Podcast
Questions and Answers
What is the primary focus of Classical Economic Theory regarding production?
What is the primary focus of Classical Economic Theory regarding production?
David Ricardo's theory of Comparative Advantage highlights which of the following?
David Ricardo's theory of Comparative Advantage highlights which of the following?
How does the OTOP-Philippines initiative relate to Comparative Advantage?
How does the OTOP-Philippines initiative relate to Comparative Advantage?
Which of the following is NOT a characteristic of the Classical Economic Theory?
Which of the following is NOT a characteristic of the Classical Economic Theory?
Signup and view all the answers
What is the significance of the Global Division of Labor in Comparative Advantage Theory?
What is the significance of the Global Division of Labor in Comparative Advantage Theory?
Signup and view all the answers
What role does the private sector play in the Classical Economic Theory?
What role does the private sector play in the Classical Economic Theory?
Signup and view all the answers
What is a common misconception about Comparative Advantage Theory?
What is a common misconception about Comparative Advantage Theory?
Signup and view all the answers
Why is the Comparative Advantage Theory important for international trade?
Why is the Comparative Advantage Theory important for international trade?
Signup and view all the answers
What characterizes the Traditional Society stage in the Linear Stages Theory?
What characterizes the Traditional Society stage in the Linear Stages Theory?
Signup and view all the answers
Which stage follows the Take-off Stage in the Linear Stages Theory?
Which stage follows the Take-off Stage in the Linear Stages Theory?
Signup and view all the answers
What is a primary feature of the Drive to Maturity stage?
What is a primary feature of the Drive to Maturity stage?
Signup and view all the answers
What is the main transition that occurs in the Stage of Mass Consumption?
What is the main transition that occurs in the Stage of Mass Consumption?
Signup and view all the answers
How does the Linear Stages Theory view economic development?
How does the Linear Stages Theory view economic development?
Signup and view all the answers
What economic focus is prevalent in the Traditional Society stage?
What economic focus is prevalent in the Traditional Society stage?
Signup and view all the answers
Which of the following stages indicates a self-sustaining economic growth?
Which of the following stages indicates a self-sustaining economic growth?
Signup and view all the answers
Which characteristic best describes societies in the Stage of Mass Consumption?
Which characteristic best describes societies in the Stage of Mass Consumption?
Signup and view all the answers
What is the primary focus of modernization theories as described?
What is the primary focus of modernization theories as described?
Signup and view all the answers
Which criticism is associated with linear stages theory in modernization?
Which criticism is associated with linear stages theory in modernization?
Signup and view all the answers
In the context of dualistic economy, which characteristic does the subsistence sector NOT typically exhibit?
In the context of dualistic economy, which characteristic does the subsistence sector NOT typically exhibit?
Signup and view all the answers
What does the transition described in the dualistic economy refer to?
What does the transition described in the dualistic economy refer to?
Signup and view all the answers
Which descriptor aligns with the 'traditional agricultural sector' in the context of modernization theories?
Which descriptor aligns with the 'traditional agricultural sector' in the context of modernization theories?
Signup and view all the answers
Modernization theories emerged prominently in which decade?
Modernization theories emerged prominently in which decade?
Signup and view all the answers
What potential outcome do proponents of modernization theories often overlook?
What potential outcome do proponents of modernization theories often overlook?
Signup and view all the answers
What is a common critique regarding the assumption of modernization theories?
What is a common critique regarding the assumption of modernization theories?
Signup and view all the answers
What is a key principle of ecological sustainability?
What is a key principle of ecological sustainability?
Signup and view all the answers
What is the main focus of the Indigenous People’s Rights Act?
What is the main focus of the Indigenous People’s Rights Act?
Signup and view all the answers
Which approach gained greater awareness of gender's role in development during the 1980s?
Which approach gained greater awareness of gender's role in development during the 1980s?
Signup and view all the answers
What requirement was mandated regarding the Gender and Development initiatives in the Philippines?
What requirement was mandated regarding the Gender and Development initiatives in the Philippines?
Signup and view all the answers
What is a characteristic of Neo-Liberalism as discussed in the 2000s?
What is a characteristic of Neo-Liberalism as discussed in the 2000s?
Signup and view all the answers
Who are considered the main actors in a Neo-Liberal framework?
Who are considered the main actors in a Neo-Liberal framework?
Signup and view all the answers
What societal aspect is primarily examined by Gender and Development?
What societal aspect is primarily examined by Gender and Development?
Signup and view all the answers
What does ecological sustainability emphasize for future generations?
What does ecological sustainability emphasize for future generations?
Signup and view all the answers
What model suggests that Third World underdevelopment is due to unequal international capitalist relationships?
What model suggests that Third World underdevelopment is due to unequal international capitalist relationships?
