The document summarizes the transition from economic stagnation to growth and development across the world. It discusses that until the late 18th century, the world economy was largely stagnant, with low productivity, high volatility, and limited effects of growth on income. However, this changed as certain countries like Britain began taking off industrially in the late 18th century. Over time, inequality increased across regions as some excelled in income growth while others grew more in population. The document examines various hypotheses for exogenous sources of takeoff, including luck, geography, culture, and institutions. Institutions are distinguished as social choices that can be reformed, unlike exogenous factors like geography.
This document provides an overview of development economics concepts and approaches. It begins by defining development economics as the study of the economic development of third world nations. It then discusses key concepts like economic growth versus development, noting that while growth is necessary, development requires broader social and economic changes. The document also outlines three core values of development according to Professor Goulet: life sustenance, self-esteem, and freedom from servitude. It concludes by discussing challenges in measuring development and comparing countries internationally.
Globalization refers to the increasing interconnectedness and interdependence of peoples and countries resulting from the growing scale of cross-border trade and financial flows, as well as the spread of technology. It began increasing significantly in the late 20th century due to advances in transportation and communication technologies. Globalization has economic, financial, ecological, political, sociological, and technological dimensions and has benefits such as increased trade, economic growth, access to affordable goods, and standard of living, but also costs such as loss of manufacturing jobs in high-income countries, environmental degradation, and social pressures from migration. Foreign direct investment is a major factor driving globalization as companies invest across borders.
6,7 - Globalisation & Global inequality.pdfshoaib71128
This document discusses globalization and global inequality. It begins by outlining the learning objectives which focus on understanding globalization's influences, processes, and impacts as well as theories of global inequality. It then provides context on modernity and how industrialization led to more connected global societies. Several theories of global inequality are described including dependency theories, world system theories, and global commodity chain theories. Key dimensions of increasing inequality are examined, particularly the impact of new technologies in creating both opportunities and new digital divides. Overall policies to promote inclusive growth and ensure technological benefits are broadly shared are advocated.
This work shows the various stages the economy of Cameroon went through since independence. It is an analytical eye and element to learn more about this state
(1) The document discusses economic development challenges in Cameroon since independence from France and Britain in 1960-1961. (2) It analyzes Cameroon's economic policies and five-year development plans from 1961-1990 and the impacts of structural adjustment programs in the 1980s. (3) The document applies Fandjio's Deceptive Power Theory to explain how political elites in Cameroon have manipulated situations like an avian flu outbreak to deceive farmers and pursue their own economic interests over those of citizens.
The document outlines Rostow's five phases of economic development: 1) Traditional society, characterized by subsistence agriculture; 2) Preconditions for take-off, where manufacturing begins and prerequisites for growth are established; 3) Take-off, marked by industrialization in specific sectors and intense growth; 4) Drive to maturity, a long period of rising living standards through reinvestment and technology; 5) Age of mass consumption, where a society focuses on issues like equality, luxury, or security with an established economy. The phases involve qualitative and quantitative economic changes over time from agricultural to industrialized societies.
There are many perspectives on what development means and what causes underdevelopment. Todaro defines development as improving living standards, self-esteem, and freedom of choice in a multidimensional process. Alternative views see development as economic growth, modernization, or distributive justice. Marxist and dependency theories emphasize unequal international relationships. Popular development stresses local diversity and participation. Explanations of underdevelopment include vicious circles, colonial exploitation disrupting traditional societies, and heterogeneous factors varying by place and time. No single theory can fully explain such a complex, dynamic process.
This document provides an overview of development economics concepts and approaches. It begins by defining development economics as the study of the economic development of third world nations. It then discusses key concepts like economic growth versus development, noting that while growth is necessary, development requires broader social and economic changes. The document also outlines three core values of development according to Professor Goulet: life sustenance, self-esteem, and freedom from servitude. It concludes by discussing challenges in measuring development and comparing countries internationally.
Globalization refers to the increasing interconnectedness and interdependence of peoples and countries resulting from the growing scale of cross-border trade and financial flows, as well as the spread of technology. It began increasing significantly in the late 20th century due to advances in transportation and communication technologies. Globalization has economic, financial, ecological, political, sociological, and technological dimensions and has benefits such as increased trade, economic growth, access to affordable goods, and standard of living, but also costs such as loss of manufacturing jobs in high-income countries, environmental degradation, and social pressures from migration. Foreign direct investment is a major factor driving globalization as companies invest across borders.
