POLS 131 Lecture Notes - Lecture 3: Marshall Plan
Document Summary
Economic development: an economic process that enables increasing numbers of people to produce enough wealth to support an acceptable quality of life. Wide gap between the poorest and the richest income per capita. Most underdeveloped countries were colonized because there is such a strong correlation. Interpersonal trust and trust in institutions is important in societies. Absence of trust makes it hard to launch business and economy. Mistrust may be derived from ethnicity but it could also come from many other sources. Hesitation to help because they are not sure who they can trust with ideas. What they have whether it can be sold as a raw material or as a final product. None of these are the one single determining factor in economic. Financing: no access to money through investors or by borrowing money. Some have such a bad reputation as a society, and they cannot get money. Workers need to be healthy and educated, or at least literate.
