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How has international trade underdeveloped the Less Developed Countries (LCDs)?

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  1. Introduction
  2. The comparative advantage which leads to specialization within the global economy
  3. Free trade and liberalism
  4. Conclusion

Following the decolonization period and the collapse of USSR (1989), a lot of countries gained their independence and entered the arena of international trade, arena previously created by few states known today as the North, or the developed countries. Therefore, the structure of the system is adapted by a few countries and tends to favour these 'old states'. Even if the colonization period is over, the less developed countries are still in a position of dependence upon the industrialized countries (the former colonizers); the current neo-colonialism period takes the form of economic colonialism. Indeed, the game of international trade is largely dominated by the North, 80% of the global trade is among the developed countries, of which the population represents only 20% of the global population. This essay will discuss how international trade has under-developed the less developed countries (LDCs). International trade can be defined as the exchange of goods and services between states; and according to the OECD (Organization for Economic Cooperation and Development), the LDCs are the countries which have a per capita income less than $650.

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