Unit 4.10 - Economic Growth and/or Economic Development Strategies
What you need to know and understand:
Key concepts:
Concepts to understand:
- Strategies to promote economic growth and/or economic development
- Trade strategies
- Import substitution
- Export promotion
- Economic integration
- Diversification
- Social enterprise
- Market-based policies
- Trade liberalization
- Privatization
- Deregulation
- Interventionist policies
- Redistribution policies including tax policies, transfer payments and minimum wages
- Provision of merit goods
- Education programs
- Health programs
- Infrastructure including energy, transport, telecommunications, clean water and sanitation
- Inward foreign direct investment
- Foreign aid
- Humanitarian aid/development aid
- Debt relief
- Official Development Assistance (ODA)
- Non-governmental organizations (NGOs)
- Multilateral development assistance
- The World Bank
- International Monetary Fund
- Institutional change
- Improved access to banking, including microfinance and mobile banking
- Increasing women’s empowerment
- Reducing corruption
- Property rights
- Land rights
- Trade strategies
- Strengths and limitations of strategies for promoting economic growth and economic development
- Strengths and limitations of government intervention versus market-oriented approaches to achieving economic growth and economic development
- Progress toward meeting selected Sustainable Development Goals in the context of two or more countries
Key concepts:
- Scarcity
- Choice
- Efficiency
- Equity
- Economic well-being
- Sustainability
- Change
- Interdependence
- Intervention
Concepts to understand:
- Governments and other economic agents may intervene in an attempt to promote economic well- being and equity in societies.
- The pursuit of sustainability is subject to various constraints.
- Effective strategies should take account of the relevant social, economic, and political context