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obstacles facing development of LDC

Define: Development through self - sufficency isolating businesses from competition worldwide inorder to destribut equal weath among the people
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
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
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
Name the 2 major international lenders the world bank, international monetary fund
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
Created by: Mindless007
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