This lesson discusses the history of economic development around the world. It covers the differences between economic growth and development, and ways to measure GDP between countries. The lesson materials will examine the postwar period, economic miracles in Germany and Japan, problems with widespread poverty and inequality, and the rise of newly industrialized economies in East Asia like South Korea, Singapore, Taiwan and Hong Kong. The models of development used by these nations range from laissez-faire to interventionist states.
This lesson discusses the history of economic development around the world. It covers the differences between economic growth and development, and ways to measure GDP between countries. The lesson materials will examine the postwar period, economic miracles in Germany and Japan, problems with widespread poverty and inequality, and the rise of newly industrialized economies in East Asia like South Korea, Singapore, Taiwan and Hong Kong. The models of development used by these nations range from laissez-faire to interventionist states.
This lesson discusses the history of economic development around the world. It covers the differences between economic growth and development, and ways to measure GDP between countries. The lesson materials will examine the postwar period, economic miracles in Germany and Japan, problems with widespread poverty and inequality, and the rise of newly industrialized economies in East Asia like South Korea, Singapore, Taiwan and Hong Kong. The models of development used by these nations range from laissez-faire to interventionist states.
This lesson discusses the history of economic development around the world. It covers the differences between economic growth and development, and ways to measure GDP between countries. The lesson materials will examine the postwar period, economic miracles in Germany and Japan, problems with widespread poverty and inequality, and the rise of newly industrialized economies in East Asia like South Korea, Singapore, Taiwan and Hong Kong. The models of development used by these nations range from laissez-faire to interventionist states.
This lesson will discuss the history of economic development in different parts of the world. The distinction of development economic and the measurement of its growth and development.
Learning Objectives:
After successful completion of this lesson, you should be able to:
• Understand the differences between economic growth and development • Practice the ways of measuring the GDP of between countries • Appreciate economic development as branch of economic that focus on improving fiscal, economic, and social condition in developing countries
Course Materials:
Unit 1: History of Development Economic
• Postwar Period is the interval immediately following the end of a war. It can become an interim period or interbellum, when a war between the same parties resumes at a later date (such as the period between World War I and World War II). • Post-war can have different meanings in different countries and refer to a period determined by local considerations based on the effect of the war there. In Britain, it refers to the period from the election of Clement Attlee in 1945 to that of Margaret Thatcher in 1979, a period of so-called post-war consensus. • Consensus encouraged nationalization, strong trade unions, heavy regulations, high taxes, and a generous welfare state. • Economic miracle is the period of rapid economic growth that exceeds expectations. It is often applied to the economic growth of Germany and Japan after World War II. In more recent times, it has been used to describe the rapid economic expansion of China.
Problems encountered in Economic Miracle
• Widespread poverty • Economic inequality • Region's governments, international organizations, and the economic profession are challenged to resolve these problems. • East Asia stands out because of its dynamic economic growth and development during the postwar period.
Countries under East Asia
•Japan (wherein the development process started. (Increased
in trade and investments) •Asian "Tigers" - newly industrialized economies (South Korea, Singapore, Taiwan, Hong Kong)
NEWLY INDUSTRIALIZED ECONOMIES
• Term used by political scientists and economists to describe a country whose level of economic development ranks it somewhere between developing and highly developed classifications. • Because of the growth and industrialization experiences of Japan and Asian "Tigers", the concept or basis of "East Asian development model" was made. This is an accepted part of economic development literature (studies)
3 Models of NIE
1. Experience of laissez-faire Hong Kong
2. Lesser degree Singapore 3. Interventionist states of Korea, Taiwan, and Japan
