There are many types of LEDCs; I will be using China as my main focus point, being that it is the country I live in.
China's economic growth per year is among the highest in the world, this is mostly if not entirely because of Globalization. Before 1979 when Deng Xiaoping created the Open Door policy, China's Economy was almost a straight line going down. It was because of lack of globalization that the Chinese lost the Opium War, the Chinese thought that everything they need is within their boarders, and well obviously they were wrong, because from the Opium War on, as long as they kept their doors closed, they suffered. This just shows that China cannot survive without Globalization.
China's economy grows fast, but this growth is mostly experienced in larger cities such as Beijing or Shanghai. This is because, though there are many factories outside, the wealth is centrally distributed, and most of this wealth ends up in Beijing or Shanghai, turning China into 2 counties, a LEDC (inner regions) and a MEDC (costal cities).
From a report from BASF, it is shown that the costal areas, only a small percentage of China's total area, with 375million people, has a GDP of $550 billion, where as the inner regions of China, almost 80% of China's land with only 200million people, has a GDP of $110 billion. China has an urbanization rate of 10 million people per annum. This is because most of the foreign factories move near the big cities. It is a common argument that factories such a Nike and Gap force slave labor. It might seem this way since an average worker in one of these factories is likely to work around 60 hours a week and get paid around $80 US a month.