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Lecture 22

ECON 200 Lecture 22: class april 20

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James Madison University
ECON 200

April 20, 2017 Modern Development Economics Look at geography to tell rich or poor Culture – free Tibet because land locked – no industry Institutions • Slow moving, bureaucratic • Ex. Trump can’t make all decisions on own – he has constraints o Division of powers o Institutional rules • People more to where the highest rate of return is o Ex. Why China didn’t have industrial revolution ▪ Philosophy not production China in 1978 (about 180 years later) – growth rate still ~0 • China has about 8% USA GDP • Originally did not want to trade, travel, etc o Had large population, natural resources, land People became incentivized to produce more agriculture • 1970s/80s/90s – no more starvation o DUAL PRICING spread throughout China’s economy ▪ Became DUAL TRAP Dual Pricing: produce what’s to contract, anything above contract – you sell for whatever price you can get Start 1 province with trading with world, allow more and more Slow managed growth so government still has control About 1000 protests a year for a democratic rights in Beijing Moving to authoritarian Unemployed, young, males  revolution Why China is sending to Africa – tensions rising Africa • Lowest population density in world o Problem because no specialization o Need more people to create better institutions o No real formal state/ government • Sub-Saharan Africa has grown a lot since 2000 • Life expectancy has grown African Growth Tragedy • Geography o Disease  malaria o Limited navigable waterways o Dense forestatio
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