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Development Economics Unit Overview (IB Unit 5)
Sources of Economic Growth and/or Development and Consequences of
Growth
Barriers to Economic Growth and/or Development
Growth and Development Strategies
Evaluation of growth and development strategies
Growth
- Natural factors; human factors; physical capital and technological factors; institutional factors. Externalities, income distribution and sustainability.
Barriers to Economic Growth and/or Development
- The poverty cycle. Institutional and political factors. International trade barriers.
- International financial barriers. Social and cultural factors acting as barriers.
Growth and Development Strategies
- The Harrod-Domar growth model. Structural change/dual sector model.
- Aid – types of aid (bilateral; multilateral; grant aid; soft loans; official aid; tied aid)
- Export led growth/outward-oriented strategies. Import substitution/inward-oriented strategies/protectionism.
- Commercial loans. Foreign direct investment. Micro-credit schemes. Fair trade organizations.
- Sustainable development.
Evaluation of growth and development strategies
- Evaluation of trade v aid and market-led v interventionist strategies.
- Evaluation of the role of international financial institutions (the IMF; the World Bank; private sector banks; non-government organisations; multinational corporations/transnational corporations; commodity agreements).
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