Signup and view all the answers
What is a significant consequence of the Tragedy of the Commons?
What is a significant consequence of the Tragedy of the Commons?
Signup and view all the answers
Which theory emphasizes the role of historical advice from developed nations in the underdevelopment of the Third World?
Which theory emphasizes the role of historical advice from developed nations in the underdevelopment of the Third World?
Signup and view all the answers
Which of the following is NOT considered a basic need according to the Basic Needs Approach?
Which of the following is NOT considered a basic need according to the Basic Needs Approach?
Signup and view all the answers
Who coined the term ‘ecosystem’ and promoted a holistic understanding of ecological interrelationships?
Who coined the term ‘ecosystem’ and promoted a holistic understanding of ecological interrelationships?
Signup and view all the answers
What does the Dualistic-development thesis primarily highlight?
What does the Dualistic-development thesis primarily highlight?
Signup and view all the answers
Which approach suggests focusing on the minimum requirements for a decent life?
Which approach suggests focusing on the minimum requirements for a decent life?
Signup and view all the answers
What is the primary concern of Neo-Malthusian theories?
What is the primary concern of Neo-Malthusian theories?
Signup and view all the answers
Which figure is associated with the concept of the Population Bomb?
Which figure is associated with the concept of the Population Bomb?
Signup and view all the answers
What does the Basic Needs Approach advocate for in terms of government policies?
What does the Basic Needs Approach advocate for in terms of government policies?
Signup and view all the answers
Study Notes
Classical Economic Theory
- Developed in the 1800s with comparative advantage theory
- Focuses on the private sector as the main actor in a market economy.
- Advocates for countries to concentrate on producing and selling goods they have a comparative advantage in due to their assets (land, resources, labor).
- This leads to efficient production and a global division of labor.
- David Ricardo, a British economist, provided an example of how England and Portugal could both benefit from comparative advantage, even if England was better at producing both cloth and wine.
- Examples of comparative advantage in action include the One Town, One Product (OTOP) program in the Philippines, which promotes entrepreneurship and job creation by focusing on local products with a comparative advantage.
Modernization Theories
- Developed in the 1950s with the Linear Stages Theory (A Non-Communistic Manifesto)
- Proposed by Walt Whitman Rostow, an American economist.
- Views development as a process of moving from traditional agricultural societies to a modern, industrial, and service-focused economy in a capitalist context.
- Outlines five stages of economic development: The Traditional Society, The Preconditions for Take-off, The Take-off Stage, The Drive to Maturity, and The Stage of Mass Consumption.
Dualistic Economy
- Developed in the 1950s
- Describes the coexistence of a traditional, overpopulated rural subsistence sector with a modern industrial sector within a developing economy.
- The traditional sector is characterized by low profitability, low income elasticity of demand, limited growth opportunities, and subsistence farming.
- Development occurs when surplus labor moves from the traditional sector to the modern sector.
Dependency Theories
- Developed in the 1960s with the International Dependence Revolution.
- Focuses on the role of unequal power relationships between developed ("core") and developing ("periphery") countries.
- Three main streams of thought within the theory:
- Neocolonial dependence model: Poverty in developing countries is due to historical exploitation by developed nations.
- False paradigm: Developed countries provide faulty advice and resources that hinder development in developing countries.
- Dualistic-development thesis: Rich and poor nations, and rich and poor individuals within those nations, experience increasing divergence.
Basic Needs Approach
- Developed in the 1970s.
- Focuses on providing basic necessities like health, nutrition, literacy, food, water, sanitation, and housing to improve the lives of the poorest people.
- Recognizes ecological sustainability as essential for future livelihoods.
Ethno Development
- Promoted in the 1980s.
- Focuses on protecting and promoting the rights of indigenous peoples and cultural communities.
- Examples include the Indigenous Peoples’ Rights Act, which safeguards the rights of indigenous communities in the Philippines.
Gender and Development
- Emerged in the 1980s.
- Highlights the role of gender in development and advocates for gender equality and empowerment.
- This approach involves implementing policies that integrate women more significantly into development processes.
- Examples include mandatory gender-focused budgeting policies in some countries, such as the Philippines, which dedicates at least 5% of its budget to gender-related initiatives.
Neo-Liberalism
- Became a dominant force in the 1980s and continued into the 2000s.
- Promotes the role of the private sector, non-governmental organizations (NGOs), and individuals in development.
- Views state intervention as detrimental to development, advocating for a limited role for the government, primarily focused on providing a regulatory framework for businesses.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
Explore the key concepts of Classical Economic Theory and Modernization Theories in this engaging quiz. Understand how comparative advantage and the Linear Stages Theory evolved to shape economic perspectives in the 19th and 20th centuries. Test your knowledge of influential economists and real-world applications.
