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CONTEMPO: Economic Globalization
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Developing Nations
Referred to as the LDCs (Least Developed Countries). A nation where the average income is much lower than in industrial nations, where the economy relies on a few export crops, and where farming is conducted by primitive methods.
Developing Nation Characteristics
- A measure of the amount of money earned per person in a nation or geographic region - Low Per Capita Income - High Levels of Poverty - Dependence on Agriculture - Rapid Population Growth - Weak Infrastructure - Health Challenges - Limited Human Capital
Independence
Economic independence refers to a nation's ability to make sovereign decisions about its economic policies and participate in the global economy on its own terms. It includes the capacity to shape trade agreements, regulate financial systems, and determine economic strategies.
Underdevelopment
Underdevelopment in the economic dimension of globalization refers to a situation where certain countries or regions lag behind in terms of economic progress and integration into the global economy.
Factors that Contribute to Underdevelopment
- Economic Inequality - Lack of Access to Education - Healthcare Disparities - Corruption and Weak Governance - Infrastructure Gaps - Geopolitical Factors - Dependency on Primary Industries - Lack of Access to Capital - Environmental Challenges
International Organizations and Developing Countries
International organizations assist developing countries to reduce poverty, enhance living conditions, and foster economic growth. They do it to promote global stability, peace, and humanitarian principles.
United Nations (UN)
A major international organization with a broad mandate that includes promoting development and addressing issues like poverty, hunger, and access to education and healthcare.
International Monetary Fund (IMF)
Provides financial and technical assistance to member countries, particularly during financial crises. Developing nations often turn to the IMF for assistance in stabilizing their economies and implementing necessary reforms.
World Bank
Focuses on financing development projects and providing loans and grants to developing countries. It supports infrastructure development, poverty reduction, and economic growth.
World Trade Organization (WTO)
Establishes trade rules and promotes global trade. Developing countries often engage in trade negotiations within the WTO framework to improve their access to international markets.
United Nations Conference on Trade and Development (UNCTAD)
Focuses on trade and development issues. It provides research and policy advice to help developing countries integrate into the global economy.
World Health Organization (WHO)
Assists developing countries in improving healthcare and public health systems. It addresses health challenges like epidemics, access to medicines, and healthcare infrastructure.
Association of Southeast Asian Nations (ASEAN)
Promotes economic integration, political stability, and social progress among its member states in Southeast Asia. Namely, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar (Burma), the Philippines, Singapore, Thailand, and Vietnam.
International Fund for Agricultural Development (IFAD)
Focuses on rural development and agricultural projects in developing countries, aiming to improve food security, reduce poverty, and enhance agricultural productivity.
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Developing Nations
Referred to as the Least Developed Countries (LDCs). A nation where the average income is much lower than in industrial nations, where the economy relies on a few export crops, and where farming is conducted by primitive methods.
Developing Nation Characteristics
A measure of the amount of money earned per person in a nation or geographic region. Low Per Capita Income, High Levels of Poverty, Dependence on Agriculture, Rapid Population Growth, Weak Infrastructure, Health Challenges, Limited Human Capital.
INDEPENDENCE
refers to a nation's ability to make sovereign decisions about its economic policies and participate in the global economy on its own terms. It includes the capacity to shape trade agreements, regulate financial systems, and determine economic strategies.
UNDERDEVELOPMENT
a situation where certain countries or regions lag behind in terms of economic progress and integration into the global economy. Efforts to address this often involves initiatives to improve infrastructure, education, access to capital, and technology with the goal of reducing economic disparities and promoting inclusive growth.
Factors that Contribute to Underdevelopment
Economic Inequality, Lack of Access to Education, Healthcare Disparities, Corruption and Weak Governance, Infrastructure Gaps, Geopolitical Factors, Dependency on Primary Industries, Lack of Access to Capital, Environmental Challenges, Global Economic Factors.
United Nations (UN)
a major international organization with a broad mandate that includes promoting development and addressing issues like poverty, hunger, and access to education and healthcare. It houses specialized agencies like UNICEF, UNDP, and the World Food Programme which work on specific development-related goals.
International Monetary Fund (IMF)
provides financial and technical assistance to member countries, particularly during financial crises. Developing nations often turn to the IMF for assistance in stabilizing their economies and implementing necessary reforms.
World Bank
focuses on financing development projects and providing loans and grants to developing countries. It supports infrastructure development, poverty reduction, and economic growth.
World Trade Organization (WTO)
establishes trade rules and promotes global trade. Developing countries often engage in trade negotiations within the WTO framework to improve their access to international markets.
United Nations Conference on Trade and Development (UNCTAD)
focuses on trade and development issues. It provides research and policy advice to help developing countries integrate into the global economy.
World Health Organization (WHO)
assists developing countries in improving healthcare and public health systems. It addresses health challenges like epidemics, access to medicines, and healthcare infrastructure.
Association of Southeast Asian Nations (ASEAN)
promotes economic integration, political stability, and social progress among its member states in Southeast Asia. Namely these countries: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar (Burma), the Philippines, Singapore, Thailand, Vietnam.
International Fund for Agricultural Development (IFAD)
focuses on rural development and agricultural projects in developing countries, aiming to improve food security, reduce poverty, and enhance agricultural productivity.
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A flashcard deck on Economic Globalization, covering developing nations, underdevelopment, and international organizations' roles.
Globalization
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