Modernization theory, dependency theory, and world-system theories each have strengths and weaknesses in explaining development in third world countries. Modernization theory's strengths include considering cultural values but it is criticized for blaming developing nations. Dependency theory's strength is acknowledging that global inequality is not due to laziness in peripheral countries, but it does not address internal challenges. World-system theories help explain historical changes but do not account for ongoing changes to the global economy. Characteristics of developing countries include low per capita incomes, high population growth, high unemployment, dependence on the primary sector, and a large portion of exports from the primary sector.
Modernization theory, dependency theory, and world-system theories each have strengths and weaknesses in explaining development in third world countries. Modernization theory's strengths include considering cultural values but it is criticized for blaming developing nations. Dependency theory's strength is acknowledging that global inequality is not due to laziness in peripheral countries, but it does not address internal challenges. World-system theories help explain historical changes but do not account for ongoing changes to the global economy. Characteristics of developing countries include low per capita incomes, high population growth, high unemployment, dependence on the primary sector, and a large portion of exports from the primary sector.
Modernization theory, dependency theory, and world-system theories each have strengths and weaknesses in explaining development in third world countries. Modernization theory's strengths include considering cultural values but it is criticized for blaming developing nations. Dependency theory's strength is acknowledging that global inequality is not due to laziness in peripheral countries, but it does not address internal challenges. World-system theories help explain historical changes but do not account for ongoing changes to the global economy. Characteristics of developing countries include low per capita incomes, high population growth, high unemployment, dependence on the primary sector, and a large portion of exports from the primary sector.
Modernization theory, dependency theory, and world-system theories each have strengths and weaknesses in explaining development in third world countries. Modernization theory's strengths include considering cultural values but it is criticized for blaming developing nations. Dependency theory's strength is acknowledging that global inequality is not due to laziness in peripheral countries, but it does not address internal challenges. World-system theories help explain historical changes but do not account for ongoing changes to the global economy. Characteristics of developing countries include low per capita incomes, high population growth, high unemployment, dependence on the primary sector, and a large portion of exports from the primary sector.
What are the strengths and weaknessesModernization- strengths-
culture/values matter, first theory to consider development in
third worldWeaknesses- blames the third world, ethnocentric+Dependency- strengths - dismisses notion that global inequality is a product of laziness in peripheral countries Weaknesses- does not address internal shortcomings of countries, does not preclude development +World-system theories- strengths - aids in explaining changes that led to shaping the world into what it is todayWeaknesses- does not take into account that the world economy is constantly changing. characteristics of developing countriesLow per capita real incomeThey suffer from low per capita real income level, which results in low savings and low investmentsHigh population growth rate/sizeThis increase in recent decades could be because of higher birth rates and reduced death rates through improved healthHigh rates of unemploymentIn rural areas, unemployment suffers from large seasonal variationsDependence on primary sectorAs income levels rise, the structure of demand changes, which leads to a rise in the manufacturing sector and then the services sector. Dependence on primary sectorsignificant portion of output originates from the primary sector, a large portion of exports is also from the primary sector. QUESTN3 economic grwth and dev- Economic Growth is the increase in the real output of the country in a particular span of time. Whereas, Economic Development is the increase in the level of production in an economy along enrichment of living standards and the advancement of technology.+Economic growth does not consider the Income from the Informal Economy. The Informal economy is unrecorded economic activity. Whereas, Economic Development takesconsideration of all activities, whether formal or informal and eases people with low standards of living a suitable shelter and with proper employment.+Economic Growth does not reflect the depletion of natural resources. Depletion of resources such as pollution, congestion & disease. However, Economic Development is concerned with Sustainability, which means meeting the needs of the present without compromising.+ Economic growth is the subset of economic development. Unlike economic development, Economic growth is an automatic process. Meanwhile, economic development is the outcome of planned and result-oriented activities. limitations of gdp GDP does not incorporate any measures of welfare: This is probably the most obvious issue. It only describes the value of all finished goods produced within an economy over a set period of time.+GDP only includes market transactions: As a result, it does not account for domestic or voluntary work, even though these activities have a considerable positive impact on social welfare.+GDP does not describe wealth distribution: If there is a high degree of wealth inequality, the majority of people do not really benefit from an increased economic output because they cannot afford to buy most of the goods and services.+GDP does not describe what is being produced: Since GDP measures the value of all finished goods and services within an economy, it also includes products that may have negative effects on social welfare (such as guns or tobacco products).+GDP ignores externalities: Economic growth usually goes hand in hand with increased exploitation of both renewable and non-renewable resources. This is not included in GDP at all.+limitations of hdi Wide divergence within countries. For example, countries like China and Kenya have widely different HDI scores depending on the region in question. (e.g. north China poorer than south- east)+HDI reflect long-term changes (e.g. life expectancy) and may not respond to recent short-term changes.+Higher national wealth does not indicate welfare. GNI may not necessarily increase economic welfare; it depends on how it is spent. For example, if a country spends more on military spending – this is reflected in higher GNI, but welfare could actually be lower.+Also, higher GNI per capita may hide widespread inequality within a country. Some countries with higher real GNI per capita have high levels of inequality (e.g. Russia, Saudi Arabia)+However, HDI can highlight countries with similar GNI per capita but different levels of economic development.+QUESTN5Leadership is the ability of an individual or a group of individuals to influence and guide followers or other members of an organization. It helps to solve complex problems.Leaders wouldn’t be brought into their role if they didn’t know how to solve problems.It builds team-based relationships.People who work with leaders that use democratic methods tend to form closer relationships with those in chargeIt makes honesty a top priority.With a democratic leadership style in place, leaders come to their teams with an authentic problem that needs to be solved.It gives team members a look at the bigger picture.In many workplaces, the entry-level employees are not always privy to the long-term goals or vision that an organization is pursuingIt creates higher levels of job satisfaction.When people feel like their experiences matter, then it gives them more personal satisfaction over the work being done.It improves the relevant knowledge of the team.Because each person is given a chance, if they wish, to contribute their own experiences and knowledge to any given situation, every other team member is able to benefit.Role of ethic and governanceIt would promote and encourage for Transparency and accountability in functions of any government authority+It would inculcate compassion, love,empathy towards vulnerable and weaker sections of society especially poor and women +It contributes in encouraging integrity and probity in governance for eg., zero tolerance to corruption +It promotes public welfare and not personal gain +It provides courage, dedication,determination and commitment to do work effectively and efficiently+Effective and efficient utilization of resources+