development and globalization
Development and Globalization
This week we will explore the concept of development, and how this is impacted by globalization. Through the process of development, the extent of worldwide poverty has been significantly reduced. However, large populations of people are still trapped in the cycle of poverty, while the wealthiest countries continue to live in luxury. We will examine some theories behind why some nations are consistently richer than others, as well as what the barriers to successful development may be in some nations. Further, we will take a look at some of the agencies and organizations that assist with global development, and the strategies that have been put forth as promising ones.
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Reading
This week you will read the following issue brief: PDF
Here is a summary of this week’s reading:
Major theories on which factors have historically impacted development:
- Geography
- Culture
- Property rights
- Lack of freedom
Problems of development today:
- Structural constraints, including “poverty traps”
World Bank recommendations for nations struggling with development:
- Countries should focus on: education and health; increased productivity of small farms; improved infrastructure; industrial policy to promote manufacturing; promotion of democracy and human rights; environmental protection
Development Assistance; Institutions of development include:
- Development banks (e.g. World bank)
- United Nations Development Program (UNDP)
- Government AID agencies
- NGOs
Development Strategies:
- Poverty reduction
- Trade – not aid
- Good governance
- Sustainable development
- Gender equality
- New investment strategies, such as microfinancing/microcredit