Review for Third Quiz: Economics and Globalization
These are the terms/concepts you should be familiar with for the quiz. As usual, be able to understand each concept but look above and below each entry to see how that particular concept matches with other topics. Questions? Post them here, and I'll answer.
Developed vs. Underdeveloped States
Rich versus Poor States: how rich versus how poor?
GNP and GNP/PC
Purchasing Power Parity (What isn’t measured in GDP?)
Industrialization vs. Basic Needs
Cycle of Underdevelopment
(Dual Economy, Low Productivity, Insufficient Capital, Few Human Services, Trade, Foreign Aid, Private Investment, Technical Assistance, Lack of Social Cohesion, Insufficient Natural Resources, Explosive Population Growth)
Colonial Legacy (positives and negatives)
Cash Crops
Tariff Barriers
Non-Tariff Barriers (Quota, Subsidy, Regulation)
Stronger vs. Weaker Currencies (What effect does this have on trade?)
Liberal Economics (Comparative Advantage, Specialization, Free Trade)
Dependency (Import Substitution versus Export Driven Growth)
Participatory Development
Globalization: Definitions
Globalization: Free Trade debate
Globalization Mechanisms
(Convergence, Pressure on Government/Policy, Why fewer and less regulations, taxes, etc?)
International Monetary Fund( Two Roles - formal and informal, Benefits and Criticisms, "Golden Straightjacket")
East Asian Financial Crisis: Two explanations
Globalization: Positives and Negatives, Pros and Cons (lots here)
Effects (not just economic)
Indonesian Experience(Sovereignty, East Timor, Democracy, “Revolution from Beyond”)
China (Strengths, Weaknesses, Effects)
Current Events (Mostly Iran Hostage Crisis)
Developed vs. Underdeveloped States
Rich versus Poor States: how rich versus how poor?
GNP and GNP/PC
Purchasing Power Parity (What isn’t measured in GDP?)
Industrialization vs. Basic Needs
Cycle of Underdevelopment
(Dual Economy, Low Productivity, Insufficient Capital, Few Human Services, Trade, Foreign Aid, Private Investment, Technical Assistance, Lack of Social Cohesion, Insufficient Natural Resources, Explosive Population Growth)
Colonial Legacy (positives and negatives)
Cash Crops
Tariff Barriers
Non-Tariff Barriers (Quota, Subsidy, Regulation)
Stronger vs. Weaker Currencies (What effect does this have on trade?)
Liberal Economics (Comparative Advantage, Specialization, Free Trade)
Dependency (Import Substitution versus Export Driven Growth)
Participatory Development
Globalization: Definitions
Globalization: Free Trade debate
Globalization Mechanisms
(Convergence, Pressure on Government/Policy, Why fewer and less regulations, taxes, etc?)
International Monetary Fund( Two Roles - formal and informal, Benefits and Criticisms, "Golden Straightjacket")
East Asian Financial Crisis: Two explanations
Globalization: Positives and Negatives, Pros and Cons (lots here)
Effects (not just economic)
Indonesian Experience(Sovereignty, East Timor, Democracy, “Revolution from Beyond”)
China (Strengths, Weaknesses, Effects)
Current Events (Mostly Iran Hostage Crisis)
posted by Dr. David Hauser at 7:08 AM
6 Comments:
I was wondering if you could give a quick explanation of import substitution and participatory development
Could you also give a quick run over of the Positives and Negatives of Colonial Legacy
could u give a clearer definiton of purchasing power parity?
OK.
Import substitution is part of the "dependency" perspective. This is right out out Kelleher & Klein: you raise tariffs/NTBs so that domestic consumers can't afford imports, which forces them to buy locally, which creates a demand, which gets an economy going. At least in theory.
Participatory Development is the third approach that K&K offer, which argues for local development that brings basic needs, not massive industrialization.
I can't do all the positives and negatives of Colonial Legacy; that took twenty minutes in class. Positives focused on some forms of economic development, some form of infrastructure, some education/social development. Negatives looked at poor infrastructure development, developing the dual economy, etc. This is all in Kelleher & Klein.
Purchasing Power Parity uses GDP/Per Capita but modifies it for cost of living. In other words, a $1000 in Morgantown isn't the same as $1000 in Manhattan. So, as cost of living changes from place to place, you adjust the GDP/PC appropriately.
This exam is for tommorow April 10 right?
Keep up the good work.
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