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10 Cards in this Set
- Front
- Back
What are the antecedents to development? |
-Political stability -Economic and legal reforms - entrepreneurship - planning - outward orientation - factors of production - industries targeted for growth - incentives -privatization |
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Political Stability |
- in policies affecting their development |
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Economic and legal reforms |
- poorly defined and or weakly enforced contract and property rights are features that the poorest countries have in common |
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entrepreneruship |
- free enterprise in the hands of self-employed is the seed of new economic growth |
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planning |
- a development plan with observable and measurable development goals linked to specific policies should be in place |
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Outward orientation |
- Focus on production for the domestic market and export markets with increases in efficiencies and continual differentiation of exports from competitions |
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Factors of production |
- if deficient in factors of production an environemnt existed where these factors could easily come from outside the country and be directed to development objective |
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Industries targeted for growth |
-Strategically directed industrial and international trade policies were created to identify those sectors where opportunity existed -Key industries were encouraged to achieve better positions in world markets by directing resources into promising target sectors |
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Incentives |
-force a high domestic rate of savings and to direct capital to update the infrastructure, transportation, housing, education, and training |
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Privatization |
-of state owned enterprises that placed a drain on national budgets -released immediate capital to invest in strategic areas and gave relief from a continuing drain on future national resources -often when industries are privatized, the new investors modernize, thus creating new economic growth |