ECON 313 Chapter 2: ECON313- Ch. 2 Revision
27 Mar 2018
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Document Summary
Comparative economic development: a comparative study of economics helps us understand the disparities between countries" economies. Lower levels of human capital (health, education, skills) Underdeveloped financial and other markets (imperfect markets and incomplete information) Colonialism played a major role in shaping institutions that made up the "rules of the game" World bank: an organization known as an "international financial institution" that provides development funds to developing countries in the form of interest-bearing loans, grants and technical assistance. Low-income countries (lics): in the world bank classification, countries with a gni per capita of less than in 2011. Middle-income countries: in the world bank classification, countries with a gni per patina between and in 2011. Newly industrializing countries (nics): countries at a relatively advanced level of economic development with a substantial and dynamic industrial sector and with close links to the international trade, finance and investment system.
