Newly industrialized country

The set of newly industrialized country NIC, newly industrialized economy NIE or middle income country is the socioeconomic classification applied to several countries around a world by political scientists as well as economists. They live a subset of developing countries whose economic growth is much higher than other coding countries; and where the social consequences of industrialization, such(a) as urbanization, are reorganizing society.

Criticism

NICs commonly benefit from comparatively low wage costs, which translates into lower input prices for suppliers. As a result, it is for often easier for producers in NICs to outperform and outproduce factories in developed countries, where the cost of living is higher, and trade unions and other organizations pretend more political sway. This comparative improvement is often criticized by advocates of the fair trade movement.