GEOG 1101 Lecture 14 Outline of Last Lecture I. Landscapes II. Making Places III. Territoriality IV. Indicators of Economic Development V. Composition of Economic sectors Current lectureI. Changes to nature and composition II. Paths to development III. Foreign Direct Investment IV. ENZ’sV. Trade Changes to nature and composition 1. Structure of the economy EX. Going from primary to secondary 2. Economic Organization Ex. Capitalism to socialism 3. Availability/ use of technology Ex. Internet, cell phones, medicine Paths to development 1. Self-sufficiency: domestic economy Similar to the socialist model It is characterized by: Slow growth Wide range of income generating activities to reduce poverty Barriers to trade/imports It can be inefficient and bureaucratic Centrally planned Aim to diversify economy Such as India (has secondary and quaternary sections)2. Export orientation Characterized by: Concentrating scarce resources in a few areas Rapid industrialization Development often stalled in race to the bottom These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.Depends on inter connectivity to the world model South Korea, Taiwan, and Singapore Dependency theory Development in one places means underdevelopment in another Foreign Direct Investment Investments in companies in another country Makes the whole world go around, Triggers export of investment to other parts of the world Due to foreign exchange favoring investment in the 80’s. Has led to destructing small retailers in different sectors due to the introduction of big box stores Export processing zones (EPZ’s) Small areas within countries, which provide favorable conditions, created for foreign investment Mac’s built in china and exported to US Exceptions are made for transnational capital No minimum wage laws, favorable conditions Trade Division of labor on a world scale means that international trade is very complex Trade Blocs are groups of countries with formalized systems of trading agreements West Europe with former European colonies in Africa, South Asia, Caribbean, Australia North America along with Latin American States Former Soviet Union Jana with East Asia, Oil countries of Middle East Autarky is not contributing significantly to the flows of imports and exports that constitute trade Bolivia, Ghana, Tanzania Neoliberal Policies assume the desirability of free markets not only for economic organization but also for political and social life Smaller peripheral partners in trading relationships are highly dependent on developed