Asked by danica javier on Jun 09, 2024
Verified
Convergence may be a long process because the roots of development go back centuries.
Convergence
A theory predicting that the standard of living in economies around the world will grow more similar over time, with poorer countries eventually catching up with richer ones.
- Acknowledge the challenges and rewards of implementing trade liberalization and free trade policies in developing countries.
Verified Answer
DB
Daria'una ButlerJun 11, 2024
Final Answer :
True
Explanation :
Convergence refers to the process by which developed and developing countries become more similar in terms of their economic and social indicators. However, the roots of development and the factors that contribute to it, such as political stability, access to education and healthcare, and infrastructure, are deeply ingrained and may be impacted by historical and cultural factors. Therefore, convergence may be a long process that takes time and requires sustained efforts to address these underlying issues.
Learning Objectives
- Acknowledge the challenges and rewards of implementing trade liberalization and free trade policies in developing countries.
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