The History Of Third World Development Strategies Free Essay Example, 2750 words

Economies in the South East Asia such as Vietnam and South Korea had a slightly different shift during the 1980s. The main difference between the two economies and Saudi Arabia is the exportation of oil and the influence of western economies. Saudi Arabia became a center of interest for global powers during the lost decade. The presence of oil and the escalating fuel demand made Saudi Arabia become a close ally of America and other western powers. For instance, Vietnam shifted from a centralized economy into a socialist planned economy during the 1980s "Ä oi Moi" economic reforms. Since these reforms, Vietnam has experienced a steady economic growth leading to its integration in the global economy. In the early 1980s, Vietnam was a stagnating economy resulting from the ideological and political crisis. This period was also characterized by high unemployment, low productivity, technological shortfalls, and unavailability of consumer goods. Between the 1970s and 1990s, Vietnam was g overned by socialist policies and therefore its economy was heavily dependent on the Soviet Union and its allies. Vietnam is an agricultural based economy, with the sector accounting for 30% of the total GDP. We will write a custom essay sample on The History Of Third World Development Strategies or any topic specifically for you Only $17.96 $11.86/page