Classical economic development theory, structural theory, neo-classical development theory (Edexcel A-Level Politics): Flashcards
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Economist who advocated laissez-faire capitalism
Economist who advocated laissez-faire capitalism
Adam Smith
Laissez-faire capitalism core principle
Laissez-faire capitalism core principle
Minimal govt intervention, free markets
Adam Smith's 'invisible hand' concept
Adam Smith's 'invisible hand' concept
Market self-regulation without govt intervention
Division of labour benefit
Division of labour benefit
Increased efficiency & productivity through specialization
Who developed World-Systems Theory?
Who developed World-Systems Theory?
Immanuel Wallerstein
Core countries in World-Systems Theory
Core countries in World-Systems Theory
Wealthy, developed countries with strong economies & political power
Periphery countries in World-Systems Theory
Periphery countries in World-Systems Theory
Less developed countries, often exploited for resources
Semi-periphery characteristics
Semi-periphery characteristics
Mix of core & periphery traits, industrializing
Dependency Theory main claim
Dependency Theory main claim
Underdevelopment results from global capitalist integration
Resource flow in Dependency Theory
Resource flow in Dependency Theory
From periphery (poor) to core (wealthy) states
Neo-classical development theory association
Neo-classical development theory association
Neo-liberalism
What are SAPs?
What are SAPs?
Structural Adjustment Programs by IMF & World Bank
2008 global financial crisis example
2008 global financial crisis example
Estonia's economy declined 13% due to reduced remittances
Economic IGOs influencing global economy
Economic IGOs influencing global economy
IMF and World Bank
Overarching ideology of global economy
Overarching ideology of global economy
Global capitalism