Globalization and Its Impacts Quiz

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Questions and Answers

What is a potential negative consequence of globalization on labor markets?

  • A decrease in the need for skilled labor
  • An increase in the number of labor unions
  • Increased job opportunities for workers in developed countries
  • Greater competition for jobs leading to lower wages (correct)

In the context of globalization, what does the term 'regulation avoidance' refer to?

  • Individuals avoiding regulations by using the internet to access information and services
  • Governments avoiding international regulations to protect their national interests
  • Non-governmental organizations (NGOs) promoting regulations for ethical business practices
  • Corporations avoiding regulations in their home countries by operating in other countries (correct)

Which of these is NOT mentioned as a potential negative consequence of globalization?

  • Erosion of national sovereignty
  • Rise of global terrorism (correct)
  • Increased cultural homogenization
  • Economic instability in developing countries

What is the main argument presented about the impact of globalization on inequality?

<p>Globalization can contribute to both economic growth and increased inequality (A)</p> Signup and view all the answers

According to the content, what does 'sustainable development' primarily emphasize?

<p>Balancing economic, social, and environmental factors for long-term well-being (B)</p> Signup and view all the answers

What is a key economic element of sustainable development mentioned in the text?

<p>Investing in education and research to boost economic competitiveness (C)</p> Signup and view all the answers

Which of these is NOT explicitly identified as a factor impacting social sustainability?

<p>Promoting access to healthcare and education (A)</p> Signup and view all the answers

What is the main argument presented about developing countries in the context of globalization?

<p>Developing countries can benefit from globalization, but face risks as well (C)</p> Signup and view all the answers

What is one way globalization can threaten environmental sustainability?

<p>Economic growth prioritizing environmental degradation (C)</p> Signup and view all the answers

Which of the following is NOT presented as a potential solution to address the challenges of globalization?

<p>Promoting free trade to increase economic growth for all (A)</p> Signup and view all the answers

What is meant by the term 'Globalization'?

<p>The integration of trade, culture, and ideas in a global marketplace. (B)</p> Signup and view all the answers

Which concept primarily deals with the unequal distribution of resources?

<p>Inequality (C)</p> Signup and view all the answers

What does 'Sustainability' emphasize?

<p>Actions taken today should benefit future generations. (B)</p> Signup and view all the answers

What is the primary focus of the concept of 'Liberty'?

<p>Freedom from undue interference by authorities. (D)</p> Signup and view all the answers

In the context of Neo-Marxism, what is a significant action by developed states toward developing states?

<p>Exploiting resources and fostering dependency. (A)</p> Signup and view all the answers

What does 'Justice' primarily concern?

<p>Fair treatment based on established laws. (D)</p> Signup and view all the answers

Which of the following best defines 'Equality'?

<p>The same treatment and opportunities for all individuals. (B)</p> Signup and view all the answers

What best describes 'Power' in a global context?

<p>The capacity of an actor to influence others. (B)</p> Signup and view all the answers

What is a potential negative consequence of corruption in the public sector?

<p>Misallocation of taxes (A)</p> Signup and view all the answers

How does access to natural resources contribute to economic development?

<p>By enabling sectors beyond natural resources to flourish (D)</p> Signup and view all the answers

What can be a drawback of relying on foreign direct investment (FDI) for development?

<p>Revenue shared with foreign stockholders (D)</p> Signup and view all the answers

How can access to capital, credit, and aid negatively affect development?

<p>It can lead to reliance on external assistance (D)</p> Signup and view all the answers

In what way can cultural values promote development?

<p>By attracting foreign investment and tourism (B)</p> Signup and view all the answers

What are some potential negative impacts of gender roles on development?

<p>Restriction of women's participation in the workforce (D)</p> Signup and view all the answers

What factor can lead to a vulnerability in countries overly reliant on resource exports?

<p>Fluctuating global market prices (C)</p> Signup and view all the answers

Which of the following describes a positive outcome of foreign direct investment in developing countries?

