Geography 3312A/B Lecture Notes - Full Employment, Structural Adjustment, Neoliberalism
1 Dec 2012
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Document Summary
Material well-being, which generates the resources needed to invest in social and human development. Differences in material well-being reflect differences in economic structure: the relationship between patterns of economic activity: developing countries involve agriculture/extractive activities, developed countries involve manufacturers/services activities. Pattern of industrial output rich countries heavy and chemical industries, technology- and knowledge-based industries. Poor countries light industries like textiles, toys and shoes (if at all) Pattern of demand rich countries domestic demand high, home market important. Poor countries domestic demand weak, foreign market important. Capital accumulation: increases in the stock of productive assets: structural transformation: physical (plants, equipment, computers, robots, human (education) financial (money) is a precondition of more needs being met, and well-being improved. A necessary but not sufficient condition of development, however defined. Increasing rates of capital accumulation requires increases in productivity: The more effective use of capital, labour, and their effective combination (total factor productivity)
