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Abstract A traditional agriculture operates in a relatively static physical, economic and cultural environment and as a consequence becomes relatively well adjusted to that environment. Citing Literature.
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Proceedings of the Second International Conference On Economic and Business Management (FEBM 2017)
Old Password. Not surprisingly, African LDCs and LDCs specialized in the export of minerals also showed only limited or even negative changes in agricultural productivity for example, minus 1 per cent annually for the mineral exporters and little sign of transformation of the employment structure, with a decline of agricultural labour share of 7 and 0 percentage points, respectively. More importantly, the Report says, both groups of countries experienced a decrease of 1 percentage point in the manufacturing share of total output. Even in African LDCs, however, labour productivity in the industrial sector grew substantially over the period —, at an annual rate around 2.
Modernization Theory: Does Economic Development Cause Democratization? - Oxford Handbooks
This figure hides an important contrast between those LDCs where the industrial sector is dominated by manufacturing and those where it is dominated by extractive industries basically oil, gas and metal mining. Exporters of manufactured goods primarily Asian LDCs in fact proved to be resilient to the negative external shock engendered by the global economic crisis that started in In those LDCs where the industrial sector is dominated by extractive industries, on the other hand, the crisis pushed labour productivity into a steep decline. This underlines the vulnerability of economies that are dependent on natural resources, and the importance of diversifying their production structures.
The Report also finds that, even in those countries that are relatively successful exporters of manufactured goods, a large part of the workforce has resorted to service activities that offer low-productivity and informal fallback options for workers lacking an industrial job. Urban industry has not been able to keep up with the extraordinary pace of rural-to-urban migration registered in the last two decades, and the service sector has absorbed a large part of the excess supply of workers in urban areas.
The rise in the share of workers employed in low-productivity informal jobs is a serious impediment to aggregate productivity growth and development in all the LDCs. Moreover, since low productivity is associated with low incomes, these jobs not only restrain economic modernization, but they also keep workers in poverty.
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