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Economic Development

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