SOC101Y1 Final: CHPT 9 DEVELOPMENT AND UNDERDEVELOPMENT TEXT AND LECTURE STUDY NOTES .doc
Document Summary
Capitalism: an economic system based on profit seeking in competitive markets. Deindustrialization: process linked to neoliberal policies, that facilitates business mov- ing to the lowest wage jurisdictions nationally or abroad that result in economic decline in older industries. Dependency theory: explanation of uneven global development that stresses the ex- ploitative relationships that have existed between europe and the global south, to the determent of the latter. Income inequality: difference in income earned by high and low income earners, within a country or among countries. Modernization theory: economic growth and development can best be achieved if the valued underlying market capitalism are aggressively fostered. Neoliberalism: calls for the elimination of government involvement in the economy which allows free markets to achieve economic growth. Purchasing power parity: number of units of a country"s currency needed to buy the same amount of goods and services int he domestic market. Stages of development: developmental phases through which societies supposedly pass.
