Development Flashcards
Appropriate technology
a technology that is well suited to a country’s factors of production, refers to quantities of labour relative to qu’abrités of physical capital available as well as skill l bels needed in relation to skill levels available
Microfinance/ microcredit
programs to provide credit (loans) in small amounts to people who do not ordinarily have access to credits due to lack of collateral
Women empowerment
eliminating the discrimination faced by girls and women respect to access to education and healthcare in the labour market inheritance rights and rights to property, access to credit and in social and economical life with views of achieving gender inequality
Infrastructure
physical capital (machine) resulting from investments, making major contributions for economic growth and development by lowering costs of production and increasing productivity
Property rights
the laws and regulations that define rights to ownership use and transfer of property
Primary commodities
any product that is produced in the primary sector which includes agriculture, forestry fishing extractive industries
Tariff escalation
refers to the practice by developed countries of imposing higher tariffs on semi-processed products than raw material and even higher on finished products, thus discouraging LEDCs from diversifying vertically
Informal market
refers to the sector of economic activity that is not legally registered or regulated
Capital flight
refers to the large scale transfer of privately-owned financial capital to another country resulting from fear and uncertainty of holding domestic assets or uncertainty in the country’s currency
Import subsidies
a growth and trade strategy where a country begins to manufacture simple consumer goods oriented towards the domestic market in order to promote its domestic industry as well as heavy protectionism policies (tariffs, quotas, subsidies) to protect infant industries
Export promotion
a growth and trade strategy based on strong government intervention intended to promote economic growth through the expansion of exports
Trade liberalisation
reduction or removal of trade barriers aiming to achieve growth of international trade based on principle of free trade
Diversification
a broadening of the range of goods and services produced and exported
Foreign direct investment
refers to investment by firms based in one country (home), in productive activities in another country (host)
Foreign aid
refers to the transfer of funds to developing countries aimed at improving social and political conditions
Bilateral aid
aid going from one donor to one LEDC recipient country
Multilateral aid
aid going from donor countries to LEDCs through international organisations
Non government organisations
organisations concerned with promoting objectives that are in public interest
Humanitarian aid
aid extended in areas which are experiencing emergency situations due to crisis caused by wars or natural disasters and consists of donations of food, medical assistance, and emergency relief including provisions of shelters and supplies
Development aid
aid extended to LEDCs for the purpose of assisting their development. consists of concessional long term loans, grants
Project aid
a form of development aid for specific projects
Programme aid
type of development aid in support of whole sectors or the economy eg education m, healthcare
Multilateral development banks
that lend to developing countries in order to assist them in their growth and development efforts
International monetary fund
that monitor the global financial system and lends to governments that are experiencing difficulties in making their international payments
Foreign debt
the amount of funds that have been borrowed by the government do the private sector from foreign sources and are owed the problem of foreign debt arises mainly because government debt to foreign creditors
