Chapter 9 Flashcards
Development
The process of material institutional and human progress in a particular country or region
Climate change
The warming and cooling of the earths temperature in cycles over centuries
East Asian miracle
A period of unprecedented economic growth and development in east Asia between 1965-2010
Land reform
Domestic policies to redistribute land for the purposes of equality and development
Crony capitalism
No competitive lending and investment relationships between government finance institutions and private industry
Micro-financing
The provision of small loans to individuals especially women in developing countries
Asian values
The Confucian ideas emphasizing authority over individualism that motivated economic success in Asia
Lost dexade
A period of economic stagnation in Latin America brought on by domestic policies the oil crises and high debt lasting from the early 1970s to the late 1989s
Financial repression
A policy in which states extract savings from one sector such as agriculture or labor to benefit another sector such as industry
Rent seekers
Firms that lobby to limit competition extracting monopoly rents by producing at low costs while selling at high prices
Capital flight
The movement of money out of the local currency and country because of inflation and economic or political instability
Informal sector
Business activities that take place outside the legal system of a country because of excessive regulations
Ejido system
Mexican land reform project that redistributed some lend to peasants
Basic human needs
Necessities such as clothing shelter food education and health care
Paternalism
A system in which institutions such as the church or state provided for the needs of individuals or groups while stifling individual injtitave and entrepreneurship
