Major elements in the economic development of resources, production, marketing, finance, labor; economic policy; political, social and technological factors affecting economic development, theories of growth.
There are several objectives of the course. First, students should be aware of the current debates about the definition of economic progress, and what we should consider when studying ‘economic development and growth’. Secondly, they should become familiar with the available cross-country data, and how this data can be used to draw meaningful insights into the important determinants of economic growth. Thirdly, students should have a good understanding of the formal economic models of economic growth and be able to use these models as a basis for understanding and distinguishing the various sources of, and constraints on, economic growth.
| Week | Topics |
|---|---|
| 1 | Agricultural Transformation and Rural Development (In this chapter, after a look at broad trends, we will examine the basic characteristics of agrarian systems in Latin America, Asia, and Africa. Although there is considerable diversity among developing nations, as well as within developing countries, each region tends to have a number of characteristics in common. First, these regions typically reflect the agricultural patterns of agriculture-based economies (in Africa), agriculturally transforming economies (in Asia), and urbanized economies (in Latin America). Relatedly, agriculture in these regions often typifies the stages of subsistence, mixed, and commercial farming, with important regional exceptions and varying success at inclusion of the poor. With successful development, countries tend to move toward commercialized agriculture, though with different trajectories and differing economic, social, and technical problems to solve along the way) (pp.437-490) |
| 2 | Agricultural Transformation and Rural Development (In this chapter, after a look at broad trends, we will examine the basic characteristics of agrarian systems in Latin America, Asia, and Africa. Although there is considerable diversity among developing nations, as well as within developing countries, each region tends to have a number of characteristics in common. First, these regions typically reflect the agricultural patterns of agriculture-based economies (in Africa), agriculturally transforming economies (in Asia), and urbanized economies (in Latin America). Relatedly, agriculture in these regions often typifies the stages of subsistence, mixed, and commercial farming, with important regional exceptions and varying success at inclusion of the poor. With successful development, countries tend to move toward commercialized agriculture, though with different trajectories and differing economic, social, and technical problems to solve along the way) (pp.437-490) |
| 3 | The Environmental and Development (In this chapter, we examine the economic causes and consequences of environmental crises and explore potential solutions to the cycle of poverty and resource degradation. We begin with a survey of basic issues, including discussions of sustainable development and the linkages among population, poverty, economic growth, rural development, urbanization, and the environment in developing countries. We next look at the applicability of traditional economic models of the environment, depict some typical environmental situations, and provide some relevant data. We then broaden our scope to examine the global environment and explore policies for seeking worldwide sustainable development. The end-of-chapter comparative case study of Haiti and the Dominican Republic—two nations sharing one island—examines the role of environment as one of the dimensions of their very different development outcomes.) (490-541) |
| 4 | The Environmental and Development (In this chapter, we examine the economic causes and consequences of environmental crises and explore potential solutions to the cycle of poverty and resource degradation. We begin with a survey of basic issues, including discussions of sustainable development and the linkages among population, poverty, economic growth, rural development, urbanization, and the environment in developing countries. We next look at the applicability of traditional economic models of the environment, depict some typical environmental situations, and provide some relevant data. We then broaden our scope to examine the global environment and explore policies for seeking worldwide sustainable development. The end-of-chapter comparative case study of Haiti and the Dominican Republic—two nations sharing one island—examines the role of environment as one of the dimensions of their very different development outcomes.) (490-541) |
| 5 | Development Policymaking and the Roles of the Market, State and Civil Society (In this chapter, we examine the roles and limitations of planning and development policymaking as practiced in developing nations, consider the problems of economic transition to more competitive market economies, and ask fundamental questions as to the proper role of the state and how public and private economic activity can best be made mutually supporting. We start with a brief review of the nature of development planning and a summary of general planning issues. After examining the main arguments for and against the role of planning in developing societies and briefly reviewing different models of planning and project appraisal, we examine the requirements for getting the most social benefits from market economies and evaluate the argu - ments for and against a relatively broader or narrower role of the state in con - temporary developing nations.) (541-600) |
