Includes the availability of life sustaining goods and services, Higher incomes and Freedom to make economic and social choices.
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Economic Growth
An increase in the productive potential of an economy.
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Advantages of HDI
Combines the impact of growth with other quality of life indicators, well recognised measure.
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Limitations of HDI
Does not take into account inequality, poverty or other measures of deprivation.
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The Inequality-adjusted HDI (IHDI)
The HDI adjusted for inequalities in health, education and income and can represent the loss in potential human development due to inequality.
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Other Measures of Economic Development
Proportion of the male population engaged in agriculture, Energy consumption per person, The proportion of the population with access to clean water, internet access and mobile phones.
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Interventionist Strategies
Protectionism, Infrastructure Development, Development of Human Capital, Managed Exchange Rates, Promotion of Joint Ventures, Buffer Stock Schemes.
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Factors Influencing Growth and Development
Access to credit, Infrastructure, Non-economic factors, Primary Product Dependency, Levels of savings and investment, Demographic Factors.
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Other Strategies to Influence Growth
Development of Tourism, Development of Primary Industries, Industrialisation, AID, Debt Relief, Fair Trade Schemes.
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Industrialisation- The Lewis Model
Growth can be achieved by the migration of workers from the rural primary sector to the modern industrial sector.
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Development of Primary Industries
Some countries have managed to develop based on primary products, which they have a comparative advantage. However, dependency can become a problem (Sierra Leone Blood Diamonds).
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Trade Liberalisation
The removal or reduction in trade barriers.
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Types of AID
Humanitarian Aid is a short term emergency aid given to those in dire situations, whereas development aid is a long term aid given by developed countries to encourage growth.
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Debt Relief
The partial or total forgiveness of debt.
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Problems with AID and Debt Relief
Corruption, Dependency, Might continue gaining debts if the country knows that they will get relief for it.
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Other cards in this set
Card 2
Front
An increase in the productive potential of an economy.
Back
Economic Growth
Card 3
Front
Combines the impact of growth with other quality of life indicators, well recognised measure.
Back
Card 4
Front
Does not take into account inequality, poverty or other measures of deprivation.
Back
Card 5
Front
The HDI adjusted for inequalities in health, education and income and can represent the loss in potential human development due to inequality.
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