6,7 - Globalisation & Global inequality.pdfshoaib71128
This document discusses globalization and global inequality. It begins by outlining the learning objectives which focus on understanding globalization's influences, processes, and impacts as well as theories of global inequality. It then provides context on modernity and how industrialization led to more connected global societies. Several theories of global inequality are described including dependency theories, world system theories, and global commodity chain theories. Key dimensions of increasing inequality are examined, particularly the impact of new technologies in creating both opportunities and new digital divides. Overall policies to promote inclusive growth and ensure technological benefits are broadly shared are advocated.
This work shows the various stages the economy of Cameroon went through since independence. It is an analytical eye and element to learn more about this state
(1) The document discusses economic development challenges in Cameroon since independence from France and Britain in 1960-1961. (2) It analyzes Cameroon's economic policies and five-year development plans from 1961-1990 and the impacts of structural adjustment programs in the 1980s. (3) The document applies Fandjio's Deceptive Power Theory to explain how political elites in Cameroon have manipulated situations like an avian flu outbreak to deceive farmers and pursue their own economic interests over those of citizens.
The document outlines Rostow's five phases of economic development: 1) Traditional society, characterized by subsistence agriculture; 2) Preconditions for take-off, where manufacturing begins and prerequisites for growth are established; 3) Take-off, marked by industrialization in specific sectors and intense growth; 4) Drive to maturity, a long period of rising living standards through reinvestment and technology; 5) Age of mass consumption, where a society focuses on issues like equality, luxury, or security with an established economy. The phases involve qualitative and quantitative economic changes over time from agricultural to industrialized societies.
There are many perspectives on what development means and what causes underdevelopment. Todaro defines development as improving living standards, self-esteem, and freedom of choice in a multidimensional process. Alternative views see development as economic growth, modernization, or distributive justice. Marxist and dependency theories emphasize unequal international relationships. Popular development stresses local diversity and participation. Explanations of underdevelopment include vicious circles, colonial exploitation disrupting traditional societies, and heterogeneous factors varying by place and time. No single theory can fully explain such a complex, dynamic process.
The document discusses various definitions and theories of development. It describes development as both a state and a process of change. Todaro defines development as improving living standards, self-esteem, and freedom of choice in a multidimensional process. Alternative views see development as economic growth, modernization, distributive justice, or dependent on colonial relationships. Popular development theory emphasizes local solutions and participation over universal theories. Theories of underdevelopment include vicious circles, colonial exploitation disrupting traditional societies, and the international division of labor creating dependence. No single theory can fully explain complex development issues.
There are many perspectives on what development means and what causes underdevelopment. Todaro defines development as improving living standards, self-esteem, and freedom of choice in a multidimensional process. Alternative views see development as economic growth, modernization, or distributive justice. Marxist and dependency theories emphasize unequal international relationships. Popular development stresses local diversity and participation. Explanations of underdevelopment include vicious circles, colonial legacies, and the interaction of varied internal and external factors over time and place. No single theory can fully explain such a complex, varied phenomenon.
There are many perspectives on what development means and what causes underdevelopment. Todaro defines development as improving living standards, self-esteem, and freedom of choice in a multidimensional process. Marxist views emphasize modes of production while dependency theories see underdevelopment resulting from unequal international relationships that benefit wealthy countries. Popular development theories stress local diversity and emphasize bottom-up solutions over top-down approaches. No single theory can fully explain underdevelopment due to countries' heterogeneity, so development must be understood through an array of changing internal and external interactions over time and place.
the presentation focuses on the concept of development.How different scholars have defined development,the models and theories under itjklasdasldkasdasfasfa afafafaasf afafaFAF FAFAFAF FASFASFAFSGE QWAFAF FQQFQFAF FQWFQFAF FQQWASFA AFQWRQFAS Q.FASFFFQWF QFAFQWRFA FQWFAF WFFQrqhkabal afjhbqwui hkfqwkhfoqh fiqofhlqnl afnalfnqlwiknfjasfo nfasnflanfiqnlfqiwfqlflS FHQIOH.
The document discusses four main hypotheses for fundamental causes of differences in economic performance: luck, geography, culture, and institutions. It analyzes each hypothesis in depth and provides several examples and case studies to evaluate the role and impact of each potential cause. The key conclusions are that institutions likely have the strongest direct effect on economic growth and performance, and that differences in institutions imposed during European colonialism can best explain the "reversal of fortune" seen between initially wealthy and poor regions. Geography, culture, and luck are seen as less directly determinative than institutions.