<p>Access to necessary infrastructure and technology (C)</p> Signup and view all the answers

How can aid improve the situation in developing countries?

<p>By supplying critical external assistance (C)</p> Signup and view all the answers

What is a potential negative impact of cultural factors on development?

<p>Fostering labor unrest and capital flight (D)</p> Signup and view all the answers

What can be a consequence of poor governance in the context of receiving aid?

<p>Corruption and misappropriation of funds (D)</p> Signup and view all the answers

How can a lack of an independent judiciary affect a country's development?

<p>It allows external influence on legal decisions (C)</p> Signup and view all the answers

Which of the following can best enhance a country's development through natural resource management?

<p>Diversifying economic activities beyond resources (B)</p> Signup and view all the answers

What role do cultural attributes play in attracting foreign investment?

<p>They encourage disciplined and equitable environments (B)</p> Signup and view all the answers

What does a high gini coefficient indicate in a society?

<p>High income inequality (A)</p> Signup and view all the answers

Which three dimensions does the Human Development Index (HDI) address?

<p>Life expectancy, education, and GNI per capita (D)</p> Signup and view all the answers

What aspect of development does the Genuine Progress Indicator include that GDP does not?

<p>Volunteer work and household production (D)</p> Signup and view all the answers

What is the main purpose of the Happy Planet Index (HPI)?

<p>To assess life satisfaction and sustainable living (C)</p> Signup and view all the answers

Which factor is critical for promoting development according to the content?

<p>Peace and stability (C)</p> Signup and view all the answers

What is one major consequence of women being unable to realize their potential in society?

<p>Impediment to human development (A)</p> Signup and view all the answers

How does low government transparency affect development?

<p>Contributes to high levels of corruption (C)</p> Signup and view all the answers

What is the effect of migration on the GDP of both the recipient and home countries?

<p>Migration adds to the GDP and foreign exchange of both countries. (B)</p> Signup and view all the answers

Which is NOT included as an indicator in the Genuine Progress Indicator?

<p>Unemployment rates (B)</p> Signup and view all the answers

What measures are combined to improve the accuracy of the Human Development Index (HDI)?

<p>Education levels and healthcare access (B)</p> Signup and view all the answers

Which of the following is NOT a consequence of climate change on development?

<p>Improved productivity (B)</p> Signup and view all the answers

According to Rostow's model of development, what characterizes the 'Take-off' stage?

<p>Economic growth values becoming widespread (D)</p> Signup and view all the answers

Which of the following does the Corruption Perception Index (CPI) primarily assess?

<p>Perceived corruption in public sectors (B)</p> Signup and view all the answers

What effect does conflict have on development?

<p>Destroys social and economic fabric (D)</p> Signup and view all the answers

What is a potential downside of the neoliberal model of development?

<p>Corruption due to limited state oversight (B)</p> Signup and view all the answers

What aspect of development does climate change exacerbate for poor communities?

<p>Vulnerability to food insecurity and health issues (D)</p> Signup and view all the answers

In what way does accountability improve development?

<p>By fostering public trust and efficient resource allocation (C)</p> Signup and view all the answers

How does the Washington Consensus differ from traditional neoliberalism?

<p>It emphasizes strong institutions and good policies. (C)</p> Signup and view all the answers

What is often a consequence of a lack of governance and transparency?

<p>Higher levels of corruption (B)</p> Signup and view all the answers

How does the Happy Planet Index rank countries?

<p>By how many happy and long lives are produced relative to environmental output (D)</p> Signup and view all the answers

Which stage in Rostow's model is characterized by a highly diversified economy?

<p>Drive to Maturity (B)</p> Signup and view all the answers

Which factor is least likely to promote development according to the content?

<p>Corruption in public sectors (B)</p> Signup and view all the answers

What is a significant consequence of brain drain for the home country of migrants?

