dynamic development

• economic development is an increase in the total goods and services a country produces
• Social development is an improvement in human welfare to meet people's needs in a country.
• sustainable development is economic, social and environmental development to meet peoples needs now without compromising the ability of future generations to meet their needs.
• brics include brazil,russia,india and china
• brics are large counties with rapidly growing economies measured by GDP
• MINTS includes mexico, indonesia, nigeria and turkey
• MINTS all have potential to become major world economies by 2050
• GNI is a measure of development, it is the sum of all the money earned in a country
• GNI/capita is an average measure of wealth many prople would earn more or less money
• GNI does not include all wealth
• wealth should not be the only measure of development, social development should also be included and development should be sustainable
• HDI is a measure of development calculated using wealth (GNI/capita but adjusted to take into account the cost of living in each country),health(measured by life expectancy) and education (measured by the adult literacy rate and percentage of children in eductaion)
• trade and debt are obstacles to development
• reasons for the continuing development gap:

  • most of the increase in trade has been between ACs
  • the types of goods traded by ACs and LIDCs differ.ACs produce more manufactured goods and services while most LIDCs rely on the export of natural commodities
  • the price of natural commodities fluctuates with supply and demand, while the price of goods and services has generally increased
  • most world trade is controlled by TNCs, based in ACs so the profit on the TNCs returns to the country in which they are based
• reasons for uneven development:

  • social inequality
  • poor government
  • high taxes
  • lack of government spending of services
  • rising prices of essential items
  • conflict over resource ownership