obstacles facing development of LDC
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| Define: Development through self - sufficency | isolating businesses from competition worldwide inorder to destribut equal weath among the people
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| Example: self-sufficiency approach | India: businesses were dicouraged from making exports and required govn't permission to sell a product, make a product, or expand production of a product. problems-iefficiency & large Bureaucracy
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| Name the 5 steps in Rostow's Development Model | 1. the traitional society 2. the preconditions for takeoff 3. the takeoff 4. the drive to maturity 5. the age of mass consumption
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| Describe: the 4 asian dragons | S. korea, Singapore, Taiwan, hong-kong: promoted development by concentrating of producing a handful of manufactured goods. low labor costs enable these countries to sell products inexpensively in MDC
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| Name the 2 major international lenders | the world bank, international monetary fund
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| Define: structural adjustment programs | b/d LDC couldn't pay back loans they woudl enstate these economic policiesthat encourage international trade: raising taxes, reducing govn't spending, controlling inflation
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