<p>Loss of valuable human resources (B)</p> Signup and view all the answers

According to neoliberal theory, what is a preferred source of economic growth?

<p>Foreign Direct Investment (FDI) (C)</p> Signup and view all the answers

What is a common effect of large numbers of immigrants in a host country?

<p>Potential for social unrest (B)</p> Signup and view all the answers

Which of the following represents an environmental factor that can inhibit development?

<p>Climate change impacts on agriculture (B)</p> Signup and view all the answers

What is the initial characteristic of societies in the 'Preconditions for Take-off' stage in Rostow's model?

<p>Introduction of money and banking (A)</p> Signup and view all the answers

What issue arises from the lack of women's economic empowerment?

<p>Ongoing gender discrimination (B)</p> Signup and view all the answers

What is a central requirement for a knowledge economy to thrive?

<p>An educated and trained workforce (C)</p> Signup and view all the answers

Which of the following characterizes a circular economy?

<p>Promoting the recycling of materials and products (C)</p> Signup and view all the answers

How can education influence economic gains for individuals?

<p>By enabling individuals to find better employment (C)</p> Signup and view all the answers

What is one major social change expected from empowering women?

<p>Accelerated pace of social and economic growth (B)</p> Signup and view all the answers

Which of these is a disadvantage of globalization?

<p>Loss of jobs in high-cost living countries (C)</p> Signup and view all the answers

What is expected from changes in production and consumption behavior in a circular economy?

<p>Reusing all materials effectively (D)</p> Signup and view all the answers

Which development approach is highlighted as essential for societal advancement?

<p>Improving education and healthcare (B)</p> Signup and view all the answers

What role does healthcare access play in productivity?

<p>Enhances overall productivity (A)</p> Signup and view all the answers

What is a consequence of women's education on family health?

<p>Decreased fertility and healthier children (B)</p> Signup and view all the answers

How does globalization contribute to cultural development?

<p>Embraces modern concepts such as rights (C)</p> Signup and view all the answers

Which factor is crucial to enable the circular economy?

<p>Recycling of secondary raw materials (D)</p> Signup and view all the answers

What impact does education have on women’s status in society?

<p>Enhances decision-making power (D)</p> Signup and view all the answers

Which describes a potential benefit of improved healthcare?

<p>Enhanced worker performance and productivity (D)</p> Signup and view all the answers

What is a primary goal of education in terms of sustainable development?

<p>To empower individuals for a sustainable future (D)</p> Signup and view all the answers

What is a significant aspect of development according to Human Development principles?

<p>Enlarging people's freedoms and opportunities (B)</p> Signup and view all the answers

Which of the following best describes sustainable development?

<p>Development that meets present needs without compromising future generations (A)</p> Signup and view all the answers

What is the primary focus in measuring human development?

<p>The improvement of individual capabilities and well-being (B)</p> Signup and view all the answers

Why is economic growth considered too simplistic in defining development?

<p>It disregards the importance of democracy and human rights (B)</p> Signup and view all the answers

Which of the following is a major concern related to poverty in development policies?

<p>Equitable distribution of wealth and reducing income inequality (B)</p> Signup and view all the answers

What does 'the personal is political' imply in feminist theory within International Relations (IR)?

<p>The private sphere has significant impacts on public policies (B)</p> Signup and view all the answers

How does Maslow's Hierarchy of Needs relate to development?

<p>It illustrates the difference between basic human needs and higher-level aspirations (B)</p> Signup and view all the answers

Which of the following describes neo-colonialism in the context of development?

<p>Wealthier nations maintaining control over developing nations through economic mechanisms (D)</p> Signup and view all the answers

What does effective strategy in addressing development-related problems entail?

<p>Identifying and devising solutions for the roots of economic and social issues (D)</p> Signup and view all the answers

What is an essential factor for sustainable development according to the principles outlined?

<p>Balancing economic growth with environmental protection (D)</p> Signup and view all the answers

What is the primary objective of economic development?

