KEY TERMS STUDY GUIDE

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Department
Political Science
Course
POL201Y1
Professor
Melissa Levin
Semester
Fall

Description
POL201Y1 KEY TERMS STUDY GUIDE 1 Structural transformation structural transformation refers to reduction in a nations dependency on agricultural commodities in favour of manufacturing ones2 Structuralism focuses on specific barriers to development and how to overcome them an economic policy that blames chronic inflation primarily on foreign trade dependency insufficient local production esp in agriculture and political struggles among entrenched vested interests over government contracts3 NeoliberalismNeoliberalism is a contemporary form of economic liberalism that emphasizes the efficiency of private enterprise liberalized trade and relatively open markets to promote globalization Neoliberals therefore seek to maximize the role of the private sector in determining the political and economic priorities of the world 4 ExportLedGrowthExportled growth is an economic strategy used by some developing countries This strategy seeks to find a niche in the world economy for a certain type of export Industries producing this export may receive governmental subsidies and better access to the local markets By implementing this strategy countries hope to gain enough hard currency to import commodities manufactured more cheaply somewhere else 5 Measuring structural transformation decline in share of primary goods exports to GDP vs increase in share of Manufactured exports to GDP 6 Human development In the basic sense of measuring societys development by human wellbeing rather than by wealth or economic growth7 Economic growth In economics economic growth is defined as the increasing capacity of the economy to satisfy the wants of goods and services of the members of society Economic growth is enabled by increases in productivity which lowers the inputs labour capital material energy etc for a given amount of outpu 8 Poverty reduction strategy papersPRSPS Poverty Reduction Strategy Papers PRSPs are documents required by the International Monetary Fund IMF and World Bank before a country can be considered for debt relief within the Heavily Indebted Poor Countries HIPC initiative12 PRSPs are also required before lowincome countries can receive aid from most major donors and lenders2 The IMF specifies that the PRSP should be formulated according to five core principles1 The PRSP should be countrydriven resultoriented comprehensive partnershiporiented and based on a longterm perspective1 The PRS process encourages countries to develop a more povertyfocused government and to own their own strategies through developing the plan in close consultation with the population34 A comprehensive poverty analysis and wideranging participation are vital parts of the PRSP formulation process56 There are many challenges to PRS effectiveness such as state capacity to carry out the established strategy Criticism of PRSP include aid conditionality donor influence and poor fulfillment of the participatory aspect 9 Autonomous rational Actors In pursuit of self interest 10 StateinSociety
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