Advanced Placement Human Geography: Theories of Economic Development
Modernization Model: A theory suggesting that all countries can reach economic prosperity through a series of developmental stages, following the path of historically developed countries.
Dependency Theory: A perspective asserting that the economic development of poorer countries is hindered by their reliance on and exploitation by wealthier nations.
Industrial Revolution: A period of major industrialization in the late 18th and early 19th centuries that transformed primarily agrarian societies into industrialized and urban ones, leading to economic and social changes.
Individualism: A cultural and social philosophy that emphasizes the moral worth of the individual, often associated with personal autonomy and independence from collective or community influences.
Westernization: The process by which societies adopt Western culture and values, including political, economic, and social structures, often resulting from globalization.
Marxism: A socio-political and economic theory developed by Karl Marx that critiques capitalism and advocates for a classless society achieved through the revolutionary act of the proletariat against the bourgeoisie.
Socialism: An economic and political system in which the means of production are owned or regulated by the community as a whole, aimed at promoting social and economic equality.
Sustained Growth: An ongoing increase in the production and consumption of goods and services, considered crucial for long-term economic prosperity.
High Mass Consumption: A stage of economic development characterized by widespread availability and consumption of goods and services, leading to improved living standards.
Core, Semiperiphery, Periphery: A classification within Wallerstein's world-systems theory categorizing countries. Core countries are economically dominant, semiperiphery countries have some power but are still influenced by core nations, and peripheral countries are less developed and exploited for raw materials and labor.
Status Quo: The existing state of affairs, particularly regarding social or political issues, often implying resistance to change.
Foreign Debt: The total amount of debt that a country owes to foreign creditors, which can impact its economic stability and growth.
Foreign Investments: Investments made by individuals or entities in one country into businesses or assets in another country, often aimed at achieving long-term returns.
Self-Sufficiency Theory: An economic approach advocating for countries, especially less developed ones, to minimize dependence on foreign imports and develop local industries to boost their economies.