<p>To increase productivity and create new industries (C)</p> Signup and view all the answers

Why is it important to widen human capabilities in development?

<p>To empower individuals to pursue lives of value and make impactful choices (A)</p> Signup and view all the answers

How does human development differ from traditional economic measures of development?

<p>It considers the well-being and freedoms of individuals beyond just economic factors (B)</p> Signup and view all the answers

Which of the following is NOT a key element of sustainable development?

<p>Short-term profit maximization (C)</p> Signup and view all the answers

What is the primary characteristic of state capitalism?

<p>The state maintains control over production and capital. (D)</p> Signup and view all the answers

Which of the following is a key theory related to economic development and quality of life?

<p>Capability Theory (B)</p> Signup and view all the answers

Martha Nussbaum identifies several basic capabilities required for a good life. Which of these is NOT one of them?

<p>Ability to generate maximum wealth. (A)</p> Signup and view all the answers

What has been one notable outcome of the economic strategies in East Asian economies?

<p>Rapid economic development through export-led growth. (C)</p> Signup and view all the answers

How does tourism usually impact the job market?

<p>Primarily leads to the formation of low-paying jobs. (C)</p> Signup and view all the answers

What is essential for fostering entrepreneurship?

<p>Stable institutions and sound infrastructure. (A)</p> Signup and view all the answers

What is a primary source of foreign exchange for host countries in tourism?

<p>Money spent by visitors on their travels. (C)</p> Signup and view all the answers

What has significantly contributed to the development of the economy based on the Washington Consensus?

<p>Accountable government oversight of markets. (A)</p> Signup and view all the answers

Which of the following best describes a knowledge economy?

<p>An economy driven by the production and use of knowledge and information. (D)</p> Signup and view all the answers

Which of the following approaches became popular as a response to the failure of the import substitution model?

<p>Trade liberalization and export orientation. (D)</p> Signup and view all the answers

Which of the following is NOT a tool used by governments to exercise control over the economy?

<p>Privatized banking systems. (A)</p> Signup and view all the answers

What does the concept of capability primarily focus on?

<p>Ensuring individual opportunities and freedom. (A)</p> Signup and view all the answers

What has been a notable effect of tourism in an increasingly globalized world?

<p>Significant economic contributions through increased spending. (B)</p> Signup and view all the answers

Which of the following represents a challenge within the tourism industry?

<p>Lower wages for workers in the sector. (A)</p> Signup and view all the answers

Flashcards

Development

A sustained increase in the standard of living in a society.

Globalization

The increasing interconnectedness among countries through trade, culture, and ideas.

Inequality

A state where equality is not realized, leading to compromised justice and liberty.

Sustainability

Actions to improve lives that endure for future generations.

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Justice

Fair treatment based on accepted laws applied equally and universally.

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Liberty

Freedom of individuals with limited interference from authority.

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Equality

The idea that people are treated the same and enjoy the same opportunities.

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Power

The ability to influence the actions of another global actor.

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Gini Coefficient

A measure of income inequality between the richest and poorest.

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Human Development Index (HDI)

An index measuring life expectancy, education, and GNI per capita for countries.

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Life Expectancy

Average number of years a person is expected to live at birth.

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Average Years of Schooling

Average education duration for individuals aged 25 and older.

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PPP GNI per capita

Purchasing Power Parity Gross National Income adjusted per person.

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Genuine Progress Indicator (GPI)

An economic measure considering social, environmental, and economic factors.

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Happy Planet Index (HPI)

Measures happiness, life expectancy, and ecological footprint.

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Corruption Perception Index (CPI)

Ranks countries based on how corrupt their public sectors are perceived to be.

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Political Stability

The absence of violent conflict and the maintenance of law and order.

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Foreign Direct Investment (FDI)

Investment made by a company in one country in business interests in another country.

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Governance

The processes of decision-making and the process by which decisions are implemented.

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Accountability

The responsibility of government officials to act in the best interests of the public.

