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( Newly industrialised country)
The category of newly industrialized country (NIC) is a socioeconomic classification applied to several countries around the world by political scientists and economists. NICs are countries whose economies have not yet reached first world status but have, in a macroeconomic sense, outpaced their developing counterparts. Another characterization of NICs is that of nations undergoing rapid economic growth (usually export-oriented). Incipient or ongoing industrialization is an important indicator of a NIC. In many NICs, social upheaval can occur as primarily rural, agricultural populations migrate to the cities, where the growth of manufacturing concerns and factories can draw many thousands of laborers. NICs usually share some other common features, including NICs often receive support from international organizations such as the WTO and other internal 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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Newly industrialised country Subcategories
Newly industrialised country Articles
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