................................................................................4
Reference list...................................................................................................................................7
POLITICAL SCIENCE2
Answer 1
In economics, one of the most perplexing aspect is difference in economic success among
nations. More specifically, all the nations do not achieve economic prosperity equally. That
means over longer time horizon, all the nations do not stimulate their standard of living at a same
rate. Advanced countries like those in Western Europe and North America have a much higher
living standard compared to nations in different regions like Africa, Asia and even countries in
South America (Robinson and Acemoglu 2012). Initially, difference in natural resources held
responsible for varying economic results. It was expected that countries blessed with ample
natural resources like oil, natural gas and different precious metals can achieve economic success
at a faster rate. There are two reasons for this. Firstly, countries having abundant resources can
use these resources for achieving a higher own growth. Secondly, these countries can exchange
these resources in return of big bucks, which can be used for economic development.
The explanation in terms of difference in natural resources has some problems. There are
sufficient examples of countries those have achieved economic success with only a few natural
resources. Examples of such nations include Asian countries like Japan and Singapore. Despite
having fewer resource these two nations have achieved a higher income (Platteau 2015).
Similarly, there are nations that despite having sufficient resource have remained economically
backward. Examples include countries belonging to Middle East, South America and Asia.
These countries have huge supply of natural resources. Living standard still remained at a
considerable low level.
Another possible explanation for varying level of economic success is in terms of
differing education level. This however fails to provide a sufficient explanation for these
difference. There are many nations those achieved economic prosperity with a low literacy rate
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