The document discusses formal and informal economies. It defines economics and describes its key concepts like scarcity, opportunity cost, demand, and supply. It also discusses different types of economics like microeconomics and macroeconomics. The informal economy makes up a large share of employment and output in many developing countries. Informal employment has increased over time and includes various types of work like street vendors, home-based work, and casual day labor. Formalizing the informal economy involves efforts to register informal enterprises and provide workers with legal protections and support services.
The document discusses theories that attempt to explain disparities in economic development between countries. It presents several models of economic growth and development, including Rostow's stages of growth model, Clarke's sector model, and theories of cumulative causation, dependency, and world systems analysis. The models see the global economy as divided into a core, semi-periphery, and periphery, with the core benefiting from its exploitation and domination over poorer peripheral regions.
This document discusses several topics related to globalization and the contemporary world, including:
- The concepts of the "Global North" and "Global South", with the North generally referring to developed Western nations and the South encompassing Latin America, Africa, parts of Asia, and other developing regions.
- The roles and functions of the United Nations in maintaining international peace and security as well as promoting cooperation among states.
- Challenges of globalization in the 21st century, including issues like climate change, pandemics, and international migration.
- The impact of globalization on nation-states and their continued relevance amid increasing interdependence between countries.
This document provides an overview of dependency theory and its key concepts. It discusses:
- The background and emergence of dependency theory from criticisms of modernization theory by Latin American scholars.
- How dependency theory views unequal relationships between core developed countries and peripheral less developed countries, with exploitation of the latter by the former.
- Mechanisms by which core countries extract surplus from peripheries through trade, investment, aid, and technology transfer.
- Influential analyses by Paul Baran, Andre Gunder Frank and others that sought to explain underdevelopment as a result of relationships with core economies and capitalism.
Factors that may be used to define the level of development of a country.(san...Santosh Sapkota
Over the past two decades and, particularly after the Social Summit in Copenhagen, development
practice increasingly has paid more attention to the underlying causes of poverty and social
exclusion. The World Bank, like other international agencies, has concluded that understanding
the socio-cultural, political, and institutional context is essential for developing actions that
induce and support changes leading to poverty reduction and more inclusive, accountable, and
cohesive societies and institutions.-World Bank
The document discusses several theories that attempt to explain disparities in development levels between countries:
- Resource endowment theory suggests development depends on a country's natural and human resources. European development was aided by coal, iron, fertile land, and climate.
- Rostow's model proposes countries progress through the same linear stages of growth, but some fail to "take off" industrially.
- Dependency theory argues 500 years of European colonial exploitation of resources in Africa, Asia, and the Americas led to continued domination of rich over poor nations.
1. There has been a large increase in economic inequality both within and between countries over the past 1000 years. Countries that industrialized earlier, like the UK and Japan, are now rich, while others that industrialized later or not at all remain poorer.
2. The "hockey stick" curve represents the sustained rapid economic growth experienced by many countries starting in the late 18th century in Britain. Technological progress, particularly during the Industrial Revolution, helped drive this growth by increasing productivity.
3. Capitalism, based on private property, markets, and firms seeking profit, was another key driver of economic growth. It incentivized innovation and allowed for unprecedented specialization through trade, further increasing productivity. However
The document discusses the key elements of globalization: 1) the integration of world markets and economies, 2) the accelerated diffusion of new technologies, 3) the loss of national sovereignty, 4) the homogenization of culture, and 5) the democratization of activities. It also examines the reasons for and potential removal of "home country bias," where individuals prefer economic activities within their own country. Major global players that can facilitate globalization are multilateral organizations, regional organizations like the EU, and bilateral relations between countries.
chapter 1 Economic Antroplogy, Concept, apparoachs and measures.pptselam49
The document summarizes different theories and approaches to economic development from the 1950s to present day, and Ethiopia's experience with each approach. It discusses early theories that focused solely on economic growth through industrialization. It then covers later approaches that emphasized reducing poverty, inequality, and unemployment. The document also introduces Amartya Sen's capability approach and the UNDP's Human Development Index as more holistic measures of development.
Economics is the study of how societies allocate scarce resources. It examines individual components like industries and households through microeconomics, and analyzes the overall economy through macroeconomics. Economists use the scientific approach of observation, analysis, statistics, and experiments to understand economic phenomena. Their analysis is guided by concepts like scarcity, opportunity cost, and incentives. Economics aims to help individuals, businesses, and governments make better decisions.
