Introduction of Economic Development on Global Perspective

Economic Development

a policy intervention endeavor with aims of improving the economic and social well-being of people; a phenomenon of market productivity and rise in GDP.

Amartya Sen

"economic growth is one aspect of the process of economic development."

Post-war period of reconstruction

economic development origination initiated by the United States.

President Harry Truman

in 1949, during his inaugural speech, he identified the development of undeveloped areas as a priority for the west.

Development Theory

a theory of appropriate press behavior that states that developing nations may need to implement press controls in order to promote industry, national identity, and partnerships with neighboring nations

Modernization Theory

a model of economic and social development that explains global inequality in terms of technological and cultural differences between nations

Neoliberalism

A strategy for economic development that calls for free markets, balanced budgets, privatization, free trade, and minimal government intervention in the economy.

Import Substitution Industrialization

an economic system that attempts to strengthen a country's industrial power by restricting foreign imports.

National Product

the aggregate output of goods and services.

Albert O. Hirschman

a major contributor to development economics, asserted that economic development grew to concentrate on the poor regions of the world, primarily in Africa, Asia, and Latin America, yet on the outpouring of fundamental ideas and models.

Development

includes the process and policies by which a nation improves the economic, political, and social well-being of its people.

Economic Growth

the ability of the economy to increase in the level of output.

Dependency theorists

individuals whose ideas are derived from radicalism, and explain poverty and underdevelopment in developing countries based on their historical dependence on and domination by rich countries

Capability Expansion through Economic Growth

An increase in average income leads to improvement in health and nutrition.

Capability Expansion through Poverty Reduction

it is believed that social outcomes can only be improved by reducing income poverty.

Capability Expansion through Social Services

social outcomes can also be improved with essential services such as education, healthcare, and clean drinking water.

Traditional Economics

concerned primarily with the efficient, least-cost allocation of scarce productive resources and with the optimal growth of these resources over time so as to produce an ever-expanding range of goods and services.

Traditional Neoclassical Economics

deals with advanced capitalist world of perfect markets; it assumed economic "rationality" and a purely materialistic, individualistic, self-interested orientation toward economic decision-making

Political Economy

the web of interrelated economic and power relations in society in economic decision making.

Development Economics

must be concerned with the economic, cultural, and political requirements for effecting rapid structural institutional transformations of entire societies in a manner that will most efficiently bring the fruits of economic progress to the broadest segments of their populations.

Globalization

increasing integration of national economies into expanding international markets.

Economics

a social science concerned with human beigs and social systems by which they organize their activities to satisfy basic material needs and nonmaterial wants.

Sustenance

ability to meet basic needs; to provide as many people as possible with the means of overcoming the helplessness and misery arising froma lack of food, shelter, health, and protection.

Self-Esteem

to be a person; a sense of worth and self-respect, of not being

Freedom from Servitude

to be able to choose; a situation which a society has its disposal a variety of alternatives from which to satisfy its wants and individuals enjoy real choices according to their preferences.

To increase

the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health, and protection.

To raise levels of living

incuding in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not nly to enhance material wellbeing but also to generate greater individual and national self-esteem.

To expand the range of economic and social choices

available to individuals and nations by freeing them from servitude and dependence, not only in relation to other people and nation-states, but also to the forces of ignorance and human misery.