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 |