Here are some ways those economic problems in the Philippines relate to economics:
- Low economic mobility and poverty/income inequality are issues of how resources and goods/services are distributed throughout society. Economics studies how scarce resources are allocated to meet societies' needs and wants. Unequal distribution of resources can lead to these problems.
- Unemployment occurs when there is a mismatch between the skills/abilities of the labor force and the demands of the job market. Economics examines how markets for goods, services, and labor function. When there are imbalances or inefficiencies in labor markets, unemployment may result.
- All three problems ultimately stem from issues of production, consumption, and the overall functioning of the economy. Economics analyzes
The document discusses reasons for differences in economic development levels among countries. It explores factors such as imperialism, geography, culture, institutions, and leadership that may help explain why some nations became highly developed while others remained less developed. Geography can provide advantages or disadvantages, but alone does not account for all variations. Imperialism may have allowed some powers to exploit others' wealth. Culture and institutions also influenced economic success, but also require deeper explanation for why some countries established market-enabling frameworks while others did not. Overall, the document examines complex historical forces behind global imbalances in economic development.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
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The document discusses various definitions and theories of development. It describes development as both a state and a process of change. Todaro defines development as improving living standards, self-esteem, and freedom of choice in a multidimensional process. Alternative views see development as economic growth, modernization, distributive justice, or dependent on colonial relationships. Popular development theory emphasizes local solutions and participation over universal theories. Theories of underdevelopment include vicious circles, colonial exploitation disrupting traditional societies, and the international division of labor creating dependence. No single theory can fully explain complex development issues.
There are many perspectives on what development means and what causes underdevelopment. Todaro defines development as improving living standards, self-esteem, and freedom of choice in a multidimensional process. Alternative views see development as economic growth, modernization, or distributive justice. Marxist and dependency theories emphasize unequal international relationships. Popular development stresses local diversity and participation. Explanations of underdevelopment include vicious circles, colonial legacies, and the interaction of varied internal and external factors over time and place. No single theory can fully explain such a complex, varied phenomenon.
There are many perspectives on what development means and what causes underdevelopment. Todaro defines development as improving living standards, self-esteem, and freedom of choice in a multidimensional process. Marxist views emphasize modes of production while dependency theories see underdevelopment resulting from unequal international relationships that benefit wealthy countries. Popular development theories stress local diversity and emphasize bottom-up solutions over top-down approaches. No single theory can fully explain underdevelopment due to countries' heterogeneity, so development must be understood through an array of changing internal and external interactions over time and place.
the presentation focuses on the concept of development.How different scholars have defined development,the models and theories under itjklasdasldkasdasfasfa afafafaasf afafaFAF FAFAFAF FASFASFAFSGE QWAFAF FQQFQFAF FQWFQFAF FQQWASFA AFQWRQFAS Q.FASFFFQWF QFAFQWRFA FQWFAF WFFQrqhkabal afjhbqwui hkfqwkhfoqh fiqofhlqnl afnalfnqlwiknfjasfo nfasnflanfiqnlfqiwfqlflS FHQIOH.
The document discusses four main hypotheses for fundamental causes of differences in economic performance: luck, geography, culture, and institutions. It analyzes each hypothesis in depth and provides several examples and case studies to evaluate the role and impact of each potential cause. The key conclusions are that institutions likely have the strongest direct effect on economic growth and performance, and that differences in institutions imposed during European colonialism can best explain the "reversal of fortune" seen between initially wealthy and poor regions. Geography, culture, and luck are seen as less directly determinative than institutions.
The document discusses formal and informal economies. It defines economics and describes its key concepts like scarcity, opportunity cost, demand, and supply. It also discusses different types of economics like microeconomics and macroeconomics. The informal economy makes up a large share of employment and output in many developing countries. Informal employment has increased over time and includes various types of work like street vendors, home-based work, and casual day labor. Formalizing the informal economy involves efforts to register informal enterprises and provide workers with legal protections and support services.
The document discusses theories that attempt to explain disparities in economic development between countries. It presents several models of economic growth and development, including Rostow's stages of growth model, Clarke's sector model, and theories of cumulative causation, dependency, and world systems analysis. The models see the global economy as divided into a core, semi-periphery, and periphery, with the core benefiting from its exploitation and domination over poorer peripheral regions.
