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Economic Advantages And Disadvantage Of Third World Countries

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With an ever-growing world economy, the demand for raw goods is on the rise. Having the world economies dependent doesn't make the situation any better. Economic goods are consumable items that are useful for people as well as the economy, however scarce in relation to its demand, therefore human effort is required to obtain it. First world countries have been taking advantage of third world countries since ages, especially since the industrial revolution, to try and use their natural resources to advance with their economies and production. Africa has been the biggest victim of this exploitation due to their abundance in natural wealth. They have been enslaved by the developed countries, exploited for their diamonds which caused blood conflicts all …show more content…

Africa has historically been absolutely vital to the industrialization of Europe as a source of natural resources and human labor. Modern Europe owes its development to the availability of Africa’s natural resources which were hauled home and then turned into finished manufactured products for value-added export. Throughout the period 1993 to 2003, the exploitation of natural resources in the DRC was characterized by extensive corruption, fraud, pillage, mismanagement and lack of transparency. Political, military and business elites, as well as rebel groups and armies of neighboring countries, plundered these resources and got rich off the back of the Congolese population. Violations of economic rights were systematic. The DRC has huge economic potential: for example, it accounts for around 17% of global production of rough diamonds and at least 4% of global tin ore production, the copper belt which runs through Katanga and Zambia contains 34% of the world's cobalt and 10% of the world's copper (Global Witness, 2009). But successive governments allowed this potential to go to waste. President Mobutu set up predatory systems to control and exploit the country's mineral wealth for his own benefit, and

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