Economic Man Theory
- It assumes that people always act in their own benefit.
- Adam Smith argues that free market should work without governamental interference, everyone ios to look after themselves. i.e. It's ghana's problem if they're poor, should work harder.
- Neoliberalism- total freemarket, even school and healthcare should be private.
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Core & Periphery
- Core regions drive the world economy.
- peripheral areas part of farming sector, rely on core regions for the 3E- Explore, Exploit and Export their raw materials.
- Core economic processes tend to me more high-tech
- One set of processes cannot exist without the other- core is made possible from resource in the periphery.
Why is it important in geography?
- Spatial form- they can be recognized on maps
- Scale- they occur at any scale across the world
- Process- the theory isn't static and changes with time
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Types of development
- Top-down development- decided by the people in large organisations and governments. Affects the bottom of the population but it's decided at the top.
- Used when national, strategic decisions are needed i.e. schooling, healthcare, etc.
- Bottom up arise at community level and ripple through the communtiy. Normally meets the local needs and funded by aid and NGO's.
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Types of trade
- Aid- loans or gifts made by one organisation to another. Can be bilateral- from one org/country to another- or multilateral- from alliances from several countries.
- Tied aid- aid is given but moeny must be spent on the donor's own products in return.
- Investment- repayable loans used to develop a country, but expecting to share the profits. Normally comes from companies or individuals.
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