https://padlet.com/Alina_Yarmoshchuk/n196qbdm61qlhbh6 Topic: Economic Developmen en-us 2022-05-16 19:00:37 UTC 2023-10-19 15:09:08 UTC hello@padlet.com Alina_Yarmoshchuk https://padlet.com/Alina_Yarmoshchuk/n196qbdm61qlhbh6/wish/2186287666 To start with, despite the fact that the concept of development is highly debatable in its definition, it generally implies the process and condition of the evolvement of a state "to a more socially desirable", which is often used with reference to the countries of African, Asian, Latin American, the Caribbean, and the Pacific regions, interchangeably used with the "Third World" concept. Moreover, while the traditional definition of development often refers to the use of economic measures as its decisive variables, the modern definition also involves social well-being indicators.

If regarded from the main theoretical perspectives, the economic development could be considered based on the arguments regarding the issues of internal and external factors' role, and the comparison of state and market contributions to it.

For instance, a liberal theory is focused on the internal factors and how they affect the economic development of the country, emphasizing the market's role in it, radical theorists, on the other hand, emphasize the importance of external factors in that process, putting a focus on the state's role, while in the meantime, the advocates for the economic nationalist theory tend to stay in between in the indicated debate, however, also emphasizing state's central role in it.

Furthermore, within the theoretical perspectives mentioned above, several important theories emerged, including Modernization theory and "external causation theory".

On the one hand, modernization theory suggests that every state is gradually going through the process of five stages of development, with an increase in the standard of life at each new stage. Therefore, according to this theory, the so-called developing states are currently at the initial stages, while the developed countries have already passed them. 

On the other hand, the "external causation theory" argues that the "developing phase' of the countries is the result of external factors. For instance, the dependency theory, which is a part of the indicated perspective states that if regarded from the historical point of view, the Third World states are continuously exploited by the industrialized countries within the inherently unequal capitalist international economic system.

However, within the framework of the textbook, it is argued, that as the actual GPE is complex and multidimensional, economic development is more likely to be the result of both internal and external factors.]]> 2022-05-16 19:04:09 UTC https://padlet.com/Alina_Yarmoshchuk/n196qbdm61qlhbh6/wish/2186287666