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Economic Development
| Question | Answer |
|---|---|
| when was the geographic determinism theory invented | 720-645 BC (China) |
| what is the geographic determinism theory | the geographic condition of one's location will have an impact on the development of its society |
| 3 factors of development | crops, animals, latitude |
| when was the meteorological climate theory invented | 1689-1755 (France) |
| who invented the meteorological climate theory | Montesquieu |
| what is the meteorological climate theory | certain climates are superior to others, France is ideal |
| when was the cultural theory invented | 1904 (Germany) |
| who invented the cultural theory | Max Weber |
| what is the cultural theory | western european protestants work harder, other cultures lack a strong work ethic and believe in witchcraft/magic |
| what is the ignorance hypothesis theory | poor countries are poor because their leadership unknowingly adopts bad economic policies, how can a country do better when it doesn't know how |
| when was the wallerstein world system theory invented | 1970 |
| what is the wallerstein world system theory | understanding the rise of the modern world, causes movement of goods from periphery to the core |
| coronation (core) | strong central government, wealthy, producers, large armies, peasants become cheap labour |
| examples of core countries | Northwestern Europe, Australia |
| periphery | no strong central government, controlled by other states, exports raw materials to core, poor labour practices, unequal trade relations |
| examples of periphery countries | Eastern Europe, Latin America |
| semi-periphery | core regions in decline or growth, exploited by core, exploits periphery |
| examples of semi-periphery countries | Portugal, Spain, Italy, Greece |
| external areas | maintained their own economic systems, remained outside the modern world economy |
| examples of external areas | Russia, North Korea |
| verdict | the capitalist world economy is detrimental to a large proportion of the world's population |
| who invented the 6 killer apps for world prosperity | Niall Ferguson |
| what are the 6 killer apps of prosperity | competition, property rights, scientific revolution, modern medicine, the consumer society, work ethic |
| competition | between countries and corporations |
| property rights | protested from the government, western world had rules |
| scientific revolution | western world got there first |
| modern medicine | antibiotics, immunizations |
| the consumer society | pay the people who work for you so they can buy-Henry Ford |
| work ethic | belongs to everyone |
| 3 types of colonization | imperialism, colonalism, philosophy/intervention |
| imperialism | extending rule of a nation or empire over foreign nations |
| colonalism | political, social, economic and cultural domination of a territory and its people by foreign power for an extended period of time |
| philosophy/intervention | interfering in native lives because you think your way of life is better |
| when was the world bank formed | 1945 |
| where is the world bank base | Washington, DC |
| what is the world bank | loans money to countries of the world for capital project |
| world bank voting power | US, Japan, China, Germany, UK, France, India |
| when was the international monetary fund formed | 1945 |
| what is the international monetary fund | foster global monetary cooperation, countries contribute funds to a pool through a quota system |
| how many countries are involved in the IMF | 188 |
| measuring economic development | infrastructure, government, average income, resources, total debt, employment rate |
| economic development classifications | four worlds:developed after WWII |
| first world | developed economies, non-communist |
| second world | developed economies, socialist/communist |
| third world | under developed, have the means to elevate status |
| fourth world | under developed, lack the means to elevate status |
| outdated | collapse of the Soviet Union |
| mixed economies | China |
| commercial | profit |
| subsistence | survival |
| capital | wealth in the form of money or assets |
| finance | money |
| export | goods or services sold to another country |
| sectors | where a population is employed |
| primary sector | natural resource based |
| secondary sector | manufacturing based |
| tertiary sector | service based |
| when was the brandt line invented | 1980 |
| what is the brandt line | in terms of development the world can be divided in two halves the rich north and the poor south |
| who developed the human development index | the United Nations |
| what is the human development index | a summary measure of development based on life expectancy and level of education |
| who invented the bottom billion | Paul Collier |
| what is the bottom billion about | why poor people are poor |
| what are the 4 traps | conflict trap, landlocked with bad neighbours, natural resource trap, poor governance |
| conflict trap | conflict breeds conflict |
| landlocked with bad neighbours | no connection to the global economy |
| natural resource trap | there is so much oil a country never develops the secondary and tertiary sectors |
| poor governance | corruption, government sucks |
| breaking poor governance | educate society to improve rules and regulations, US and all other developed nations need to help by opening the trades, opening political boundaries and providing aid |
| colliers solutions | aid, trade policy revisions, laws, military intervention |
Created by:
syddj123
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