“…According to Table 1 , traditional forms are less pluralistic and often, binary for almost all economies, for example, “developed” and “developing,” which is arguably one of the most commonly used taxonomies (Fialho & Van Bergeijk, 2017 ). A “developed country,” also known as “industrialized country,” is often defined as economies that achieve high levels of GDP per capita (Lambert D’raven & Pasha-Zaidi, 2016 ), market liberalization and political preferences (Grosjean & Senik, 2011 ), technology, and overall living standards (Madzík et al, 2015 ), while a “developing country” does not satisfy such standards. Despite this technical contrast, comparison among developing countries creates an obvious confusion as countries such as China, Namibia, Ukraine, Chile, and Samoa have vast differences among them, therefore making any such groupings technically erroneous.…”