GEOG 1001 Lecture Notes - Lecture 6: Foreign Direct Investment, International Monetary Fund, World Economy
Document Summary
Primary: activities that take and use the earth"s resources. Secondary: activities that add value to resources/transform raw materials into finished goods. Retail sales, hospitality industry, landscaping, lawn care, moving companies, clerical/administrative, etc. Advanced services requiring specialized education, training, and skills. Accounting, marketing, financial advising, legal education, medical research, gis, software developers, statisticians, etc. Commodity dependence: an economy that relies on the export of primary commodities for a large share of its export earnings and hence, economic growth. Global shift: movement of industrial production/employment from mdcs to ldcs. Mdcs see a decline in secondary (industrial) economy. Ldcs: primary sector dominates with increasing secondary sector. Poorest ldcs where primary sector > 40% of gdp and little secondary/tertiary sector. Rostow"s five stages of development: traditional society, pre-conditions for takeoff. Ldcs: industrializing/take off: middle east, brazil, india. Some remain poor in stage 2: sub-saharan africa. High % of labor force in agriculture: takeoff. Income difference within rich/poor small gap: drive to maturity.
