Economic Development
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| when was the geographic determinism theory invented | 720-645 BC (China)
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| what is the geographic determinism theory | the geographic condition of one's location will have an impact on the development of its society
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| 3 factors of development | crops, animals, latitude
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| when was the meteorological climate theory invented | 1689-1755 (France)
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| who invented the meteorological climate theory | Montesquieu
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| what is the meteorological climate theory | certain climates are superior to others, France is ideal
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| when was the cultural theory invented | 1904 (Germany)
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| who invented the cultural theory | Max Weber
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| what is the cultural theory | western european protestants work harder, other cultures lack a strong work ethic and believe in witchcraft/magic
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| 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
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| when was the wallerstein world system theory invented | 1970
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| what is the wallerstein world system theory | understanding the rise of the modern world, causes movement of goods from periphery to the core
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| coronation (core) | strong central government, wealthy, producers, large armies, peasants become cheap labour
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| examples of core countries | Northwestern Europe, Australia
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| periphery | no strong central government, controlled by other states, exports raw materials to core, poor labour practices, unequal trade relations
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| examples of periphery countries | Eastern Europe, Latin America
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| semi-periphery | core regions in decline or growth, exploited by core, exploits periphery
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| examples of semi-periphery countries | Portugal, Spain, Italy, Greece
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| external areas | maintained their own economic systems, remained outside the modern world economy
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| examples of external areas | Russia, North Korea
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| verdict | the capitalist world economy is detrimental to a large proportion of the world's population
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| who invented the 6 killer apps for world prosperity | Niall Ferguson
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| what are the 6 killer apps of prosperity | competition, property rights, scientific revolution, modern medicine, the consumer society, work ethic
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| competition | between countries and corporations
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| property rights | protested from the government, western world had rules
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| scientific revolution | western world got there first
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| modern medicine | antibiotics, immunizations
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| the consumer society | pay the people who work for you so they can buy-Henry Ford
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| work ethic | belongs to everyone
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| 3 types of colonization | imperialism, colonalism, philosophy/intervention
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| imperialism | extending rule of a nation or empire over foreign nations
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| colonalism | political, social, economic and cultural domination of a territory and its people by foreign power for an extended period of time
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| philosophy/intervention | interfering in native lives because you think your way of life is better
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| when was the world bank formed | 1945
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| where is the world bank base | Washington, DC
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| what is the world bank | loans money to countries of the world for capital project
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| world bank voting power | US, Japan, China, Germany, UK, France, India
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| when was the international monetary fund formed | 1945
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| what is the international monetary fund | foster global monetary cooperation, countries contribute funds to a pool through a quota system
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| how many countries are involved in the IMF | 188
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| measuring economic development | infrastructure, government, average income, resources, total debt, employment rate
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| economic development classifications | four worlds:developed after WWII
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| first world | developed economies, non-communist
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| second world | developed economies, socialist/communist
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| third world | under developed, have the means to elevate status
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| fourth world | under developed, lack the means to elevate status
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| outdated | collapse of the Soviet Union
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| mixed economies | China
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| commercial | profit
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| subsistence | survival
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| capital | wealth in the form of money or assets
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| finance | money
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| export | goods or services sold to another country
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| sectors | where a population is employed
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| primary sector | natural resource based
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| secondary sector | manufacturing based
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| tertiary sector | service based
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| when was the brandt line invented | 1980
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| what is the brandt line | in terms of development the world can be divided in two halves the rich north and the poor south
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| who developed the human development index | the United Nations
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| what is the human development index | a summary measure of development based on life expectancy and level of education
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| who invented the bottom billion | Paul Collier
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| what is the bottom billion about | why poor people are poor
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| what are the 4 traps | conflict trap, landlocked with bad neighbours, natural resource trap, poor governance
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| conflict trap | conflict breeds conflict
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| landlocked with bad neighbours | no connection to the global economy
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| natural resource trap | there is so much oil a country never develops the secondary and tertiary sectors
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| poor governance | corruption, government sucks
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| 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
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| colliers solutions | aid, trade policy revisions, laws, military intervention
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