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Module-2-Chapter-1-Introducing-Economic-Development-Global-Perspective

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Isha mae
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Kingfisher

School of Business and Finance

Chapter 1: Introducing
Economic Development:
A Global Perspective
MODU LE 2

DA RY L EJEIL F. S INLAO

[email protected]
Learning Objectives

• To know what is economic development.


1

• To explain how economic development affects the national and international


2 arenas.

• To identify the factors of development


2

• To assess the current status of developing countries in their compliance to the


4 SDGs

©DarylEjeilSinlao
A Global Shift

SUBSISTENCE ECONOMY CAPITALIST ECONOMY


▪ Personal ▪ A system in which
consumption and
the standards of private individual
living yields more or businesses own
than b asic
n ecessities of life capital goods
– food, shelter,
and clothing ▪ Based on demand
▪ Based on what the and supply in the
community needs
market

©DarylEjeilSinlao Module 2 – Econ 25: Chapter 1


Convergence

TRADITIONAL ECONOMICS POLITICAL ECONOMY

▪ Deals with utility, ▪ Merge economic analysis


with politics – to view
profit maximization,
economic activity in its
market efficiency
political context
and determination of
(e.g. rent-seeking)
equilibrium
©DarylEjeilSinlao Module 2 – Econ 25: Chapter 1
Same Plot, Different Ending – A Glance of Political Economy

ABS-CBN’S FRANCHISE DITO TELECOM’S FRANCHISE

©DarylEjeilSinlao
Economic Development

▪ Goes beyond the efficient allocation of existing scarce


(or idle) resources since it deals with economic,
social, political, and institutional mechanisms to bring
about rapid and large-scale improvements in the lives
of developing countries by looking into or in
comparison with how the developed countries do their
things (Todaro & Smith, 2015)
Module 2 – Econ 25: Chapter 1
©DarylEjeilSinlao
We will look at...

SOCIAL SYSTEM

▪ Organizational and
institutional structures
of society, including its
values, attitudes,
power, structure
Module 2 – Econ 25: Chapter 1
©DarylEjeilSinlao
We will look at...

GLOBALIZATION

▪ The increasing
integration of national
economies into
expanding international
markets
Module 2 – Econ 25: Chapter 1
©DarylEjeilSinlao
Connect as One

©DarylEjeilSinlao
What do we mean by development?

A . Tra di ti onal Ec onom ic Vi ew


𝑛𝑎𝑡𝑖𝑜𝑛𝑎𝑙 𝑖𝑛𝑐𝑜𝑚𝑒
A .1 . Inc ome pe r c api ta
𝑝𝑜𝑝𝑢𝑙𝑎𝑡𝑖𝑜𝑛 𝑠𝑖𝑧𝑒

A .2 . Gross Dom e stic Produc t (GDP) 𝐺𝐷𝑃 = 𝐶 + 𝐼 + 𝐺 + (𝑋 − 𝑀)

A .3 . Gross N ati onal Produc t (GN P) 𝐺𝑁𝑃 = 𝐶 + 𝐼 + 𝐺 + 𝑋 − 𝑀 + 𝑍

Module 2 – Econ 25: Chapter 1


©DarylEjeilSinlao
What do we mean by development?

B. New Economic View


AMARTYA SEN
“Capability” Approach

- c apability to function

Functioning

→ what pe ople do or c a n do with the


commodities of given characteristics
that they come to possess or control

→Refers to the well -being (being well


in health and dignity)

→ how to be functional? Free & Happy


Module 2 – Econ 25: Chapter 1
©DarylEjeilSinlao
Five Sources of Disparity

1. Personal Heterogeneities

2. Environmental diversities

3. Variations in social climate


and social capital

4. Distribution within the


family

5. Differences in relational
perspectives
Module 2 – Econ 25: Chapter 1
©DarylEjeilSinlao
Core Values of Development

1.Sustenance – ability to meet basic needs

2.Self-esteem – to be a person

3.Freedom – to be able to choose

Module 2 – Econ 25: Chapter 1


©DarylEjeilSinlao
Gendered Divide

Module 2 – Econ 25: Chapter 1


©DarylEjeilSinlao
Digital Divide

©DarylEjeilSinlao
Digital Divide

©DarylEjeilSinlao
Millennium Development Goals

©DarylEjeilSinlao
Sustainable Development Goals

©DarylEjeilSinlao
Top 10 Global Risks Report 2024

©DarylEjeilSinlao
Universal Shifts

1.Leave No One Behind

2.Put Sustainable Development at the Core

3.Inclusive Growth

4.Build Peace and Accountable Institutions

5.Global Partnership
Module 2 – Econ 25: Chapter 1
©DarylEjeilSinlao
Module 2 – Econ 25: Chapter 1
©DarylEjeilSinlao
Reference

th
▪ Todaro, M. & Smith, S. (2015). Economic Development 12
Edition. Philippines: Pearson Education South Asia PTE. LTD.

Module 2 – Econ 25: Chapter 1


©DarylEjeilSinlao
Kingfisher
School of Business and Finance

Chapter 1: Introducing
Economic Development:
A Global Perspective
MODU LE 2

DA RY L EJEIL F. S INLAO

[email protected]

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