Questions and Answers
What was described as the core of development ideas during the 1950s and 1960s?
What does the 'new' endogenous growth theory suggest about income differences?
According to the 'new' endogenous growth theory, what factors contribute to technical progress?
What did Paul Krugman believe happened to many important models of development from the 1950s and 1960s?
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What key aspect does not align with conventional neoclassical growth theory regarding growth?
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What major themes did developing countries pursue in terms of policy?
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What is one of Hirschman's arguments regarding the decline of development economics?
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Which countries are referred to as the ‘East Asian miracle’ countries?
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What do neo-Marxists reject regarding development economics?
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Who are the scholars mentioned that supported the traditional concerns of development theory?
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What was the initial call for a new international economic order made during?
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What was one of the main goals of the United Nations concerning developing countries?
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What percentage of world manufacturing production was the Lima Declaration aiming for developing countries by the year 2000?
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What factor contributed to developing countries meeting their manufacturing target set by the Lima Declaration?
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Which of the following was NOT included in the proposed actions for a new international economic order?
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What is one of the key principles emphasized for the new international economic order?
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Which international entity produced the Lima Declaration in 1975?
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What is one objective of the requested reforms in the international economic order?
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Which of the following describes the state of manufacturing production in developing countries as of 2000?
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How did the UN define the objective of the new international economic order?
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Study Notes
Strategic Themes in Developing Countries
- Major strategies include mobilizing underemployed manpower, fostering rapid capital accumulation, and promoting industrialization.
- Planning is considered essential for successfully executing these strategies.
Decline of Development Economics
- Hirschman argues development economics faces challenges from neoclassical orthodoxy, which dismisses the notion of a distinct economic framework for poor countries.
- The success of free-market economies in East Asia (South Korea, Hong Kong, Taiwan, Singapore) lends credibility to monoeconomic views.
- Neo-Marxists challenge the idea of mutual benefits in development economics, putting further pressure on the field.
Renewed Interest in Development Theory
- Key figures like Amartya Sen and Syed Naqvi defend the integration of surplus labor, capital accumulation, and industrialization as vital focuses.
- The emergence of new endogenous growth theory revitalizes interest in growth determinants, supported by robust datasets for econometric analysis.
- Paul Krugman identifies the 1950s and 1960s as periods of high development theory, which are now being revisited by more rigorous analysts.
- Key concepts like external economies, increasing returns, and inter-sectoral linkages re-emerge in contemporary discourse.
International Economic Order
- A new international economic order was proposed during the 1974 UN General Assembly to address inequalities between rich and poor nations.
- Goals include improved trade terms, better access for developing countries’ goods, increased financial aid, debt alleviation, IMF reform, and technical cooperation.
- The Lima Declaration (1975) aimed for developing countries to achieve a 25% share of global manufacturing by 2000; this goal was met and surpassed.
Agricultural Development as a Foundation
- Agriculture's state significantly influences a country's development trajectory, providing essential resources for industry and purchasing power.
- Factors affecting agricultural productivity include economic institutions, physical conditions, and climate.
- Many developing countries experience "urban bias," resulting in resource deprivation for agriculture due to non-rural elite interests.
Global Initiatives for Development
- The 1995 Copenhagen Declaration prioritizes full employment, gender equality, and universal access to education and healthcare in social policy.
- Calls for the IMF and World Bank to prioritize social factors in development programs have yielded slow progress.
- The United Nations Conference on Trade and Development (UNCTAD) emphasizes debt relief, international aid, commodity policy, and trade promotion.
Millennium Development Goals
- In 2000, global leaders set the Millennium Development Goals, consisting of 8 goals and 18 targets aimed to be achieved by 2015, reflecting commitments to improve the condition of developing nations.
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Description
Explore the major strategic themes in development economics as pursued by developing countries, including manpower mobilization and industrialization. This quiz delves into Hirschman's perspectives on the challenges faced by development economics in the context of neoclassical orthodoxy.