Self sufficiency, and international trade
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| self sufficiency | isolating small businesses in LDC's from large international cooperations. businesses in country made for use in country.
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| 2 problems with self sufficiency | inneficiency and large beaurocracy
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| inneficicnecy | feel no pressure from international cooperations no desire to improve
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| large beauocracy | encourage abuse and corruption. some earn more money illegaly importing goods
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| international trade | country find what they have at a better quality but can sell cheaper that other countries would want. international sales can fund other development.
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| who created the development model | W W Rostow
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| stage 1 | traditional society
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| traditional society | hasnt started process of development
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| stage 2 | the preconditions for takeoff
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| the preconditions for take off | development begins when an elite group starts innovative economic activities
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| stage 3 | the takeoff
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| the takeoff | rapid growth generated in limited number of economic activies
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| stage 4 | the drive to maturity
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| the drive to maturity | modern techonolology, previously few takeoff industries diffuse to more industries which experience rapid growth
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| stage 5 | the age of mass consumption
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| the age of mass consumption | economy goes from heavy industry (steel and energy) to consumer goods (cars and fridges)
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| MDC's development stage | 4/5
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| LDC's development stage | 1/2/3
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| 4 asian dragons | south korea, taiwan, singapore, Hong Kong
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| petrolium rich arabian penninsula states | saudia arabia, kuwait, bahrain, oman, UAE
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| problems with international trade | uneven resource distribution, market stagnation, increased dependence on MDC's
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| uneven resource distribution | LDC's that depended on sale of one product suffered bc price didn't rise as rapidly as cost of products needed to buy
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| market stagnation | to increase sales LDC's need to capture sales from established competitors than share in an expanding market
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| increased dependence on MDC's | building takeoff industries that sell to people in MDC's force LDC's to cut back from making food clothes etc. for own people
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| World Trade Organization | WTO
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| liberals about WTO | antidemocratic bc decisions behind closed doors promote interest in large coorporations not poor
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| conservatives | WTO compromises power and sovereignty of individual countries.
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| FDI | foreign direct investment
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| foreign direct investment | investment of a foreign country in the economy of another country
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| transnational cooperation | invests and operates in countries other than where its headquarters are
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| Development | A process of improvement in the material conditions of people through diffusion of knowledge and technology.
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| Fair trade | unlike international trade that emphasizes small businesses and worker-owned and democratically run cooperatives and requires employers to pay workers fair wages, permit union organizing, and comply with minimum environmental and safety standards.
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| Foreign direct investment (FDI) | Investment made by a foreign company in the economy of another country.
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| Gender Empowerment Measure (GEM) | Compares the ability of men and women to participate in economic and political decision making.
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| Gender-Related Development Index (GDI) | Compares the level of development of women with that of both sexes.
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| Gross domestic product (GDP) | The value of the total output of goods and services produced in a country in a given time period (normally one year).
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| Human Development Index (HDI) | Indicator of level of development for each country, constructed by United Nations, combining income, literacy, education, and life expectancy.
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| Less developed country (LDC) | A country that is at a relatively early stage in the process of economic development.
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| Literacy rate | The percentage of a country's people who can read and write.
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| Millennium Development Goals | Eight international development goals that all members of the United Nations have agreed to achieve by 2015.
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| More developed country (MDC) | A country that has progressed relatively far along a continuum of development.
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| primary sector | agriculture
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| secondary sector | industry
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| tertiary sector | services
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| Productivity | The value of a particular product compared to the amount of labor needed to make it.
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| Structural adjustment program | Economic policies put on ldcs by international agencies to make conditions encouraging IT, like raising taxes reducing government spending controling inflation seling publicly owned utilities to private corporations and charging citizens for more services
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| Transnational corporation | A company that conducts research, operates factories, and sells products in many countries, not just where its headquarters or shareholders are located.
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| Value Added | The gross value of the product minus the cost of raw materials and energy.
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