This document discusses several topics related to globalization and the contemporary world, including:
- The concepts of the "Global North" and "Global South", with the North generally referring to developed Western nations and the South encompassing Latin America, Africa, parts of Asia, and other developing regions.
- The roles and functions of the United Nations in maintaining international peace and security as well as promoting cooperation among states.
- Challenges of globalization in the 21st century, including issues like climate change, pandemics, and international migration.
- The impact of globalization on nation-states and their continued relevance amid increasing interdependence between countries.
This document provides an overview of dependency theory and its key concepts. It discusses:
- The background and emergence of dependency theory from criticisms of modernization theory by Latin American scholars.
- How dependency theory views unequal relationships between core developed countries and peripheral less developed countries, with exploitation of the latter by the former.
- Mechanisms by which core countries extract surplus from peripheries through trade, investment, aid, and technology transfer.
- Influential analyses by Paul Baran, Andre Gunder Frank and others that sought to explain underdevelopment as a result of relationships with core economies and capitalism.
Factors that may be used to define the level of development of a country.(san...Santosh Sapkota
Over the past two decades and, particularly after the Social Summit in Copenhagen, development
practice increasingly has paid more attention to the underlying causes of poverty and social
exclusion. The World Bank, like other international agencies, has concluded that understanding
the socio-cultural, political, and institutional context is essential for developing actions that
induce and support changes leading to poverty reduction and more inclusive, accountable, and
cohesive societies and institutions.-World Bank
The document discusses several theories that attempt to explain disparities in development levels between countries:
- Resource endowment theory suggests development depends on a country's natural and human resources. European development was aided by coal, iron, fertile land, and climate.
- Rostow's model proposes countries progress through the same linear stages of growth, but some fail to "take off" industrially.
- Dependency theory argues 500 years of European colonial exploitation of resources in Africa, Asia, and the Americas led to continued domination of rich over poor nations.
1. There has been a large increase in economic inequality both within and between countries over the past 1000 years. Countries that industrialized earlier, like the UK and Japan, are now rich, while others that industrialized later or not at all remain poorer.
2. The "hockey stick" curve represents the sustained rapid economic growth experienced by many countries starting in the late 18th century in Britain. Technological progress, particularly during the Industrial Revolution, helped drive this growth by increasing productivity.
3. Capitalism, based on private property, markets, and firms seeking profit, was another key driver of economic growth. It incentivized innovation and allowed for unprecedented specialization through trade, further increasing productivity. However
The document discusses the key elements of globalization: 1) the integration of world markets and economies, 2) the accelerated diffusion of new technologies, 3) the loss of national sovereignty, 4) the homogenization of culture, and 5) the democratization of activities. It also examines the reasons for and potential removal of "home country bias," where individuals prefer economic activities within their own country. Major global players that can facilitate globalization are multilateral organizations, regional organizations like the EU, and bilateral relations between countries.
chapter 1 Economic Antroplogy, Concept, apparoachs and measures.pptselam49
The document summarizes different theories and approaches to economic development from the 1950s to present day, and Ethiopia's experience with each approach. It discusses early theories that focused solely on economic growth through industrialization. It then covers later approaches that emphasized reducing poverty, inequality, and unemployment. The document also introduces Amartya Sen's capability approach and the UNDP's Human Development Index as more holistic measures of development.
Economics is the study of how societies allocate scarce resources. It examines individual components like industries and households through microeconomics, and analyzes the overall economy through macroeconomics. Economists use the scientific approach of observation, analysis, statistics, and experiments to understand economic phenomena. Their analysis is guided by concepts like scarcity, opportunity cost, and incentives. Economics aims to help individuals, businesses, and governments make better decisions.
Here are some ways those economic problems in the Philippines relate to economics:
- Low economic mobility and poverty/income inequality are issues of how resources and goods/services are distributed throughout society. Economics studies how scarce resources are allocated to meet societies' needs and wants. Unequal distribution of resources can lead to these problems.
- Unemployment occurs when there is a mismatch between the skills/abilities of the labor force and the demands of the job market. Economics examines how markets for goods, services, and labor function. When there are imbalances or inefficiencies in labor markets, unemployment may result.
