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GEOG 216 (241)

Development in the Global South

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GEOG 216
Geraldine Akman

Development in the Global South - Multiplier effects: extra indus, firms, services, jobs, incomes generated by new econ activity - Entrepots: port that specialises in trade of goods for re-export - Exchange rate: rate at which central banks will exchange 1 nats currency for another nat Rationale for Industrialization - National prestige + ‘modernity’ - Pressure fr/elite + foreign allies - Perception that international terms of trade favour manufactures - Massive urban unemployment - ‘brain drain’ Trade in Primary vs. Manufactured Commodities - Transport costs for bulky primary commodities - Production technologies improved more rapidly historically for manufacturers - Manufactured goods have become more sophisticated + complex - Wage differences in wealthier nats - Primary commodities have less production flexibility Import Substitution Industrialization (ISI) - ISI = inward oriented - Gov intervenes to protect + regulate domestic econ - Barriers are erected to certain foreign imports (use tariffs, quotas, restrictions)  Tariff: fixed %tax on the value of an imported commodity levied @point of entry into the importing nat - Funds are channelled into public + private enterprise to promote domestic industry + skills - Restrictions are placed on foreign capital + investment - Public investment is made in heavy indus (ex: iron + steel works, transport infrastruc) - Step 1 - Process raw materials w/simple techs (ex: consumer goods such as clothing + processe
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