ABSTRACT
This chapter begins by demonstrating that there is such a set of nations that share common features. Prices in L/LMICs for similar goods can vary because markets are segmented due to poor infrastructure, lack of information, transportation and communication costs. Neocolonialism differs from colonialism in that the political administration is turned over to the colonies after they attain independence, but the power equation is still massively unequal. The challenge for L/LMICs is to attain middle income status so that they can meaningfully function on a global scale, but more importantly, to address internal problems of poverty and inequality based on their own resources. The word nominally is used because national volition is difficult to realize. It would presuppose at least some form of representative government and at a bare minimum the ability to replace political parties representing constituents with elections.
