MKT 310 Lecture 3: Lecture 3 Notes
Document Summary
Economic development: country"s level of economic development affects its attractiveness to other markets: standards of living based on the country"s gross national income (gni) Amartya sen: development should be assessed less by material items and more by human development. Hdi measures more than economic development, it measures quality of life as well. Countries with more favorable geography are more likely to trade. What do you need to move towards a free economy: deregulation, privatization, the creation of a legal system to safeguard property rights. Privatization efforts are more successful when they are accompanied by more general deregulation and opening of the economy: competition makes markets stronger. Implications of changing political economy: there still exist large barriers when opening in china for example.