| 6 | Development Policymaking and the Roles of the Market, State and Civil Society (In this chapter, we examine the roles and limitations of planning and development policymaking as practiced in developing nations, consider the problems of economic transition to more competitive market economies, and ask fundamental questions as to the proper role of the state and how public and private economic activity can best be made mutually supporting. We start with a brief review of the nature of development planning and a summary of general planning issues. After examining the main arguments for and against the role of planning in developing societies and briefly reviewing different models of planning and project appraisal, we examine the requirements for getting the most social benefits from market economies and evaluate the argu - ments for and against a relatively broader or narrower role of the state in con - temporary developing nations.) (541-600) |
| 7 | International Trade Theory and Development Strategy (International trade has often played a central role in the historical experience of the developing world. As with many other topics in development, there is a great deal of diversity in developing countries’ experiences with trade. In recent years, much of the attention to trade and development issues has been focused on understanding the spectacular export success of East Asia. Taiwan, South Korea, and other East Asian economies pioneered this strategy, which has been successfully followed by their much larger neighbor, China. The experiences of these economies are an important plotline in the unfolding trade and development drama and will be examined later in the chapter.) (600-678) |
| 8 | Mid-Term Project |
| 9 | International Trade Theory and Development Strategy (International trade has often played a central role in the historical experience of the developing world. As with many other topics in development, there is a great deal of diversity in developing countries’ experiences with trade. In recent years, much of the attention to trade and development issues has been focused on understanding the spectacular export success of East Asia. Taiwan, South Korea, and other East Asian economies pioneered this strategy, which has been successfully followed by their much larger neighbor, China. The experiences of these economies are an important plotline in the unfolding trade and development drama and will be examined later in the chapter.) (600-678) |
| 10 | Balance of Payments, Developing-Country Debt, and the Macroeconomic Stabilization Controversy (In this chapter, after looking at a country’s balance of payments accounts and recent trends in developing-country trade balances, we will examine the dimensions and effects of debt crises in developing countries. We will examine in depth how major debt crises emerged during the 1980s and into the 1990s, and why debt remained a serious impediment to growth in Africa for two decades or more after the crisis hit. These crises are of exceptional importance because of their scope and impact on slowing the development progress of dozens of developing nations over protracted periods; and much has been learned from years of careful study of the lessons from this experience.) (678-731) |
| 11 | Foreign Finance, Investment and Aid: Controversies and Opportunities (In this chapter, we explained that a country’s international financial situation as reflected in its balance of payments and its level of monetary reserves depends not only on its current account balance (its commodity trade) but also on its capital account balance (its net inflow or outflow of private and public financial resources). Because a majority of non-oil-exporting developing nations have historically incurred deficits on their current account balance, a continuous net inflow of foreign financial resources represents an important ingredient in their long-run development strategies. These recurrent requirements are amplified by the need for targeted resources for investments in key sectors and for carrying out poverty reduction strategies.) (731-781) |
| 12 | Foreign Finance, Investment and Aid: Controversies and Opportunities (In this chapter, we explained that a country’s international financial situation as reflected in its balance of payments and its level of monetary reserves depends not only on its current account balance (its commodity trade) but also on its capital account balance (its net inflow or outflow of private and public financial resources). Because a majority of non-oil-exporting developing nations have historically incurred deficits on their current account balance, a continuous net inflow of foreign financial resources represents an important ingredient in their long-run development strategies. These recurrent requirements are amplified by the need for targeted resources for investments in key sectors and for carrying out poverty reduction strategies.) (731-781) |
| 13 | Finance and Fiscal Policy for Development (Financial systems remain an integral component of the general economic system in developing countries. For example, in the context of severe macroeconomic instability with high inflation, accompanied by large budget and trade deficits, they represent a key element in any overall stabilization effort. Moreover, as noted earlier, financial systems provide a variety of needed services, including savings mobilization, credit allocation, risk limitations, insurance protection, and foreign-exchange facilitation. Let us therefore continue our examination of the structure of financial systems with a look at the central bank.) (781-850) |
| 14 | Some Critical Issues for the Twenty-First Century (A large variety of topics to be discussed) |
| Method | Qty | % Each |
|---|---|---|
| Project | 1 | 80 |
| Other | 1 | 20 |
Todaro, Michael P. and Stephen C. Smith. Economic Development 13th Edition, Pearson Addison- Wesley, 2023.