19.4 Theories of Development Flashcards

Vocabulary flashcards covering the stages of economic growth, world system theory, dependency theory, and commodity dependence based on the lecture notes.

Modernization

The social, political, economic, and technological changes associated with becoming industrialized and moving away from traditional ways of life.

Walt W. Rostow

The economist who developed the stages of economic growth model in the $1960s$ to explain how countries achieve modernization.

Traditional Society ($Stage 1$)

A stage primarily rural and centered on subsistence farming using primitive technology, where political power is based on land ownership.

Preconditions for Takeoff ($Stage 2$)

The stage where new enterprises emerge, investment increases, and the workforce begins shifting from agriculture to manufacturing.

Takeoff ($Stage 3$)

A stage characterized by surges in productive capacity in manufacturing industries, technological advances, and increased urbanization.

Drive to Maturity ($Stage 4$)

A period of self-sustained growth where successes become the norm, electricity consumption is high, and managerial bureaucracy replaces individual industrialists.

High Mass Consumption ($Stage 5$)

Modern urban societies centered on wage labor where production shifts from industrial manufacturing to consumer goods and services.

World System Theory

Immanuel Wallerstein’s $1974$ theory describing the three-tiered spatial and functional relationships between core, peripheral, and semi-peripheral regions.

Core Countries

Economically and politically dominant regions that accumulate capital by controlling the global market and exploiting peripheral regions for labor and raw materials.

Peripheral Countries

Countries with less wealth and lower education levels that export natural resources to core countries and often have unstable governments.

Semi-peripheral Countries

Regions in the process of industrializing that have potential to grow into core countries and exhibit qualities of both core and peripheral regions.

Dependency Theory

A theory describing the development challenges faced by poorer countries due to their political and economic reliance on richer countries.

Commodity Dependence

A condition where more than $60 ext{ percent}$ of a country's exports and economic health are tied to one or two resources.

Resource Curse

A situation where countries rich in a specific resource lack economic diversity and are trapped in volatile economic and political situations.

Early Starters

Countries like Great Britain and the United States that matured sooner with fewer obstacles and less competition than contemporary developing regions.

State of Commodity Dependence Report

A biennial report issued by the United Nations to analyze the status of countries reliant on specific resources, covering $189$ countries in $2019$.