ECO DEV 2.2

• ________ are concerned that the long-term neglect of the environmental

  assets is likely to jeopardize the durability of economic growth ACCORDING TO?

  Environmental economists AND Thampapillai
• “involves maximizing the net benefits of economic

  development, subject to maintaining the services and quality of natural resources over time” ACCORDING TO?

  Sustainable development AND Pearce and Turner
• defined as “progress that meets the needs of the present without

  compromising the ability of future generations to meet their own needs” ACCORDING TO?

  Sustainable development AND World Commission on Environment and Development
• Adopted by member countries of the United Nations in September 2000

  Millennium Development Goals
• Millennium Development Goals ADDRESSED ISSUE SUCH AS?

  Poverty and hunger, primary universal education, gender equality, child health, maternal health, HIV/AIDS, environmental sustainability and global partnership
• the free market (and, therefore, supply and demand) determines production and pricing with no intervention of the government. 

  capitalism
• governments control production, distribution, and prices.

  socialism
• capitalism is proposed by?

  adam smith
• socialism is proposed by?

  karl marx
• publish “The Wealth of Nations”

  Adam Smith
• He argued that under competition, private investors while pursuing their own interests

  guided by the “_______” would maximize national output and thus promote public

  interests.

  Adam Smith and invisible hand
• The _____ doctrine has become the foundation for the working of the market

  economy or capitalism

  invisible hand
• published “Capital”


  Karl Marx
• argued that the ______

  should be based on social or public ownership of property.

  Karl Marx and feasible system
• He emphasized that the wealth of the capitalists comes from the exploitation of the

  ____ created by the workers.

  Karl Marx and surplus value
• He believed that a ____ would be inevitable to break down the increasing

  concentration of the capitalists, and to establish socialism

  Karl Marx and revolution
• The first generation of economic development modelswas formulated in the early

  years after the ________.

  World War II
• These early _______ focused on the utility of massive

  injections of capital to achieve rapid GDP growth rates.

  economic development models
• The two famous models are?

  Rostow’s stages growth model and the Harrod–Domar model
• stages in rostow models

  traditional society, precondition for take-off, take-off, drive of maturity, and age of mass consumption
• society is very primitive, with limited technology and reliance on subsistence farming. People rely on community bartering rather than an advanced banking system

  Traditional society
• people see possibilities for improvement. Growing specialization and commercialization of skill and investment in infrastracture

  precondition for take-off
• economic growth becomes self-sustaining. Huge technological advancement development of the domestic manufacturing sector. T he rapid increase of regional cities and service industries

  take-off
• range of domestic widens, replacement of imports with domestic production/import substitution, increasing diversification and investment from home to abroad

  drive of maturity
• the economy becomes heavily geared towards service provision due to exploiting comparative advantage in trade and commerce. High-quality, world-class infrastructure are in existence

  age of mass consumption