Economic Development

Development
1. The use of resources and the application of available technology to improve the standard of living within a country.
  1. Sustainable development = Development that meets the needs of the present without harming the ability of future generations to meet their own needs
2. Wealth
  1. This relates directly to money, or economic well-being.
    1. Can be divided into rich and poor, individual unlike development.
  2. How much money a person has or the value of their possesisons.
    1. Measured by GDP (gross domestic product) total of value of goods and services provided by a country in a year.
      1. Other organisations publish this data as PPP (purchasing power parity)
3. Measured in HDI (human development index
  1. A measure of quality of life combining: education, health and wealth.
  2. Norway has the highest of 956, while Sierra leone has the lowest at 273.
4. Quality of life = the factors that affect a person's well-being and happiness
  1. This was measured by the PQLI (physical quality of life index)
    1. Was the average of three development factors:
      1. Literacy
      2. Life expectancy
      3. Infant mortality
    2. Now measured by HDI, this too includes three factors:
      1. Life Expectancy
      2. GDP per capita
      3. Educational attainment
5. Different stages of Development:
  1. The North-South divide, this is basically the world split into the hemispheres. No longer accurate due to changes and doesn't show any development or include NICs.
    1. Rostow's model:
      1. 1. Traditional society 2. Pre-conditions for take-off 3. Take-off (manufacturing) 4. Drive to maturity 5. High mass consumption.
  2. LDCS - Poorest of the developing countries with major economic, institutional, and human resource problems
    1. 49 countries
    2. 10.5% of the world's population
  3. NICS (newly industrialised countries) - Started with South Korea, Singapore, Hong Kong and Taiwan, refered to as the 'Four Asian tigers'
    1. 'Tiger economy' = Grows very rapidly
    2. Reasons for this include: A good level of infrastructure, skilled but low-cost work force, Culture which encourages education, Foreign investment, Advantages geographically Encourage banks to give low interest rates on loans
  4. Development Gap
    1. There are three main factors that affect this:
      1. Physical geography
        Landlocked countries developed slower
        Islands develop slower
        tropical countries develop slower due to hot climates for crops.
        Natural resources
      2. Economic policies
        welcome and encourage foreign investment develop faster
        high rates of saving and low rates of spending
      3. Demography
        Low birth rate
6. Aid
  1. Foreign exchange gap, savings gap and technical gap
  2. International aid = the giving of resources by one country to another poorer country with the objective to improve the economy.
    1. Official Gov. aid = Amount is decided by the Gov of an individual country.
      1. Bilateral = Given directly from one country to another, often tied with commericial deals.
      2. Multilateral = Provided by many countries and organised internationally, e.g. UN
    2. Voluntary aid = Run by non-Gov organisations but some Gov goes here too due to their expertise.
      1. Long-term = Directed towards continuous imporvement.
      2. Short-term = Help cope with unexpected disasters
The employment structure
1. Types of employment sectors:
  1. Primary sector = Collecting raw materials from the land or sea, for example: fishing or quarrying
  2. Secondary sector = Manufacturing the raw materials into a product, for example: food packaging and car production
  3. Tertiary sector = Provides a service to people or businesses, for example: retail assistants or nurses
  4. Quaternary sector = Using high technology to provide information and expertise, research and development (new sector), for example: computer scientists and biotechnology workers
  5. Formal = contracts/taxes/benefits(holiday and sick leave)/security/MEDC
    1. Informal = unofficial/part-time/poor job security/paid in cash/no inland revenue/LEDC
      1. 5% in UK/ 40% in LEDCS
2. How do employment structures vary?
  1. MEDCS = 'Post-industrialised society'/mostly tertiary/increasing quaternary/less manual labour, robotics etc/ manufacturing industries have left to cheaper places (NICS)
  2. NICS = Attract MNCS and foreign direct investment/greater investment in agriculture and mechanism/secondary and tertiary increase, primary decrease/vulnerable to market change
    1. Foreign direct investment = Overseas investments om physical capital by MNCS
  3. LEDCS = Agriculture/subsistence farmers/work is shared, limited amount (underemployed)/primary sector, few secondary and tertiary/primary-product dependent, vulnerable to market change
    1. Subsistence farmers = Produce is consumed by the family who made it, surplus is sold or traded
3. Outsourcing = Where a dompany contract out some of its work to another company. this usually happens because a company can save money or if a company lacks skills. For example; India.
  1. Back offices = Offices of a company handling communications by telephone, electronice transaction or letter, moved to areas of cheaper labour and land.
  2. Global city = Major world city supplying financial, business ad other services to all parts of the world.
4. Factors that influence industrial locations:
  1. Physical factors:
    1. Site
    2. Raw materials
    3. Energy
    4. Natural routeways and Harbours
    5. Climate
  2. Human factors:
    1. Capital (money)
    2. Labour
    3. Transport and communications
    4. Markets
    5. Gov. influence
    6. Quality of life
Economic activity and the environment
1. Primary and secondary sector
  1. Farming = Chemicals damaging soil, reducing fertility and increasing soil erosion/impacts wildlife/slurry from livestock can cause eutrophication in ponds.
  2. Mining = Landscape scarring/pollution of groundwater - water supplies/damage buildings with blasts
  3. Factories and mechacnisim in areas, large amounts of sulphur dioxide and carbon dioxide and as LEDCS strive to catch up, pollution levels rise
2. Tertiary and quaternary sector
  1. Large shopping malls = Indirect/pollution from cars getting there/food miles from the stock
  2. Specialist materials used by the quaternary industries have environmental impacts with their process/computers on eclectricty
  3. MEDCS introducing legislations to control pollution (environment legislations) and money is spent on research and development on a 'greener industry', fianally relocation to NICS
3. Climate change
  1. Causes:

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Economic Development

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