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Transparency

Open access to information and decision-making processes in governance.

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Development Disparities

Differences in development outcomes based on gender, income, and geography.

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Human Capital

The economic value of an individual's skills and education.

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Neo-colonialism

A modern form of colonialism keeping developing countries dependent on wealthier states.

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Global North vs Global South

A division of the world highlighting economic disparities between developed and developing nations.

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Feminist Critical Theory

An approach emphasizing the importance of women's roles in politics and social life.

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Maslow's Hierarchy of Needs

A model showing the progression from basic to higher human needs.

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Economic Development

Increasing productivity and revenue to improve living standards.

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Poverty Reduction

Strategies aimed at decreasing poverty and ensuring equitable wealth distribution.

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Human Development

The enhancement of people's freedoms and opportunities for better living.

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Sustainable Development

Meeting current needs without compromising future generations' ability to meet theirs.

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Human Capabilities

The abilities necessary for individuals to pursue meaningful lives.

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Income-based Measures

Economic indicators like GDP and Gini coefficient used to assess development.

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Quality of Life

A measure that includes health, education, and overall well-being beyond just income.

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Social Factors in Development

Aspects like human rights and democracy crucial for holistic development.

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Political Representation

Ensuring that diverse groups, especially women, have a voice in governance.

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Sustainability Pillars

The three areas of sustainable development: social, economic, and environmental.

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Washington Consensus

A policy framework promoting deregulation and accountable government oversight of markets.

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State Capitalism

A political system where the state controls production and capital for political advantage.

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Sovereign Wealth Funds

State-owned investment funds used to stabilize or grow national wealth.

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State-Owned Enterprises

Companies owned either wholly or partially by the government.

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Capability Theory

Focuses on evaluating quality of life by assessing personal capabilities, not just GDP.

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Martha Nussbaum

Philosopher advocating basic capabilities necessary for a good life.

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Basic Capabilities

Essential abilities needed for a fulfilling life, such as health and education.

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Trade Liberalization

Policy of reducing trade barriers to encourage global trade.

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Export Orientation

Focusing on increasing production and exports for economic growth.

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East Asian Economies

Countries like Japan and South Korea that grew rapidly via export-led growth.

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Tourism

Travel for leisure or business that contributes to the economy.

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Entrepreneurship

The process of creating businesses from ideas or opportunities.

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Knowledge Economy

Economy based on the production and use of knowledge and information.

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Infrastructure's Role

Necessary conditions for supporting entrepreneurship and economic growth.

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Exploitation of Labor

The unfair treatment of workers in terms of pay and conditions.

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Wealth Concentration

The accumulation of wealth within a small elite population.

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Wage Competition

The pressure workers face from competing against lower-paid labor globally.

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Price Competition

The global competition that can lead to lower prices for goods.

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Regulation Avoidance

Corporations establishing operations in locations with fewer regulations.

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Cultural Homogenization

Loss of cultural diversity due to globalization and Western dominance.

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Inequality and Development

Increased inequality can hinder overall growth and social harmony.

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Economic Sustainability

Practices ensuring long-term economic health and well-being.

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Environmental Sustainability

Efforts focused on preserving natural resources and ecosystems.

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Gender Discrimination

Women are denied equal opportunities in various aspects of life.

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Migration

Movement across boundaries for a minimum period, involving refugees and migrants.

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Economic Growth from Migration

Migration can enhance growth through skilled labor and remittances.

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Brain Drain

Loss of skilled workforce to other countries, impairing development.

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Climate Change Impact

Direct effects on weather patterns leading to agricultural challenges.

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Rostow's Model

Theory stating that countries modernize by mimicking industrial practices.

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Take-off Stage

Period where economic growth values spread and sectors grow rapidly.

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Neoliberalism

Economic model favoring minimal government intervention and free markets.

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Urbanization

The increase in population moving from rural to urban areas.

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High Mass Consumption

Stage where wealth and consumer goods become prevalent in society.

