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Related Flashcards
Cards In This Set
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Developing country
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Poor countries with small economies whose residents have not, on average, attained the living standards typically enjoyed by residents of wealthy countries.
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Human development
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A process of enlarging people’s choices and giving them a means to lead lives that they value. Measurements of human development include such factors as life expectancy, income, and education.
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Economic development
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The attainment by a poorer country of an increase in its rate of growth of GDP per capita.
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Good governance
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A country with good governance at home typically possesses transparent and consistent political and legal systems, combats official corruption, and protects property. These factors encourage individuals to save, make investments, and pursue technological innovations that promote economic growth.
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Dependency
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A school of thought that argues that international economic linkages hinder development in developing countries.
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Resource curse
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The possibility that the possession by developing countries of natural resources, in particular petroleum, is more likely to hinder rather than to advance the development prospects of those countries.
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Import-substituting industrialization (ISI)
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A national development strategy that seeks to avoid international economic linkages in favor of focusing on domestic production.
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National champion
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In a state pursuing a strategy of ISI, the government nominates firms it believes could do the best job of producing the substituted industrial goods.
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International commodity cartels
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Groupings of developing-country governments that try to control the supply of a raw material or agricultural product on world markets in order to drive up prices and maximize revenues.
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International commodity agreement
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An agreement, generally sought by developing countries’ exporters, on the supply and price of that commodity. The goal is not to maximize prices but rather to establish an acceptable, consistent price that the developing country can rely on.
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Export-led growth (ELG)
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A strategy that argues developing countries should rely on pricecompetitive exports to stimulate national economic development.
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Asian Tigers
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Originally Taiwan, South Korea, Singapore, and Hong Kong, who achieved rapid growth rates using a strategy of export-led growth. Now many rapidly growing Asian countries are considered ‘tigers.’
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Beijing Consensus
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The idea that, for some poor countries, development can be best attained by government controls, trade integration, capital inflows and outflows, the movement of labor, and the external value of the currency.
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International financial flows
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The movement of capital from private or governmental individuals or organizations inside one country to private or governmental individuals or organizations inside another country. These flows consist of both private and official financial flows.
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Private financial flows
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International financial flows that originate with nongovernmental entities, such as individuals, private charities, or private firms such as banks or multinational enterprises.
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