This approach creates unemployment and rise in the prices of goods and services. The second approach is the Gradual Approach in which the changes will be spaced out over time to prevent economic disruptions such as inflation and unemployment. The problem with this approach is that, for example, the market economy can not work with centrally planned economy. The rest of the world remains with those countries which are neither developed or former communist bloc countries and emerging economies. They are often called third world countries.
Economic history shows that it is possible for countries to develop rapidly and for others slowly.
For example, it took the United Kingdom fifty eight years to double its output per worker but only eleven years to South Korea and ten to China, except for the financial crisis of 1998. Asia , the World most populous continent, has shown a spectacular rate of economic development over the last four decades. However, most of that growth was confined to the East Asian Rim countries and China. China does not have the religious and ethnic problems that India has and is far more accessible to East Asian markets. Therefore the prognosis of doing business in China is better.