Economic program of the international law for the Least Developed Countries (LDC)
International trade appears to be an influential factor for economic, social and environmental associations. It can cause profound changes in the working and living conditions of its populations. However, an adverse reality is that international trade does not generate the same consequences everywhere. Although it allowed countries such as the emerging nations of Southeast Asia to experience great economic progress, others have been stagnating or even declining. International trade contributes to rising inequality and therefore results in failure for the least developed countries.
In fact, even today it is estimated that 1.2 billion people live on less than a dollar for a day, while one fifth of the world's population gather 80% of global wealth. This is in consideration to countries in which globalization and trade liberalization exert into negative consequences, especially concerning the Least Developed Countries (LDCs). Until the mid-1960s, all the developing countries were seen as uniform. However, this simplistic approach did not allow the development of special measures for the poorest among them.
Therefore, UNCTAD had undertaken a research on ?typology' of developing states. On this work, the General Assembly of the United Nations established a list of LDCs in 1971. LDCs, hence defined a category of countries representing the least socio-economically developed ones. They present development indices (HDI), and want them to get special attention from the international community.
Tags: International trade, economic, social and environmental associations, Southeast Asia, Least Developed Countries, General Assembly