DVM 2105: Introduction to International Development - Week 3: History of Development and Theories of Economic Development

These flashcards cover essential terms and concepts related to the history of development, theories of economic development, and the impact of colonialism and imperialism.

Colonialism

The policy or practice of acquiring full or partial political control over another country, occupying it with settlers, and exploiting it economically.

Imperialism

A policy of extending a country's power and influence through diplomacy or military force.

Import Substitution Industrialization (ISI)

An economic policy that aims to replace foreign imports with domestic production to foster local industries.

Neoliberalism

An economic approach that emphasizes free markets, deregulation, and reduction in government spending.

The Washington Consensus

A set of 10 economic policy prescriptions considered to be the standard reform package for developing countries.

Extractive Institutions

Institutions that are designed to extract resources from the majority to benefit a small elite.

Inclusive Institutions

Institutions that allow and encourage participation by the majority of people in economic and political life.

Legacies of Colonialism

The lasting impact of colonial rule on economic, social, and political systems within formerly colonized nations.

Triangular Trade

A historical term indicating trade systems in which goods and slaves were traded between Africa, the Americas, and Europe.

Debt Crisis

A situation in which a country is unable to meet its debt obligations, often leading to economic recession and structural adjustments.

Military Dictatorships

Authoritarian regimes led by military leaders that often come to power through coups and can practice state-led development.

Social Mobility

The ability of individuals or groups to move up or down the social ladder, which can be affected by economic conditions.