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Social Unrest from Migration

Tensions in host countries due to large immigrant populations.

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Development Models

Theories outlining pathways for social and economic growth in societies.

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Circular Economy

A system that recycles materials and products to minimize waste and promote sustainability.

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Educated Workforce

A skilled and knowledgeable labor force essential for a knowledge economy.

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Think Tanks

Research institutions that analyze and create knowledge to address issues and foster innovation.

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Healthcare Impact

The role of health in enhancing worker productivity and economic performance.

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Education and Income

Higher education levels lead to increased income opportunities for individuals.

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Women's Empowerment

The process of enabling women to achieve equality and participate fully in economic and social growth.

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Interdependence

The mutual reliance between countries due to globalization, affecting economies and cultures.

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Cultural Rights

The rights related to culture, such as women's rights and minority rights, enhanced through globalization.

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Transnational Problems

Challenges like climate change and pollution that transcend national boundaries, requiring global solutions.

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Resource Redistribution

The need for equal ownership of resources among genders to encourage social emancipation.

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Entrepreneurship Environment

A setting that encourages innovation and investment in knowledge, critical for economic growth.

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Globalized Economies

Economies that are politically and financially open, experiencing faster growth and improved living standards.

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Corruption

The abuse of power for personal gain, eroding public trust.

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Recycling Materials

The practice of converting waste into reusable material to support sustainable production processes.

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Independent Judiciary

A court system free from outside influence, ensuring fair legal decisions.

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Access to Resources

Availability of natural resources essential for economic growth.

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Rostow’s Model

A theory describing stages of economic growth through resource use.

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Economic Vulnerability

Risk of economic downturn due to reliance on exports.

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Access to Capital

Availability of wealth to produce goods and services.

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Aid Dependence

Reliance on external help for development, hindering self-sufficiency.

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Cultural Impact on Development

How societal values and traditions influence economic progress.

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Gender Roles

Socially defined roles based on gender, affecting economic participation.

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Innovation Culture

A societal atmosphere encouraging new ideas and economic growth.

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Natural Resource Export

Selling raw materials to other countries for revenue generation.

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Human Rights in FDI

The ethical concerns surrounding foreign investments in developing countries.

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Economic Growth

An increase in the production of goods and services in a country.

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Social Factors

Cultural, ethical, and traditional influences shaping development.

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Study Notes

Development Theories and Concepts

  • Development: A sustained increase in a society's standard of living.
  • Globalization: Growing interdependence and interconnectedness among countries through trade, culture, finance, and ideas.
  • Inequality: Unequal access to resources hindering justice and liberty. Manifests in unequal distribution of resources for individuals and groups.
  • Sustainability: Ensuring present actions benefit future generations, balancing human needs with environmental protection.
  • Justice: Fair treatment under universally applied laws, ensuring rights and a fair trial.
  • Liberty: Freedom from excessive government interference, permitting personal flourishing.
  • Human Rights: Indivisible rights inherent to all humans, without discrimination.
  • Equality: Equal treatment and opportunities for all people.
  • Power: A global actor's ability to influence another actor's actions.

Neo-Marxism/Neo-Colonialism

  • Stems from Marxist class struggle, applied internationally.
  • Developed states exploit developing states by extracting resources, creating dependence.
  • Free trade, privatization, and deregulation are new forms of neo-colonialism.
  • Global North vs. Global South highlights the disparity.

Feminist Critical Theory

  • Challenges traditional IR focus on the state, emphasizing the private sphere.
  • Women's empowerment through education, employment, and political participation promotes development.

Different Definitions of Development

  • Traditionally, development equaled economic growth (quantifiable economic and technological advance).
  • Now includes social and political factors (like human rights and democracy).
  • Development necessitates an improved quality of life for all in a society.
  • It needs to be sustainable, enduring for future generations.

