Between the 50's-80's what was the difference between in population and GDP in the North and South ?
The North - 80% of worlds GDP with only 20% population/ The south - 20% of worlds GDP with 80% of worlds population
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What took place to increase growth?
Globalisation
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What is the Development continuum ?
Takes place in the "Poor South" - where poor countries grow economically to catch up with richer nations.
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Things the "Poor South" did to achieve wealth:
- changed their trading rules - enabled themselves to become an independent nation - industries "the North" originally took on to help south develop, "the South" now do.
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What four groups can world countries be split into?
Group 1 - Affluent Countries + Group 2 - Emerging Countries + Group 3 - Resource counties + Group 4 - Poorest Counties
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Description + Example of Affluent Countries
Dominated the Global economy for the last 50 years - USA, Japan and European Countries
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Description + Examples of Emerging Economies
contain half the worlds population ( India and China) - 30 emerging economies - BRICS and NIC's (Dubai) - GDP growth rate of 3.5%
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Description + Examples of Resource Countries
Venezuela - countries with natural resources yet haven't used them to their advantage.
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Description + Examples of Poorest Countries
consists of 1 billion - 33 located in Sub- Saharan Africa - remain stagnant or declining economically - isolated from global economy - face vital development issues
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Name four large trading blocks:
NAFTA (North American Free Trade Agreement) - The EU - ASEAN (Association of South East Asian Nations) - Mercosur ( Argentina, Brazil, Uruguay and Paraguay)
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What is the benefit of these Trading Blocks ?
They provide economic benefit
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What four groups can these blocks be separated into ?
Economic Union - Common markets - Free Trade Area - Custom Union
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Characteristics of Free Trade Areas:
NAFTA - Remove tariffs and quotas within that grouping - keep restriction on good that come from outside the grouping
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Characteristics of Custom Unions:
Mercosur - same as free trade - keep tariffs on goods from outside the group
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Characters of Common markets:
European Economic Union - same as Custom Union but allows free movement of labour and capital
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Characteristics of Economic Unions:
EU- members do all of the above - adopt policies such as agriculture, transport, regional development and pollution.
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Other cards in this set
Card 2
Front
What took place to increase growth?
Back
Globalisation
Card 3
Front
What is the Development continuum ?
Back
Card 4
Front
Things the "Poor South" did to achieve wealth:
Back
Card 5
Front
What four groups can world countries be split into?
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