Social 10: Chapter 12 - Sustainable Prosperity

Vocabulary

Sustainable Prosperity - Practicing stewardship of the environment and resources so that future generations are able to achieve prosperity

Sustainable Development - Development that meets people’s needs in the present without compromising the ability of future generations to meet their needs

Knowledge Economy - Businesses and individuals who use research, education, new ideas, and information technologies for practical purposes

Privatization - The selling of a public service, such as electricity delivery or health care, to a private company so that the service is no longer owned by the government

Global Climate Change - Small but steady changes in average temperatures around the world

Sustainable Prosperity

Sustainable prosperity means practicing stewardship of the environment and resources for future generations. This goal is to balance environmental, social, and economic factors

Sustainable Development

The United Nations uses the term Sustainable Development

Development that meets the needs of the present without compromising the ability of future generations to meet their own needs

2030 Agenda for Sustainable Development

Initiated in 2015

17 goals in total

Builds on the Millennium Development goals

Focuses on:

• People

• Planet

• Prosperity

• Peace

• Partnership

Balance - Economic Prosperity vs. Social Prosperity

Measuring Prosperity

Prosperity can mean different things to different people

Formal measurements are often based on:

• standard of living

• Number and quality of goods and services

• The wealth of the country

Some examples of prosperity measurements

• Gross Domestic Product (GDP)

• Human Development Index (HDI)

• Gross National Happiness Index (GNH)

Gross Domestic Product (GDP)

GDP is commonly used to measure the health of a country’s economy and the prosperity of their people

Measuring GDP per person gives insight into standard of living

Changes in GDP shows the health of a country’s economy

• Stats Canada is an organization that monitors this

Income and standard of living are closely tied to GDP

Drawbacks to measuring prosperity through GDP

• GDP per person is an average

  • Children are included but they rarely work

Human Development Index

The H.D.I was created by the U.N. to measure quality of life

Used to classify countries as developed, developing, and underdeveloped

Measures how economic policies affect quality of life in a country

Calculates by three main categories:

• Longevity; measured by life expectancy

• Knowledge; school enrollment and literacy

• Standard of Living; GDP per person

Gross Happiness Index

Created by the king of Bhutan

Its purpose it to:

• promote sustainable and equitable social and economic development

• Preserve and promote cultural values

• Conserve the natural environment

• Establish good governance

Said to address 9 factors:

1. Psychological well being

2. Health

3. Education

4. Time use

5. Cultural diversity and resilience

6. Good governance

7. Community vitality

8. Ecological diversity

9. Living Standard

Knowledge Economy

In general, the knowledge economy includes businesses and individuals who use research, education, and new ideas, and information technologies for practical purposes

Contributes to the development and advancement of technologies and global communication

Also means that technology is becoming obsolete faster than ever before

Industries

Primary Secondary Tertiary

Agriculture (agrarian) Manufacturing Services

Knowledge

education + human capital

Privatization

Public services are often extremely costly to run

Privatization - selling a public service to a private company so that the service is no longer ran by the government

• Example: health care, education, and road maintenance

Foreign Investment

Purchase of assets in one country by individuals, institutions, or governments in another country