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development

A process of improvement in the material conditions of people through diffusion of knowledge and technology

Gender Empowerment Measure

compares the ability of women and men to participate in economic and political decision making

Gender-related Development Index

compares the level of women with that of both sexes

HDI

Indicator of level of development for each country, constructed by United Nations, combining income, literacy, education, and life expectancy

GDP

The value of the total output of goods and services produced in a country in a given time period

LDC

A country that is at a relatively early stage in the process of economic development

literacy rate

The percentage of the country's people who can read and write

MDC

A country that has progressed relatively far along a continuum of development

primary sector

Portion of the economy concerned with the direct extraction of materials from earth's surface, generally through agriculture, although sometimes by mining, fishing, and forestry

productivity

the value of a particular product compared to the amount of labor needed to make it

secondary sector

portion of the economy concerened with manufacturing useful products throguh processing, transforming, and assembling raw materials

structural adjustment program

economic policies imposed on less developed countries by international agencies to create conditions encouraging international trade, such as raising taxes, reducing government spending, controlling inflation, selling publicy owned utilities to private corporations, and charging citzens more for services

tertiary sector

Portion of the economy concerned with the transportation, communications, and utilities, sometimes extended to the proision of all goods and services to people in exchange for payment

value added

the gross value of the product minus the cost of raw materials and energy

Rostow's Development Model

Modernization Model: 5 stages of economic development
1. traditional society
2. pre-conditions to take-off
3. take-off
4. matuirty
5. mass consumption, etc.

Richard Nolan's Stages of Growth Model

general theoretical model which describes the IT (technological) growth stages that can occur in an organization.

World Trade Organization (WTO)

an international organization that deals with the rules of trade between nations

transnational corporation

a corporation that conducts research, operates factories, and sells products in many countries, not just where its headquarters or shareholders are located.

Foreign Direct Investment (FDI)

An investment abroad, usually where the company being invested in is controlled by the foreign corporation. (loan given by the transnational corporation)

An example of FDI is an American company taking a majority stake in a company in China.

World Bank

Bank is an international financial institution that provides loans to developing countries for capital programmes

IBRD

internation bank for reconstruction and development (part of World Bank)

IDA

internation development association (part of World Bank)

International Monetary Fund (IMF)

loans to countries who have balance of payment problems

Policy Framework Paper (PFP)

outlines the structural adjustment program

Fair Trade

Products are made and traded fairly and in a way that protects workers and small businesses in LDCs

Core-Periphery Model

Proposed by Immanuel Wallerstein
Core (MDCs)= high socio-economic level
Periphery (LDCs)= dependent on core, supplier of raw materials and labor

Dependency Theory

a theory of how developing and developed nations interact. It can be seen as an opposition theory to the popular free market theory of interaction. Dependency theory was first formulated in the 1950s, drawing on a Marxian analysis of the global economy, and as a direct challenge to the free market economic policies of the post-War era.

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