Global Economic Development What is “development”? Development is the process by which a nation...
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![Page 1: Global Economic Development What is “development”? Development is the process by which a nation improves the economic, political, and social well- being.](https://reader031.fdocuments.net/reader031/viewer/2022032606/56649ea75503460f94baa259/html5/thumbnails/1.jpg)
Global Global Economic Economic
DevelopmentDevelopment
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What is “development”?What is “development”? Development is the process by which a Development is the process by which a
nation improves the economic, political, and nation improves the economic, political, and social well-being of its people.social well-being of its people.
““Developed nations” – have a higher average Developed nations” – have a higher average level of material well-beinglevel of material well-being
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Less Developed Countries – LDCs :Less Developed Countries – LDCs : nations with a low level of material well- nations with a low level of material well-
beingbeing
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Measurements of developmentMeasurements of development GDP – Gross domestic Product – the value of GDP – Gross domestic Product – the value of
goods & services produced in a country in a goods & services produced in a country in a yearyear
**********Per capita GDP – divides the gdp by the Per capita GDP – divides the gdp by the
populationpopulation
-- better measure of standard of living-- better measure of standard of living
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#1 – USA, #2 – China, #3 - Japan
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What are some other measures of What are some other measures of development?development?
Energy consumption :Energy consumption :
- the amounts of fossil fuel, hydroelectricity,- the amounts of fossil fuel, hydroelectricity,
and nuclear energy a nation uses depends on and nuclear energy a nation uses depends on
its level of industrializationits level of industrialization
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Labor force :Labor force : nations with little industrialization tend to nations with little industrialization tend to have most of labor force devoted to agriculture have most of labor force devoted to agriculture – subsistence farming – subsistence farming
Consumer goods :Consumer goods : a large number of consumer goods – people a large number of consumer goods – people
have basic needs met & money left over for have basic needs met & money left over for “wants”“wants”
Literacy rate :Literacy rate : - the portion of the population over age 15 that- the portion of the population over age 15 that can read & writecan read & write - more education = more productivity- more education = more productivity
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Life expectancy :Life expectancy :
- the average expected life span of an individual- the average expected life span of an individual
- indicates quality of life – nutrition, sanitation, - indicates quality of life – nutrition, sanitation,
health care, etc.health care, etc.
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Infant mortality rate :Infant mortality rate :
-the number of deaths in the first year of-the number of deaths in the first year of
life per 1000 live birthslife per 1000 live births
- indicator of nutrition, health care, sanitation- indicator of nutrition, health care, sanitation
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Financing developmentFinancing development
Internal financing :Internal financing :
- from savings of citizens- from savings of citizens
- most people in LDCs don’t have enough $ to - most people in LDCs don’t have enough $ to save … & the wealthy often keep $ in foreign save … & the wealthy often keep $ in foreign banks and invest in foreign companiesbanks and invest in foreign companies
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Foreign investmentForeign investment Foreign direct investment:Foreign direct investment:
- the establishment of an enterprise by a - the establishment of an enterprise by a foreignerforeigner
- ex : American company building a factory in - ex : American company building a factory in BrazilBrazil
Foreign portfolio investment :Foreign portfolio investment :
- foreigners making purchases in country’s - foreigners making purchases in country’s stocks and bonds marketstocks and bonds market
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Foreign aidForeign aid loans and aid for development :loans and aid for development :
- humanitarian, military, political, economic- humanitarian, military, political, economic
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International Economic InstitutionsInternational Economic Institutions World Bank :World Bank :
- founded 1940- founded 1940 – raises $ on financial markets & – raises $ on financial markets & contributions from wealthier member nationscontributions from wealthier member nations
- offers loans, advice & other resources to over - offers loans, advice & other resources to over 100 LDCs100 LDCs
International Monetary Fund:International Monetary Fund: - 1946 – originally to stabilize international - 1946 – originally to stabilize international
exchange ratesexchange rates - facilitates development through- facilitates development through debt debt
rescheduling, stabilization programsrescheduling, stabilization programs
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United Nations Development Program –UNDPUnited Nations Development Program –UNDP
- funded by contributions of UN members- funded by contributions of UN members
- dedicated to the elimination of poverty through - dedicated to the elimination of poverty through developmentdevelopment
- 90% of its resources go to 66 low-income - 90% of its resources go to 66 low-income nations, where 90% world’s poorest people livenations, where 90% world’s poorest people live