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1. Expected years of schooling; developed vs. developing
Developed 16.3 years in school
9.3 years in sub saharan africa and 10.2 years in South Asia
2. Ratio of young to old people
The number of young people is six times higher than the number of old people
Widening inequality in the U.S. and U.K.
It begin decreasing in the late 20th century but began increasing in the early 21st century
U.S. vs developed countries in regard to mortality rate during childbirth
women in the US have the highest mortality rate in developed countries.
Know the 4 Asian Dragon countries
South Korea, Singapore, Taiwan and Hong Kong
What is Stage 1 of Rostow's 5 stages?
Traditional Society
What is Stage 2 of Rostow's 5 stages?
Preconditions for takeoff
What is Stage 3 of Rostow's 5 stages?
Takeoff
What is Stage 4 of Rostow's 5 stages?
Drive to maturity
What is Stage 5 of Rostow's 5 stages?
Age of mass consumption
Petroleum rich states and time period of that industry's growth
Petroleum-rich states are the Arabian Peninsula, which includes Saudi Arabia, Kuwait, Bahrain, Oman, UAE. Prices escalated in the beginning of the 1970s
Barriers to Indian trade and solution
India dismantled its formidable collection of barriers to international trade:
- Foreign companies were allowed to set up factories and sell in India.
- Tariffs and restrictions on the import and export of goods were reduced or eliminated
- Monopolies in communication, insurance, and other industries were eliminated
What is microfinance?
The provision of small loans and other financial services to individuals and small businesses in developing countries that are unable to obtain loans from commercial banks.
What is an example of a microfinance institution in a foreign country?
Grameen Bank in Bangladesh
Fair trade price and returns for producing countries
Fair trade returns on average ⅓ of the price to the producer in the developing country
Know maquiladoras and specifics of what it is from slides
These factories take raw materials and assemble, manufacture, or process them and export the finished product.
What happens in the first stage of Rostows model
First Stage: Traditional
-Subsistence farms - w/ limited technology
-Rigid social structure
-Resistance to change - transition triggered by external influence
What happens in the second stage of Rostows model
Second Stage: Preconditions for Take-Off
-Progressive Leadership - commercial exploitation of agriculture & extractive industries
-Greater flexibility - installation of infrastructure: roads, railways, etc.
-Greater openness to new technology
What happens in the third stage of Rostows model
Third Stage: Take Off
-Experiences industrial growth
-Urbanization
-Industrialization, technology & mass production
What happens in the fourth stage of Rostows model
Fourth Stage: Drive to Maturity
-Diffusion of technology
-Industrial specialization
-International trade
-Modernization at the core
-Population growth is reduced
What happens in the fifth stage of Rostows model
Fifth Stage: High Mass Consumption
-Mass consumption - widespread production of goods & services
-High incomes
-Majority of workforce in service sector
Know what NGO's are and comprehend examples of it
NGOs are non-profit organizations. They ARE NOT part of a government
Know MAIN difference between Rostow's model and the Dependency Theory
The main difference between the two is that the dependency theory claims that periphery countries will stay periphery while Rostow's model claims that all countries can have economic prosperity.
Know why fair trade was developed and who it affects
When you treat farmers and workers fairly, everyone benefits. Fair trade helps businesses source products that are ethically and sustainably produced while giving consumers confidence that the people behind the products they buy get a fair deal for their hard work.
Know the traits of a highly developed countries in regard to sectors
Highly developed countries have a shrinking secondary sector and established tertiary, quaternary, quinary sectors
Know what a microcredit is and examples
loans given to poor people, particularly women, to encourage development of small businesses
Know which country has the highest GDP currently
China
Know the characteristics of the Human Development Index
Overall HDI score is based on..
1. A decent standard of living
2. A long and healthy life
3. Access to knowledge
What does MDC stand for?
More Developed Country
What are some characteristics of MDCs?
Former empires, focus on tertiary economic activities, use of robotics in assembly lines.
Give an example of an MDC.
United States, Japan, or Germany
What does LDC stand for?
Less Developed Country
What are some characteristics of LDCs?
Former colonies, primary economic activity is raw materials.
Give an example of an LDC.
Kenya, Cambodia, or Haiti
