GOVT-040 Lecture Notes - Protestant Work Ethic, Calvinism, Social Science

The economic problem of scarcity applies:

A. to economic systems in all nations, regardless of their level of development
B. only in underdeveloped countries, because there are no productive resources in these nations
C. only in economic systems that are just beginning to develop, because specialized resources are scarce in developing nations
D. only in industrially developed countries, because resources are scarce in these nations

Does import-substitution industrialization (ISI) represent a more likely strategy of economic development for developed or developing nations? Why is this so?

Using Max Weber’s The Protestant Ethic and the Spirit of Capitalism, explain how and why religions may affect economic development.