growth and development - GrowthandDevelopment...

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Growth and Development
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Common characteristics of  developing nations Low levels of living Low levels of productivity High population growth rates Rising levels of unemployment Dependence on agricultural/primary  products
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What do we mean by  development?    Traditionally, To generate and sustain an annual increase in gross  national product of perhaps 5% to 7% or more (UN  target). An alternative index of development could be use of  rates of growth of  per capita  gross national product in  the above definition.  The definition can be further modified to measure rates  of growth of “real” per capita gross national product, to  take into account of  inflation
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Other traditional view on  development  In terms of the planned alteration of the structure of  production and employment so that  agriculture's share of both declines, and That of manufacturing and services increases. (This is essentially theory of structural change.)
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Development (in the 1960s and 1970s) was always  seen as economics phenomenon in which rapid per  capita GNP would  trickle down  to the masses in terms  of jobs and other economics opportunities.  Problems of  poverty, unemployment, income  distribution  were not given too much importance.
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The new economic view of  development: post 1970s In 1950s and 1960s, a large number of third world  nations achieved the overall UN growth targets. But the level of living of common masses of people did  not change significantly. Hinting towards focusing  not only  on GNP growth rate  and its trickle down effect. Attack on  poverty, inequality  and generation of  employment  became key issues of development. In  short , redistribution from growth  became a common  slogan.
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Three core values of  development Life sustenance: The ability to Provide Basic Needs-  food, shelter, health and protection.  Without any of these, “absolute underdevelopment”  exists.
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growth and development - GrowthandDevelopment...

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