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Level 13

Strategies to Promote Economic Development and Gro


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Microfinance
Schemes aimed at providing people in poorer areas with access to small amounts of loan capital e.g. the Grameen Bank in Bangladesh
The Rostow Model
The stages of growth model outlined by the US economist Walt Rostow in the 1960s
The Lewis Model
The model of development that emphasises the importance of migration to cities, increasing rural productivity etc. and the wealth form increased manufacturing 'trickling down'
The Harrod-Domar model
The model which attempts to calculate the savings and ultimately investment needed to produce set units of output.
Aid
Assistance given to an individual, firm, region or government. Usually used to refer to overseas aid to governments.
Concessional terms
A loan at more favourable terms than those available on the open market. Also called a soft loan.
Debt service ratio
The ratio of debt repayments to the value of exports in a year
Fertility rate
The number of children born alive per thousand fertile women per year
Hard loan
A loan at commercial rates of interest
Inward oriented development
Government policy aimed at import substitution and the stimulation of domestic production e.g. infant industries behind protective trade barriers
Infant industries
Industries at an early stage in development and unlikely to be competitive on world markets
Loan principal
The original amount of a loan
Structural adjustment programmes
A programme of free market and supply-side reforms that multilaterial agencies such as the IMF often lay down as conditions for lending.
Sustainable development
Development where consideration is made towards the welfare of future generations as well as current
Technology transfer
This occurs when MNCs bring new production methods to the countries in which they operate.
Tied aid
Bilateral aid that is given on the basis that the country buys materials from the donor country
Trickle down
The process whereby the economic gains from economic growth are believed to pass down throughout the entire society
Outward oriented development
Government policy that attempts to promote free trade and the unrestricted movement of capital
Grant
A form of foreign aid that involves a direct transfer of money from one country to another
Import substitution
A government policy that attempts to replace imports with domestically produced goods.