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Subject: #44-49 Author: dylan [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 07:36:23 05/23/02 Thu In reply to: Dylan 's message, "ID Stuff" on 08:09:51 05/11/02 Sat factor endowments The long way : factor endowments differences is that by the K/L ratio or simply put it is what kind of resorce on country has compared to the other. US has capital india has labor abundances rent-seeking Rent seeking starts with economic intervention by government biased toward special interests. When bureaucrats and politicians reward particular special interests with favored treatment or burden their competitors with restrictions, they create what economists call "rents." An example of this is type of rent is President Clinton's targeted giveaways (http://www.house.gov/jec/growth/rentseek.htm) hyperinflation Extremely rapid or out of control inflation. Prices are rising rapidly thus reducing the purchasing value of money. debt crisis Many developing countries have very large debts, and the amount of money they owe is quickly increasing. Trying to pay off the debt (debt service) has become a serious problem for these countries, and it causes great hardship for their people. How did this start. At the end of the '70's, many oil-exporting countries had large amounts of extra money. They put this money into Western banks. The banks then loaned a lot of money to Third World countries for big development projects. However, several factors (a rise in world interest rates, a global recession, and low commodity prices) caused the size of these debts to start growing very fast; several countries began to fall behind in their payments. The amount of money owed by developing countries has increased dramatically since the early 1980's. These countries now owe money to commercial banks and also to organisations like the World Bank, the International Monetary Fund, and to First World governments. autarkic development A policy of national self-sufficiency and nonreliance on imports or economic aid for developement the “lost decade” The 1970s early 1980s, hit with little economic growth and political turmoil very little good happen during this time [ Next Thread | Previous Thread | Next Message | Previous Message ]

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Subject Author Date Structural Adjustment francisco 09:16:59 05/23/02 Thu