Economic Development

  • Aims to increase productivity and revenue, diversifying the economy.
  • Typically measured by GDP/GNP increase and improving the standard of living.
  • Primarily regarding value and productivity over money.
  • Key to development is poverty reduction and equitable wealth distribution.

Human Development

  • Focuses on people's freedoms, opportunities, and well-being.
  • Emphasizes capabilities (prerequisites) for achieving a fulfilling life.
  • Involves improving knowledge, skills, and health and also the appropriate use of attained well-being.

Sustainable Development

  • Meets present needs without compromising future generations' needs.
  • Balances social, economic, and environmental factors.
  • Emphasizes eliminating poverty, changing consumption habits, and resource protection.

Measuring Development

  • Income-based measures: GDP/capita, Gini coefficient. GDP per capita shows economic growth. Gini coefficient assesses income distribution, indicating inequality.
  • Complex measures: Human Development Index (HDI) considers life expectancy, education, and income (to offer a more complete view). Genuine Progress Indicator (GPI) accounts for social and environmental factors alongside economic growth. Happy Planet Index (HPI) measures well-being and ecological output.

Political Factors

  • Peace and stability: Crucial for development. Absence of conflict aids decision-making, FDI, and stability. Violence opposes this, destroying lives and resources.
  • Governance: Accountability and transparency are important for development. Corruption misallocates resources.
  • Independent judiciary: Essential for impartial review of actions, preventing corruption.

Economic Factors

  • Access to resources (natural resources): Essential for economic advancement, but dependence on exports can make it vulnerable.
  • Foreign Direct Investment (FDI): Brings revenue, but potentially not invested in the recipient nation.
  • Capital, credit, and aid: Can propel development, but poor governance can lead to misappropriation, dependence, and hinder self-reliance.

Social Factors

  • Values, cultures, and traditions: Can promote and hinder development depending on their nature (e.g. entrepreneurship versus labor unrest).
  • Gender roles: Can empower or limit development. Empowering women improves productivity and well-being.
  • Migration: Can boost recipient countries' economies through skills and remittances, but migration also has costs in loss of human resources and potentially social unrest.

Environmental Factors

  • Climate change: Counteracts sustainable development by affecting weather, agriculture, health, and development efforts in developing countries disproportionately.

Models of Development

  • Rostow's Model (Modernization Theory): Traditional societies transition through stages to high mass consumption.
  • Neoliberalism: Limited government intervention, free markets.
  • Washington Consensus: Balancing deregulation with strong, accountable government.
  • State Capitalism: State control over production and capital, using markets for political advantage.
  • Capability Theory: Focuses on people's opportunities and choices, considering health, education, and political freedoms rather than just economic outputs.

Approaches for Developing the Economy

  • Trade liberalization and export orientation: Opening markets to encourage global competition and export advantages.
  • Tourism and entrepreneurship: Tourism generates foreign exchange and jobs; entrepreneurship fosters innovation and creates opportunities, which needs a conducive infrastructure.
  • Knowledge economy: Based on knowledge, information, and intellectual capabilities.

Approaches for Developing Society

  • Improving education: Enables economic gains, health improvements, and better decision-making.
  • Improving healthcare: Improves human resources and productivity.
  • Changing roles of women: Empowering women accelerates economic and social growth.

Globalization

  • Advantages: Increased economic growth, standards of living, greater democratic potential. Cultural exchange. Effective management of transnational issues.
  • Disadvantages: Job losses in high-cost countries, exploitation of labor, wealth gaps, pressure on wages, and regulatory avoidance.
  • Inequality and its impact on Development: Beyond a certain point, inequality hinders growth, poverty reduction, social harmony and overall well-being.

Sustainable Development: The Way Forward

  • Economic sustainability: Reducing threats to economic well-being through investing in infrastructure, education, technology.
  • Social sustainability: Addressing human well-being, focusing on empowering women, and respecting cultural differences.
  • Environmental sustainability: Reducing environmental harm through sustainable energy use, environmentally friendly technologies.

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