What is a Newly Industrialized Country (NIC)?
Q: What is a Newly Industrialized Country (NIC)?
A: A Newly Industrialized Country (NIC) is a socioeconomic classification used to describe countries that are not yet developed but have faster growing economies than other developing countries.
Q: What changes occur in NICs?
A: In NICs, people often move from rural areas to cities to take jobs in factories and there is a switch from agricultural to industrial economies, especially in the manufacturing sector. Additionally, there is an increasingly open-market economy allowing free trade with other nations and large national corporations operating in several continents.
Q: What common features do NICs share?
A: NICs typically share increased social freedoms and civil rights, strong political leaders, an increasingly open-market economy allowing free trade with other nations, large national corporations operating in several continents, investment from foreign countries, political leadership within their region of the world and fewer poor people.
Q: Does the international community support NICs?
A: Yes, NICs often receive support from international organizations such as the WTO and other international support bodies. However, due to weaker environmental labor and social standards many fair trade supporters have advocated for standards for importing their products and criticized outsourcing of jobs to NICs.
Q: How does investment play into being classified as an NIC?
A: Investment from foreign countries plays an important role when it comes to classifying a country as an NIC as it indicates economic growth potential which can lead to increased development opportunities within the country.
Q: Are civil rights stronger in newly industrialized countries?
A: Yes, civil rights are usually stronger in newly industrialized countries compared to other developing nations due its increased economic growth potential which allows for more resources available for social programs that promote human rights initiatives.
Q: How has outsourcing been viewed by fair trade supporters?
A: Fair trade supporters have generally been critical of outsourcing jobs to newly industrialized countries due their weaker environmental labor and social standards which may be detrimental towards workers' rights or safety regulations.
