Newly industrialized country
The term newly industrialized country (NIC) is a socioeconomic classification used by political scientists and economists to talk about several countries around the world.
NICs are countries who still are not developed countries but are doing better than other developing countries. NICs have fast growing economies, and export a lot. In NICs many things in the country change quickly as people from the country move to the cities to take jobs in factories.
NICs usually share some other common features, including:
- Increased social freedoms and civil rights.
- Strong political leaders.
- A switch from agricultural to industrial economies, especially in the manufacturing sector.
- An increasingly open-market economy, allowing free trade with other nations in the world.
- Large national corporations operating in several continents.
- A lot of investment from foreign countries.
- Political leadership in the part of the word they are in.
- Fewer poor people
NICs often receive support from international organizations such as the WTO and other internationl support bodies. However, as environmental, labor and social standards tend to be significantly weaker in NICs, many fair trade supporters have advocated standards for importing their products and criticized the outsourcing of jobs to NICs.
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