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Keys to Economic Development

24 April, 2015 - 11:52

Learning Objectives

  1. List and discuss domestic policies that contribute to economic growth.
  2. State the dependency theory view of trade and developing nations, relate this theory to the strategy of import substitution, and evaluate that strategy.
  3. Outline some of the factors underlying the successes of newly industrialized countries.

What are the keys to economic development? Clearly, each nation’s experience is unique; we cannot isolate the sources of development success in the laboratory. We can, however, identify some factors that appear to have played an important role in successful economic development. We will look separately at policies that relate to the domestic economy and at policies in international trade.