- All three problems ultimately stem from issues of production, consumption, and the overall functioning of the economy. Economics analyzes
The document discusses reasons for differences in economic development levels among countries. It explores factors such as imperialism, geography, culture, institutions, and leadership that may help explain why some nations became highly developed while others remained less developed. Geography can provide advantages or disadvantages, but alone does not account for all variations. Imperialism may have allowed some powers to exploit others' wealth. Culture and institutions also influenced economic success, but also require deeper explanation for why some countries established market-enabling frameworks while others did not. Overall, the document examines complex historical forces behind global imbalances in economic development.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
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Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
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Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
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OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Tax System, Behaviour, Justice, and Voluntary Compliance Culture in Nigeria -...
Economic Growth and Development Chapter 4.pptx
1. Chapter Four: Transition from Stagnation to
Growth/Development
• Introduction
Despite intermittent growth in some parts of the world during certain epochs, the world
economy was largely stagnant until the end of the eighteenth century.
This stagnation had multiple aspects. These included
low productivity,
high volatility in aggregate and individual outcomes,
largely rural and agricultural economy, and
increases in output were often accompanied by increases in population, thus having
only a limited effect on per capita income.
2. Many societies grew for certain periods of time and then lapsed back
into depressions and stagnation.
• But this cycle stagnation was changed at the end of the eighteenth
century.
• Then after countries are started to takeoff in economic activity, and
especially in industrial activity, that started in Britain, Western Europe
, United States and Canada.
• The nations that are rich today are precisely those where this process
of takeoff originated or those that were able to rapidly adopt and build
on the technologies underlying this takeoff .
• A study of current income differences across countries requires
understanding why some countries failed to take advantage of the new
technologies and production opportunities.
3. •Inequality in the world economy was negligible till the 19th century.
•However, after 19th century there was dramatic changes in the distribution
of income and population across the globe.
•Some regions have excelled in the growth of income per capita, while other
regions have been dominant in population growth.
• As a result, the ratio of GDP per capita between the richest group (Western
countries) and the poorest region (Africa) has widened which creates
inequality in the world economy.
• Forexample, look at the table below.
• Therefore, through a Gradual process, countries are transformed their
economy from stagnation to growth/takeoff.
4. Table 4.1 The ratio of GDP per capita between the richest region and
the
poorest region in the world
Year The ratio of GDP per capita between richest (western
countries) and poorest region(Africa)
1000 1.1:1
1500 2:1
1820 3:1
1870 5:1
1913 9:1
1950 15:1
2001 18:1
5. Source of Exogenous Takeoff/ Economic Growth
• According to Acemoglu, in his book ‘’ Introduction to Modern
Economic Growth” source of economic growth can be categorized in
two ; 1. Approximate sources of economic growth
2. Fundamental source of economic growth
He also classified approximate sources of economic growth in to three
These are :
Technology,
Physical capital, and
Human capital
6. • He believe that, the difference of investment on these technology,
physical capital and human capital cause cross-country per capita
income difference as well as difference in living standard.
• He also classified the fundamental sources of economic growth or
takeoff in to four category of hypothesis. These are:
The luck hypotheses
The geographical hypotheses
The culture hypotheses
The institution hypotheses
7. The Luck hypotheses
• By luck, we refer to the set of fundamental causes that explain divergent
paths of economic performance among countries.
• This can be either because of some small uncertainty or heterogeneity
between them have led to different choices.
• Recent empirical work by Jones and Olken (2005) shows that leaders seem
to matter for the economic performance of nations.
• Thus luck could play a major role in cross-country income and growth
differences by determining whether growth-enhancing or growth-retarding
leaders are selected.
• Jones and Olken (2005) point out that leaders seem to matter for economic
growth only in countries where institutions are non-democratic or weak.
• In democracies and in societies check on the behavior of politicians and
leaders, the identity of leaders seems to play almost no role in economic
performance.
8. • The example of China may be even more telling here.
• China was stagnated under communism until Mao’s death.
• The changes in economic institutions and policies that took place by
new leaders thereafter have led to very rapid economic growth.
However, when we see example of Nigeria still adversely affected by
the extreme corruption of politicians,
bureaucrats and soldiers that have enriched themselves at the expense
of the population at large.
9. The Geography hypotheses
• The geography hypothesis is, about the fact that not all areas of the world are created
equal.
• “Nature”, that is, the physical, ecological and geographical environment of nations, plays
a major role in their economic experiences.
• Geographic factors can play this role by determining both the preferences and the
opportunity set of individual economic agents in different societies.
• There are at least three main versions of the geography hypothesis, each emphasizing a
different mechanism for how geography affects prosperity.
