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Notes # 12 chapter 9

Notes # 12 chapter 9 - Chapter 9 Development Causes of the...

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Chapter 9 Development: Causes of the Wealth and Poverty of Nations Less developed countries (LDCs) in general, countries that are poorer than those of Western Europe, Japan, and the United States. Specifically, LDCs are countries that need to import capital to develop economically. 1. Geographic Location Geographic locations of some countries impede their growth o Tropical environments are less tempted to industrialization and infrastructure than template environments 2. Domestic Factors Government policies can retard or encourage economy Provision of public good: infrastructure o Infrastructure: goods, services, and institutions that allow individuals to engage in trade and exchange. Infrastructure may be physical (ports and highways), social (an education or healthcare system), or institutional (a judiciary to settle contract disputes), all typically provided by the government. Security of Property Government that invests on education and public health 3. Domestic Institutions This encourages and brings together the domestic factors adapting them to the geographical conditions of the world and like that is able to provide for the society. 4. Rich countries Responsibility Colonialism harmed the growth of the colonies, and you can still see this.
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