Question (1 Viewer)

[mattchan]

Hey, this is my assignment question that i have to do during the holidays...

Analyse the impact of globalisation on a developing economy and the strategies being used in the economy to promote economic development


When it says economic development, does that refer to the economic meaning of standard of living, quality of life etc? Or is it just the simpler term of growth of the economy? Any ideas? Cant ask teacher right now unfortunately

 

[_muse_]

have u looked in ur text book? im pretty sure there are some good definition type things of economic development in there.. it should have been covered in prelim?? id describe it to you but i dont want you to go on my word as to what it is, cause i dont have my text book with me and yeah...

 

[mattchan]

Yeah, i know what economic development means, but i'm just wondering which definition is this question taking....is it asking for the standard of living one?

 

[mischaa]

Economic growth is an economy's capacity to produce and is part of Economic Development. Economic Development is a broader concept and takes into account standard of living as well as productive capacity. You should look at Economic growth as well as things such as literacy, life expectancy etc.... i.e the indicators that make up the HDI.

 

[emi ye]

The question specifically asks for the impact of globalisation on economic development so you must address areas such as living standards and quote indicators such as HDI. However you must also address economic growth as usually only economic growth leads to economic development and this will add depth to your answer.

At the end of your essay, you should also mention that there is often a conflict between economic growth and development. All eco teachers like an essay to end with a conflict!!!!

 

[Conspirocy]

okay first things fist you know what a developing country is so make sure that you pick a developing economy. good ones would be china, vietnam....technically you could get away with like an NIC but do as question says.

the economic development part is abit ambiguous so i'll get to that later

so your breaking this up into two things really

how has your country become globalised what micro and macro policies (alot of these would be the drivers of globalisation) have they used...trade refom, financial markets...maybe adopting common monetary policy eg inflation targeting.

then while ur going through those aspects you should also comment on the impacts of these strategies on economic development which if you go by the textbook definition is not economic growth but rather the human aspects of development such as literacy rates etc.

oh and while ur writing ur esay just remember what the point of economics is...solving the economic problem...is globalisation an attempt to sove it??

 

[mattchan]

Yo, thanks for that people, especially Conspirocy. Too bad you dont offer free tutition services cause i got another question