Population Resources & Development – Development Research Task
Mexico & France
Introduction
Aim:
Determining the issues in LEDCs and MEDCs, investigating the internal and external factors, and the difference between their economic developments.
1. ISSUES IN LEDCS
MEXICO
Mexico is located in Middle America bordering the Caribbean Sea and the Gulf of Mexico, between Belize and the US and bordering the North Pacific Ocean, between Guatemala and the US. The capital of Mexico City is located at latitude 19°26’N and longitude 99°7’W, and is located in the North-Western hemisphere.
Mexico has what is called a ‘free market economy’ – where the pricing of goods and services, production, distribution and exchange is determined by supply and demand, guided solely by the country's citizens and there is little government intervention; a capitalistic economy. Mexico has been established, as a middle-income country and is considered as the richest Latin America country in GDP and PPP with the highest income per capita in Latin America of $6,790 . Since 1994, where Mexico had an economic debacle, due to the devaluation of the peso, Mexico has been making an impressive recovery, building a modern and diverse economy. Mexico relies heavily on mining and is the world’s largest producer of silver. The country also has large supplies of copper, iron, ore, sulfur, lead and zinc. In addition to mining, oil has also had a profound impact on the Mexican Economy. Since the 1920’s, Mexico has been one of the top five oil producing countries in the world, integrating Mexico into the “World Economy” .
Once Mexico begins to get on top of their cultural and internal problems, such as their income distribution, a fourth of the US per capita, which is higly unequal and diverse, Mexico has the 12th highest GDP in the world of $1.149 trillion, but their GDP per capita is only $12,775 placing them 60th, they will be able to become one of the world’s largest emerging...