globalisation development economics
Overview
This lesson explores the multifaceted relationship between globalisation and economic development, examining how increased interconnectedness impacts developing economies. We will analyse the potential benefits and drawbacks of globalisation for development, along with various strategies and challenges faced by countries striving for economic progress.
Defining Globalisation and Economic Development
Globalisation refers to the growing interdependence of countries worldwide through the increasing volume and variety of cross-border transactions in goods and services, international capital flows, and the more rapid and widespread diffusion of technology. It encompasses economic, social, political,...
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Key Concepts
- Globalisation: The increasing interconnectedness of the world's economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
- Economic Development: A sustained increase in the standard of living and well-being of a country's population, typically measured by indicators like GDP per capita, life expectancy, education levels, and poverty rates.
- Absolute Poverty: A condition characterised by severe deprivation of basic human needs, including food, safe drinking water, sanitation facilities, health, shelter, education, and information.
- Relative Poverty: A condition where people lack the minimum amount of income needed to maintain the average standard of living in the society in which they live.
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Exam Tips
- →When discussing globalisation's impact, always present both benefits and drawbacks, using specific economic terminology and examples.
- →Distinguish clearly between economic growth and economic development; explain why growth doesn't always lead to development.
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