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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



Political Stability

- in policies affecting their development

Economic and legal reforms

- poorly defined and or weakly enforced contract and property rights are features that the poorest countries have in common

entrepreneruship

- free enterprise in the hands of self-employed is the seed of new economic growth

planning

- a development plan with observable and measurable development goals linked to specific policies should be in place

Outward orientation

- Focus on production for the domestic market and export markets with increases in efficiencies and continual differentiation of exports from competitions

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

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

Incentives

-force a high domestic rate of savings and to direct capital to update the infrastructure, transportation, housing, education, and training

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