• These are:
Regarding to the impact of climate
Agricultural productivity and
related to helath
• The first and earliest version of the geography hypothesis goes back to Montesquieu
(1989).
• He, convinced that climate was among the main determinants of the fate of nations.
10. • He believed that climate, in particular heat, shaped human attitudes
and effort, and via this channel, affected both economic and social
outcomes.
• The second version, which emphasizes the impact of geography on the
technology available to a society, to improve in agriculture, is more
palatable and has many more supporters.
• This view is developed by an early Nobel Prize winner in economics,
Gunnar Myrdal (1968), who wrote that the climate and its impacts on
soil, vegetation, animals, humans and physical assets, which deters
agriculture leads to unsuitable living conditions.
• More recently, Jared Diamond, espouses this view and argues that
geographical differences between the Americas and Europe or Eurasia
have determined the timing and nature of settled agriculture (1997).
• The economist Jeffrey Sachs (2001) has been proponent of the
importance of geography in agricultural productivity, stating that
temperate-zone technologies were more productive than tropical-zone
technologies.
11. • The third variant of the geography hypothesis, which has become
particularly popular over the past decade, links poverty in many areas of the
world.
• Sachs (2000) stated that the burden of infectious disease is higher in the
tropics than in the temperate zones.
• Bloom and Sachs (1998) and Gallup and Sachs (2001) claim that the
prevalence of malaria alone reduces the annual growth rate of sub-Saharan
African economies by as much as 2.6 percent a year.
• The World Health Organization also subscribes to this view and in its recent
report shows, poor health has particularly harmful effects on economic
development in sub-Saharan Africa, South Asia, and pockets of high disease
and intense poverty elsewhere.
• This third version of the geography hypothesis may be much more plausible
than the first two, especially since it is well documented in the
microeconomics literature that unhealthy individuals are less productive and
perhaps unable to learn and thus accumulate human capital.
12. The Culture hypotheses
• By culture, we refer to beliefs, values and preferences that influence
individual economic behavior.
• Differences in religious beliefs across societies are among the clearest
examples of cultural differences that may affect economic behavior.
• Differences in preferences, for example, regarding
how important wealth is relative to other status-generating activities
and,
how patient individuals should be, might be as important as or even
more important than luck, geography and institutions in affecting
economic performance.
13. • Broadly speaking, culture can affect economic outcomes through two
major channels.
First, culture can affect the willingness of individuals to tradeoff in
different activities or consumption today versus consumption
tomorrow. Via this channel, culture will influence
societies’ occupational choices,
market structure,
saving rates and
their willingness to accumulate physical and human capital.
Second, culture may also affect the degree of cooperation and trust
among individuals, which are important foundations for productive
activities in societies.
14. The Institution hypothesis
• By institutions, we refer to rules, regulations, laws and policies that
affect economic incentives and thus the incentives to invest in
technology, physical capital and human capital.
• In a true economic analysis, individuals will only take actions that are
rewarded.
• Institutions, which shape these rewards, must therefore be important in
affecting all three of the proximate causes of economic growth.
15. • A more natural starting point for the study of the fundamental causes of income
differences across countries is related with economic institutions, which comprise
the structure of property rights,
the presence and functioning of markets, and
the contractual opportunities available to individuals and firms.
• Economic institutions are important because they influence the structure of
economic incentives in society.
• Without property rights, individuals will not have the incentive to invest in
physical or human capital or adopt more efficient technologies.
• Economic institutions are also important because they ensure the allocation of
resources to their most efficient uses, and they determine who obtains profits,
revenues and residual rights of control.
• When markets are missing or ignored gains from trade will unexploited and
resources are misallocated.
• Therefore societies with economic institutions facilitate and encourage:
factor accumulation,
innovation and the efficient allocation of resources.
16. What distinguishes institutions from geography, luck and
culture they are social choices?
Institutions are social choices.
The laws, policies and regulations which included under a society are the
choices of the members of that society. If the members of the society
collectively decide to change them, they can change them.
Institutions can be potentially reformed so as to achieve better outcomes.
But such reforms may not be easy, they may encounter a lot of opposition.
Institutions are endogenous, since they are equilibrium choices made either
by the society at large or by some powerful groups in society.
while luck, geography, and culture are exogenous fundamental souses of
economic growth. In the sense that they are not equilibrium choices of
society in the same way as institutions are.