Exam 3: Theories of Development Economics

Walt W. Rostow's stages of growth are seen as largely successful as all of the developing countries from the 1950s or 1960s have achieved the last stage: mass consumption society.

The Industrial Revolution began in the eighteenth century in the United States.

Why did Samuel Huntington argue that hopes for a linear movement of non-Western societies towards democracy was naïve?

Describe the concerns expressed by Karl Marx about political economy that took shape after the Industrial Revolution.

By the middle of the twentieth century, political theorists and Western governments expected to see development in poor countries in the form of political evolution from authoritarianism to democracy, especially as populations became more formally educated, urbanized, and able to defend their rights.

Early models of economic development argued that Western governments had to help developing countries out of their traditional stage by:

Walt W. Rostow's transition stage of economic development posited that developing nations were switching to large-scale agriculture and industry, which created rapid urbanization and social change.

Ronald Coase departed from the neoclassical tradition of economic thought by arguing that ______________.

What were the three main factors posited by Hans Singer and Raul Prebisch against focusing on international trade as a path for economic development?

Adam Smith argued that a society of free individuals should use their personal abilities to pursue their individual self-interest without interference from the state, and that societies should follow the invisible hand of the market via supply and demand.

John Maynard Keynes, in trying to end the Great Depression of the 1930s, argued that ____________.

Arthur Lewis's theory of surplus labour was the idea that __________________.

Define and describe Keynesian economics.

David Ricardo made the case that countries should specialize in the production of goods they were comparatively better at, given available land, labour, and capital. This was known as the _________.

South Korea and Taiwan went from poverty and postwar devastation in the 1950s to very high levels of industrial development and per capita income in just 50 years through neo-liberal policies.

Talcott Parsons elaborated on the work of Emile Durkheim and Max Weber to argue ________________. borrowed notions from ________________ to argue that Western societies were more evolved than the rest of the world.

Under neoliberal philosophy, foreign investment required developing nations to adopt policy positions that included ______________________.

Import substitution industrialization (ISI) did not work in the long term in Latin America because:

Douglass C. North argued that institutions did not provide key functions and created uncertainty about the economic decisions of private actors.

What was the Japanese "flying geese formation" for Asian economies? Was this successful?