What are the differences between economic growth and economic development.docx

Other attributes indicating china is not developed

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minimum threshold for developed-country status. Other attributes indicating China is not developed include its high proportion of agriculture and low level of technological innovation. Poverty is widespread in China; in fact, more Chinese people live in poverty than the entire population of England. Over one-sixth of the country's residents live on less than $2 per day. 7. What are the reasons of creation of early development theories? The goal of economic development in its simplest form is to create the wealth of a nation. Prior to the 1970s, rapid economic growth has been considered a good proxy for other attributes of development. Economic performance is measured by an annual increase in gross national product or alternative GDP. However, the indicator is a measure of well-being and development exclusively based on material wealth. Improvements in welfare such as better health care, education and more housing for large parts of the poor population have not been captured.
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The experience of the 1950s and 1960s has shown that GNP growth would not necessarily result in a better life for a nation’s population. During the 1970s, the concern of millions of people living subsistence lives in poverty turned the attention of development economists to people’s lives rather than their incomes. Many developing countries have experienced high growth rates of per-capita income but little change in the living conditions of a large part of the population. By questioning whether it is the goal of development that per-capita income increases but poverty, inequality and unemployment are growing worse, Seers (1969) marked the change needed in setting development objectives. The goal of development during the period was thus not limited to economic growth but to concentrate on the reduction of poverty, inequality and unemployment (Seers 1979). 8. Is foreign trade protectionism needed at every stage of development? (acc. To F.List) No. List clearly argued against protection in agriculture, he seems to defined that tariffs on the industrial goods can either be dispensed in the starting stages of industrialization or not, depending on it the region has already a sufficient mass of industry to promote further industrial development. 9. What is the difference between Sombart’s and Weber’s opinions on the origins of capitalism? Sombart Weber ,,The jews and modern capitalism” Capitalism emerged as a consequence of reformation so called new Christianity in a form of protestantism Argument: Countries in which Protestantism was developing faster were Protestantism countries, catholic countries were far behind
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